The Canada Mortgage and Housing Corportation's higher standard for qualifying for insurance on short-term and variable rate mortgages appears to have had some but not much effect on the local real estate market, according to both a real estate agent and a mortgage broker.
As of April 19, homebuyers seeking a all fixed-rate mortgages with a term less than five years or any variable-rate mortgage, must qualify for a five-year conventional mortgage, up from the current three.
