It comes as no surprise that RBC raised their interest rates today, alongside most Canadian mortgage lenders. What they have done differently this time is they have created 2 categories: one for amortizations of 25 years or less and one for longer amortizations. Why is this important? With the new Government rules coming in play at the end of November, many great lenders will be restricted from offering amortizations longer than 25 years . This rule change will impact the big banks the least as they have a different lending structure and can afford more risk. That being said, the rule changes will eliminate a lot of competition for these banks which typically leads to higher rates for consumers. The rule changes will also affect the refinance and rental mortgage market as well as mortgages over $1M. We will see if any lenders follow suit with RBC and also with their refinance and rental purchase rates. For more information on this or for