One of Canada’s largest lenders announced this week that it is raising the interest rate on several of its mortgages with some other competitors anticipated to follow suit. These increases are largely a result of the new federal mortgage rules introduced in 2015, rocky economic conditions and shoring up of bank profits.
RBC is but one player in what is a crowded and highly competitive mortgage market. So, although the landscape may be changing for 1- 5 year term fixed rate mortgages as well as variable rate mortgages, there are many lenders still offering rates that are substantially lower than RBC. It pays to shop around and to work with a knowledgeable mortgage broker.