Today, the Bank of Canada has increased it's key interest rate by .25%, to .5%, which signals an increase in the Prime Lending Rate to 2.5%.  The increase will affect homeowners who have variable rate mortgages, but given the rock bottom rates enjoyed, the increase is considered modest, and fixed mortgage rates remain very attractive.  There are some excellent buying opportunities over the summer, as inventory levels are up, and buyers have more choice, less competition from other buyers, and more bargaining power.