When rates start to move up, the obvious cost of borrowing increases as well. Depending on what credit has been extended, an increased rate will likely lead to slightly higher repayment costs.

There has been speculation that Canadian interest rates are not done rising yet – and some say they will keep rising until 2020. This means borrowers will qualify for less when they’re looking to purchase, and current home owners can expect mortgage payments to climb at the time of their mortgage renewal, or if they are in a variable rate mortgage.