Canadian interest rates started upwards this past week, leaving many people wondering if now is the time to switch from variable to fixed.

RBC (Royal Bank of Canada) and TD (Toronto-Dominion Bank) both announced they were raising rates on certain fixed mortgage rates, including the 5 year fixed rate. That rate went to 5.85 percent on Tuesday.

This move is a response to a steadily improving economy and a relatively hot real estate market in Canada.

Another factor may be that new lending rules coming into effect the middle of April will mean home buyers will have to qualify based on a now higher five-year fixed rate.