If the interest rate hike in July didn't register with consumers, a second quarter-point increase by the Bank of Canada on Wednesday has many borrowers taking a hard look at their mortgages and household debt levels, say mortgage specialists. "Even if this interest rate hike doesn't affect them personally, they act like it does," she said. But he believes consumers should be prepared for a "consistent and steady rising interest rate environment." There has already been an increase in the number of clients calling to talk about potentially locking in variable rate mortgages. Like banks, mortgage brokers must rigorously assess clients' overall debt levels.

Source: thestar September 07, 2017 18:45 UTC