Mortgage Rates to go up at Royal Bank and CIBC after Thankgiving. Other Banks to Follow. Vote with your Wallet and get your Mortgage Elsewhere.

According to the Canadian Press, mortgage rates at Canada's largest banks will be on the rise after the Thanksgiving weekend. Strong U.S. jobs numbers have caused the cost of borrowing to rise for banks in the bond market, and as usual these costs will be passed on by our banks to the Canadian consumer.

The Royal Bank is raising rates on both variable and fixed rate mortgages. At Canada's biggest bank, a five year closed rate will be 5.29%, well above rates available at mortgage brokerages and other lenders. CIBC also increased its five year rate to 5.29% for most customers. Canadians should vote with their money and choose to do business somewhere else.

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