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Is the New Mortgage Qualifying Rate too high?

On April 19, 2010, new mortgage rules were introduced by the government.  One of the new mortgage rules involved changing the mortgage qualification rate.  The mortgage rate which homeowners must now use to qualify is the Bank of Canada posted 5-year fixed mortgage rate (or the mortgage contract rate if it is higher).  So if you are selecting a variable mortgage product with a current mortgage rate of 2.25%, you would first have to qualify at the Bank of Canada fixed 5-year posted mortgage rate (which is currently 6.10%, significantly higher than the variable rate selected).  With interest rates and mortgage rates expected to rise, how many homeowners will be denied a home mortgage because they did not qualify with these new higher rates?

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