So today the Bank of Canada increased the key lending rate half a point to 1%. This means interest rates will increase on line of credits, student loans and of course mortgages. The Royal Bank in Canada and TD Bank have increased their prime lending rate from 2.7% to 3.2%. overall interest rates remain historically low however if you're thinking about buying a home it would be a good idea to get locked into a rate right away. We still remain in a seller's market, some areas are slowing down but other cities like St Albert and Sherwood park are still seeing a flood of multiple offers. I predict things will balance out a little bit this summer but we will have to wait to see.