TD Canada Trust will be the first of the major Canadian banks to raise their mortgage rates before the yearly busy spring real estate season. They indicate their 5 to 10 year fixed mortgages will see an increase of 0.35 percentage points.
They’re not the only ones doing it…
CIBC matched TD’s rates.
The Royal Bank will increase mortgages rates for five and 10 year terms by 0.35 percentage points and its seven year rate by 0.15 percentage points.
Scotiabank raised its posted rate for a five-year closed mortgage by 0.4 percentage points to bring it to 5.69 per cent.
Fixed mortgage rates, which are closely tied to the bond market, tend to climb when traders shift investment activity to riskier equity assets from bonds, which are considered safer. (City News, News1130)
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