Why do I have to take a five year term or higher? (benchmark issues)

Due to change in mortgage legislation, it is now required that any client qualifying for a product other than a 5 year fixed rate must be able to carry the mortgage at the benchmark rate in the event of a rate rise.   This is to ensure a client that qualifies for a low 1-year rate right now, can afford the mortgage if rates were to rise at renewal.  The 5 year fixed can be used at the discounted rate because of the pay down to principal at time of renewal being lower and allowing payment to be similar even with a higher rate on a lower balance.