Going forward with the new mortgage rules affecting Toronto housing market, if you do choose a 5 year fixed rate currently at rate of 2.39% , you will not be qualified at same rate but, will now be qualified at the bench mark rate of 4.64%. This surly is going to reduce the buying power in the market. For example previously  with an income of $100,000.00 with good credit a person could purchase a home for the price of $710,000.00, with the new rule now with the qualifying rate of 4.64%... [read more]