It’s a done deal.  All the major Canadian Banks have now increased their Mortgage Rates, AND we haven’t even seen what will happen once the Bank of Canada gets into the act a few short months from now.

Some rates have risen up to  6/10ths of a percentage point.  This can make a significant difference in your monthly payments … and the reality is, the rates are probably going to increase even more.

Here is what the CBC News calculated on an average mortgage:

A $200,000 mortgage amortized over 25 years costs $1,051 a month at a rate of 3.99 per cent. At 4.59 per cent, that jumps $66 a month to $1,117.  Read more.