You will soon be able to qualify for a larger mortgage.

If you qualified for a $500K mortgage yesterday, come April, you will now qualify for a $535K mortgage. That’s because on Tuesday, the federal government announced it will change the benchmark qualifying rate used for Canada’s insured mortgage stress test. That rate is currently 4.89%, which is 30 basis points less than today’s benchmark qualifying rate of 5.19% based on the posted 5-year fixed rates.

The change will take effect April 6, 202