The Bank of Canada has to lowered the qualifying rate for the first time in 3 years from 5.34 per cent to 5.19 per cent. Until now the Bank of Canada’s qualifying rate has been on a rise from 4.64 percent in September, 2016.

According to calculations by mortgage rate comparison site RateHub.ca, someone with an annual household income of $100,000 with a 20 per cent down payment and a five-year fixed mortgage of 2.70 per cent amortized over 25 years would have previously qualified for a mortgage...