Today is the beginning of what will probably be a series of interest rate hikes on mortgages.

Toronto Dominion Bank and Royal Bank of Canada announced this morning that the fixed interest rate for 3, 4, and 5 year mortgages has been increased 60 basis points or .60%.

For buyers considering purchasing might want to consider obtaining a pre-approval.  When a pre-approval is in place, most financial institutions will honor the rate at the time of approval for 120 days.  Of course should the rate decrease in that time frame, the lower rate would be applied.

It might be time to "get moving".