This research bulletin reviews and analyzes the changes that have been made to mortgage lending regulations. Instead of examining their effect on housing values or the Canadian economy more broadly, the objective is to ascertain their impact on borrowers. In particular, this analysis considers whether the new rules are socially warranted, given differential access to credit and the current distribution of household debt among different socio-economic groups, and whether the new rules make mortgage lending in Canada more fair or less fair. In short, it seeks to determine whether the new regulations represent a net social benefit to Canadian society.