As the province moves to help first time buyers purchase a home, comes word Royal Bank is hiking mortgage rates.
RBC's special offer for a five-year fixed rate mortgage is increasing by 30 basis points to 2.94 per cent.
The lender is also raising its special offer for a four-year fixed rate mortgage to 2.79 per cent and three-year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively.
The company is also introducing new rates for homebuyers who opt for an amortization period longer than 25 years.
The special offer rates for three, four and five-year fixed rate mortgages are 10 basis points higher than for those with an amortization of 25 years or less.
The changes take effect Thursday.