See that? Don't let the media scare you from buying a home in the best market in Canada. This rise in the borrowing rate is negligible at its most dramatic. For instance, TD's variable rate is listed at 1.8% today, while BMO has a 5-year fixed listed at 3.24%. And these are just the marketed rates. When you work with a reputable mortgage agent with longstanding relationships with both banks and alternative lenders, you can get access to lower unadvertised rates.

That Said, Act Now

While the Bank of Canada rate increase is indeed negligible at best, we do encourage you to get pre-approved on a mortgage soon. The Bank's increase of the prime rate is likely to be followed by more as the months progress. Plus, the inventory of desirable properties is getting leaner by the week. New construction is coming, but it's not here yet.