Government of Canada New Mortgage Rules Buyers with less than a 20% down payment: As of October 17th, all mortgages regardless of the term will need to be qualified at 4.64% Why? The government wants to allow lending up to what a client can afford if rates were at 4.64% – even if they are only paying 2.39% for their mortgage. As an example, a client of mine with 10% down was pre-approved for a  5 year fixed rate at 2.39% for a mortgage amount of $400,000. With... [read more]