Each of Canada's big banks is increasing the cost of taking out a mortgage.

Yesterday, Canadian Bank of Commerce, Bank of Montreal, Bank of

Nova Scotia and Toronto-Dominion Bank all announced a series of rate raises.

The changes were to take effect today.

Those announcements followed one by Royal Bank of Canada on Friday about a series or rate hikes that took effect Saturday.

While there were some differences in the details of changes made by the banks to their mortgage rates, the announced hikes put all their five-year fixed closed rates at 5.84 per cent.

All the banks except TD placed an increase of 0.35 of a percentage point to reach this level. TD got there by way of a 0.29-point boost.