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row of houses on spring street in toronto

The moves come amid slowing mortgage growth

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Competition among lenders heats up

row of houses on spring street in toronto

The central bank qualifying rate is separate from the actual mortgage rates offered by banks to borrowers, but is used to assess homebuyers who are seeking loans

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The Bank of Canada uses the posted five-year fixed mortgage rates at Canada’s biggest banks to calculate the rate used in stress tests

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Rate will change from 4.99% to 5.14%

row of houses on spring street in toronto

TD, Royal Bank confirm hikes

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The increase in renewals comes as mortgage rates have been rising

Male hand with pen on the investment chart with calculator and canadian dollars

Mortgage brokers increasingly direct home buyers toward alternative lenders

The hikes follow a move by the Bank of Canada to boost its key short-term rate

RBC, TD and CIBC raise rates