Friday December 29^th, 2017 is the last day Canadians will be able to qualify for a mortgage at their contract rate. As of January 1^st, 2018 all mortgagors will need to qualify at the Bank of Canada’s prescribed 5 year rate, or 2% higher than their contract rate, whichever is greater. This means about 20% less money available to qualified borrowers across the board.

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