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Rob McLister, the founder of ratespy.com, said his bank contacts have told him that rates were going up Thursday and Friday for some customers, though none of the major financial institutions has publicly announced rate changes. “All the big banks are raising their discretionary rates by 15 basis points at least. I’d suggest they go up on the websites next week,” he said.

An increase in rates has been forecast by economists for a number of years, enough of a concern that Ottawa changed the rules for government-backed mortgages to require consumers to qualify based on making potential payments tied to the higher five-year posted rate, which is now 4.64 per cent. That’s a cushion designed to deal with household debt, which was 166.9 per cent of disposable income in the first quarter of 2017 after hitting a record a year earlier.

McLister said banks were offering discretionary rates as low as 2.54 per cent to 2.59 per cent on a five-year fixed rate contract, but that range is now closer to 2.69 to 2.74 per cent. Some brokers last week were still offering rates as low as 2.18 per cent on a five-year fixed rate, mostly by lowering commissions.

“One thing I would point out is we are basically where we were when we started the year,” said BMO’s Porter about the rising rate environment.

While long-term rates are expected to raise as early as next week, consumers with variable rate mortgages tied to the prime lending rate will also immediately feel the sting of any increase from the Bank of Canada. Will Dunning, chief economist to Mortgage Professionals Canada, said about 25 per cent of Canadians still have a floating rate product.