Please note that the Bank of Canada has increased their Qualifying Rate to 4.84%, effective immediately (from 4.64%). The increase results in an additional $11.25 a month of qualifying mortgage payment, for every $100k . A $300k mortgage would require an additional $33.75 in higher mortgage payment to qualify (not the actual mortgage payment, simply the payment used for qualification). That is equivalent to roughly $1125 in credit card debt reduction or $1k more required in annual income. What is the Qualifying Rate? This is the rate set by the Bank of Canada that all lenders must use as the "stress test" for all insured mortgages. It is not the rate that your clients will be paying, simply the rate that the Bank of Canada has set to ensure they are able to afford their mortgage payment, should the rates increase. Please note that pre-approvals are now subject to change along with the new rate however deals that have already been sent in and approved by CMHC shou