A year ago I heard pretty much same about mortgage stress test tightening and 4.54% rule. Surprisingly, for all future-forecasters it had completely opposite immediate effect of panic buying. Moreover, I saw it by my own eyes, while I received extra hurdles to afford the house I want and sellers received extra reasons to reject my offers and prices.
At the end, I guess I should be happy not to buy in October 2016, simply because I found much much better location on January 2017 and got it.
The summary is: don't be so sure how stress test will play out. The unreasonable demand for condos that we see is caused by that 1 year ago stress test - no doubts it started that time. But immediate effect was very bullish and by January 2017 noone doubted it. By May 2017 even 3 idiots in government realized it.