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"We Know It's Going To Be Painful": Half Of Existing Canadian Mortgages...

• https://www.zerohedge.com, Tyler Durden

When commenting last week on the latest troubling trends in Canada's housing market, we predicted that unlike a previous forecast by Deutsche Bank's Torsten Slok from early 2015, who at the time said that "Canada is in serious trouble", this time the moment of truth for Canada's all important housing market was indeed at hand.

The reason?

While it had taken banks some time to push up their mortgage rates, they were finally "catching up" and as Bloomberg reported, just in the past few days Toronto-Dominion Bank - Canada's second largest lender - lifted its posted rate for five-year fixed mortgages by a whopping 45 bps to 5.59% as government bond yields touched their highest levels since 2011 this week.

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