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Canada’s largest bank is raising mortgage rates.
RBC (RY.TO) will boost discounted rates on its two-year fixed-mortgage 0.10 percent to 2.39 percent.
Rates on the three, four and five year rates will also increase by 0.10 percent to 2.74, 2.84 and 3.04 percent respectively.
Rates on its five-year variable closed mortgages will rise by 0.15 percent to the prime interest rate minus 0.10 percent. The new rates come into effect on Jan. 8.
Do you think Royal Bank's move to up mortgage rates will help cool Canada's housing market? https://t.co/tHJb1Jgy9C— BusinessNewsNetwork (@BNN) January 6, 2016
The increase comes as Ottawa moves to try to cool Canada’s red hot housing market. Last month, Canada’s Finance Minister Bill Morneau announced that Canada Mortgage and Housing Corporation will require homebuyers to put a 10 percent down payment on the portion of the price of a home over $500,000. The changes come into effect in February.
Those changes may not cool the housing market, but they could make it more difficult for first time homebuyers to get into the market, says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.
“When you are in the market when prices are up you are going to sell more and pay for more and if prices go down you will sell for less and pay for less,” he told BNN. “It’s getting into the market that’s always that toughest spot.”