Late last week fixed interest rates started to rise as they are tied to the bond market. The rate went up on average .25% due to long-term bond yields rising. Variable-rate mortgages are tied to the Bank of Canada's overnight lending rate which has not changed. In very basic math, the translates into an extra $15 per month per 100k of mortgage, so not unmanageable. This rate hike should not really affect anyone's ability to qualify as it is based on the unchanged stress test rate of 4.79%. If you need more information on this just reach out.
