This article was last updated on April 16, 2022
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Tuesday, RBC announced it’s raising the rates on many of its fixed products by .25 basis points.
Scotiabank followed suit later in the day. It was just two weeks ago that banks raised rates by as much as a percent.
The head of the Alberta Association of Mortgage Brokers says the increases, plus new mortgage rules set to take effect soon, will mix to create some panic in the marketplace.
Todd Fralic said "that’s going to get a lot of tentative buyers off the fence to make offers".
He adds there are still unanswered questions as to what might happen next, not the least of which is when the Bank of Canada will move to increase its benchmark rate that’s now at a historic low of .25 per cent.
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