The Bank of Canada is expected to raise its overnight rate this week and has signalled further rate increases throughout the rest of the year. While this won't have an immediate impact on your existing fixed rate mortgage, it could impact your rate when it comes time to renew. On the other hand, if you have a variable rate mortgage, you can count on an increase in our payment, if you haven't already.
Fixed rate mortgages have been increasing steadily over the past few months, however most buyers haven't seen a decrease in their buying power as they still need to qualify for a new mortgage at the current stress test rate of 5.25%. Meaning, they are still able to qualify for the same mortgage despite rates increasing. However, their potential payments may be slightly higher than they were a few months ago.
For this reason alone, I don't think this will have much impact, if any, on the current pricing in the housing market.