The daughter remark was just to get your attention, and it worked.  The following advise might be worth at least the cost of your family vacation for each of the next five years if you fit into any of these categories... .

• Are you planning to buy a home in the next few months?
• Is your existing mortgage coming due for renewal soon?
• Does your existing mortgage have a variable rate?

We have been spoiled by low rates that for many seem status-quo but those who have been around a little longer remember double digit mortgage rates that meant little left over for many of the accoutrements and extras we have grown accustomed to in life over the last decade or so.

Rumor became cold hard fact this week when Royal Bank of Canada, Toronto-Dominion Bank and Laurentian Bank, announced that they are raising  fixed-rate mortgage rates, including the five-year mortgage, which jumped 60 basis points to 5.85 per cent, effective Tuesday.

Is now the time to lock in to a fixed rate?

Variable-rate mortgages have been as low as 1.5 per cent recently when fixed rates have floated around 3.75 percent. Though historically a low rate it is still a jump that many have gambled on by opting for the variable rate. All indicators are rates will continue to rise in the near future.

Coupled with new mortgage regulations that will come into affect in a few weeks, the bar will be moved out of reach for some. Add to that the new HST tax that for Ontario residents will mean higher up front costs on home buying and the dream of home ownership just got pushed a little further down the road.

You have heard Realtors say "Now is the time to buy" maybe as many times as "you deserve a break today" or "its the real thing". Well all of the above apply right now to real estate.

If you fit into one of the three categories above, the most valuable call you will make this year is the one you make to your current or soon to be Mortgage lender. Make that call today.