Staying put may pay off for some variable-rate mortgage holders.

For the first time in seven years the Bank of Canada has raised the interest rate which means mortgage payments for some Winnipeg homeowners will be going up.

Here's what you need to know if you have a mortgage or will be getting one soon

The big divide is between housing haves and have-nots

The probability of an interest rate hike just got higher.

Bottom line: If you can't afford a larger down payment, buy a smaller home or keep renting.

Rising costs for fixed-rate mortgages and new federal rules have more Canadians considering variable rates.