200 basis points above contractual rate In this case, the family’s mortgage rate, plus 200 basis points, is greater than the Bank of Canada five-year benchmark of 4.89%. According to Ratehub.ca’s mortgage affordability calculator, a family with an annual income of $100,000 with a 20% down payment at a five-year fixed mortgage rate of 3.09% amortized over 25 years can currently afford a home worth $706,692. Under new rules, they need to qualify at 5.09% They can now afford $559,896 A difference of $146,796 (less 20.77%)