Last week, we saw many of our lenders raise their fixed interest rates. This is due largely in part to the increase in bond yields.

The expectation last year was that interest rates would push the economy into a recession, however, Canada's strong economic results have economists speculating the Bank of Canada will raise interest rates in July. Today they increased its key interest rate by 0.25%

So what does this mean for you? Whether you have a mortgage coming up for renewal or you’re looking to make a purchase, It’s important to get a pre-approval so you can get a rate hold.

A rate hold will protect you from increased rates for 120 days.