The tireless ability of Canadians to shoulder an ever-increasing mountain of debt is being tested. At the same time, the country’s biggest banks are raising key mortgage rates. Toronto-Dominion kicked it off Thursday, hoisting its five-year fixed mortgage rate 45 basis points to 5.59 per cent. “The world spends a lot of time talking about the level of Canadian debt being extremely elevated, but what matters most is not the level of debt that Canadians hold, but the cost of carrying that debt,” the Manulife economist said. The low unemployment rate and decent economic growth will help the economy withstand higher rates, though risks are increasing.

Source: thestar April 30, 2018 17:48 UTC