Toronto Dominion bank has followed RBC in raising its main mortgage rate to 2.94 per cent, the Globe and Mail reports.

Although TD increased its rate twice last month, it stopped at 2.69 per cent while RBC went to 2.94 per cent. TD’s latest move brings the two rivals in line again for 5-year fixed rate mortgages.

Tougher restrictions on lending and pressure from the bonds market has seen the big banks considering measures to boost profits.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: