The Ministry of Finance has released preliminary information about changes to the qualifying rules for insured mortgages (those with less than 20% for down payment).
These new rule changes are set to come into effect April 6 2020 using “The weekly median 5-year fixed insured mortgage rate as calculated by the Bank of Canada from federally-backed mortgage insurance applications” plus 2%. Theoretically this should be a more accurate qualifying number to use rather than the BoC benchmark rate, which is more static.
See the news release HERE. We will provide more info as we receive it!