The Royal Bank of Canada raised its posted rate for a five-year, fixed-rate mortgage by 15 points to 5.14 per cent, the bank confirmed to CBC News in an email. CIBC's five-year posted rate had been 4.89 per cent, just below that of its rivals. When Royal Bank and TD moved to 5.14, CIBC hiked its five-year rate to 4.99. Even if a borrower can negotiate a better rate than the bank's posted rate, the posted rate is what the Bank of Canada tabulates its benchmark bank rate from. So a higher central bank rate means variable rate borrowers should expect higher costs soon, too.

Source: CBC News January 12, 2018 16:41 UTC