It's the fourth time the Bank of Canada has done it in just twelve months. Interests rates are up again, this time up another quarter percent to 1.5 percent.

“They look at statistics, they look at what the inflation is doing, what the economy is doing, what’s happening globally, in terms of economic conditions, and they make their decision that way,” explained Krista Hayward, Chief Financial Officer at Weyburn Credit Union.

The impact may not seem like it would be much, but it makes many householders begin to crunch numbers to see what the chances are that it will be noticed at the individual household level.

“A quarter percent doesn’t sound like a lot, but we have had two or three (prior) interest rate increases in about a year’s time, so that adds up,” said Hayward. “That can have a huge impact on lower income families or middle income families, who are just trying to make ends meet, certainly the rate increase does have that potential.”

With a variable rate, a $100,000 mortgage will now increase by about $21 per month.

Hayward said that one upside is the option for a fixed rate mortgage, especially for those who already have one.

“If you’re locked into a fixed rate product, currently, then your rate stays the same, but if your current product is a variable rate product, any change in interest rate means you’re paying more interest on your mortgage,” she said.

If your mortgage rate is fixed, then you will not notice an increase to your payment.