Though the Bank of Canada raised its rate to 0.75 per cent on Tuesday, consumers may still have time to take advantage of lower waits since some banks wait days, even weeks, before raising their prime rates.
"This rate hike will stop people for a moment, to reflect, 'Oh my goodness, what am I going to do now?,'" said Laura Parsons, a mortgage expert at the Bank of Montreal, to the Canadian Press. "For some first-time homebuyers it might seem like that first home is a little further away, but it's not. It's a buyers' market and the rates are still really good and the problem is we've forgotten what a bad rate looks like."
Though those with variable rate mortgages may not switch to fixed rates just yet, added Parsons. Variable rates are still historically low and will continue to save more money for a home owner.