Kainth explained that the 0.25 percent rate hike means a $13 increase per month in payments for every $100,000 of mortgage. To illustrate, the broker cited a mortgage amount of $500,000.

If approved, customers might see an average increase of approximately $5 on their residential bills starting Sept. 1, according to SaskPower. An additional hike of $5 would follow in April 2023.