Bank of Canada makes its move.

First rate increase since the pandemic onset is now in the books.

Overnight lending rate moves up a notch from its 'emergency low' position. What does it mean for your variable rate mortgage?

We all knew it was coming. Make sure your mortgage plan isn't waving in the wind.

Today, the Bank of Canada (BoC) increased its overnight-lending rate from 0.25% to 0.50% (by 25 basis points; there are 100 basis points in a percentage point). This increase is warmly welcomed by our country's financial experts who look to the central bank to pour some cold water on our 'hot potato' housing market. The BoC rate increase will affect the prime rate that lenders set for variable rate loans, such as mortgages and credit lines.

With variable rates at all-time lows for months now, those with variable-rate mortgages may suddenly feel new concern about their monthly mortgage payments — and wondering if or when a move into a fixed rate may be in order.

Variable rates are still very low.

The BoC rate was at 1.75% before the pandemic hit in early 2020. Many experts are suggesting that the BoC will pursue a target 'neutral rate' of at least 1.75-2.0% within the next year or two, with intent to neither dampen nor spur the economy at that rate. Of course, no one has a crystal ball to know where rates will eventually end up, or how economic factors (like high inflation) may interfere. But there's still room before reaching pre-pandemic rate levels.

Talk to us. We'll help you plan out your rate savings.

Now might be a great time for your free mortgage checkup service, to answer any questions and provide peace-of-mind about your mortgage status amid the recent rate changes.

Whether you have a variable or fixed rate mortgage, we'll clearly outline the details and numbers, so that you can budget accordingly and plan your next rate move.

Is your renewal coming up? There are lenders available who will allow a fixed monthly payment on a variable rate mortgage (depending on qualification). If you need or want a change, we'll make the process simple and stress-free. Get your mortgage renewal reminder here.

Buying a house in the near future? Hold your best rate now.

Very likely, all rates will be higher in 5 years (the typical length of a Canadian homeowner mortgage term). But we can hold your best rate now for up to 4 months (you'll need to qualify through the federal stress test) to help protect against rate increases in the near future. We can access thousands of mortgage products — and provide your best rate through our volume discount — to help you save thousands over your next term.

Give our great calculators a spin for some initial numbers. Give us a shout for the real deal.

PLUS, we're always a click or call away to answer any questions about your mortgage future, to decide when to hold your best rate.

Our expert True North Mortgage brokers are here to help, anywhere you are in Canada. Connect with us online, over the phone, through our chat, or at one of our store locations.

Your best rate advice, in your preferred language.