An important announcement from the Minister of Finance about qualification rules. downsizingjpeg Basically up to now mortgage providers could use the lower 5 year fixed rate to qualify people, any term lower than that required qualification using a much higher rate of interest, called the Bank of Canada qualifying rate.  Now all insured mortgages need to be qualified using that higher rate, currently 4.64% (the 5 year rate right now is 2.39% to 2.44%.

See the full announcement here: