Despite earlier indications that it was holding the line, the Bank of Canada once again boosted the key interest rate by a quarter of a percentage point in its continued efforts to quell inflation.

Inflation rose by 3.1 per cent in Canada in the last quarter, leading to fears that the rate “could get stuck” above the 2 per cent target set by the Bank of Canada.

Senior Investment Advisor with Short Financial a branch of IA Private Wealth in St. John’s, Larry Short says that will continue to have an effect on mortgage holders.

He says now is a good time to get the conversation going with your financial institution for those interested in buying or whose mortgage is up for renewal.

There is a possibility that interest rates could rise again in August/September if the current hikes don’t have the desired effect, so it’s a good idea to start asking what an early renewal on your mortgage or a pre-approval might look like according to Short.