Justin Leigh, BCom 
Canada’s banks announced record low mortgage rates yesterday!
First the Bank of Montreal offered 2.99% for a five-year term, then TD and RBC followed suit with their own offers.
Here’s an excerpt from The Globe and Main article:
A day after BMO announced it had dropped the rate on a five-year fixed-rate mortgage to a historic low of 2.99 per cent as part of a two-week promotion, Toronto-Dominion Bank (TD-T77.750.050.06%) and Royal Bank of Canada (RY-T52.09-0.68-1.29%) followed suit with limited-time-offers of their own.
TD said Friday it was lowering its four-year fixed-rate mortgage to 2.99 per cent, down from 4.79 per cent. Soon after, RBC dropped its four-year fixed rate mortgage to 2.99 per cent, and 3.99 per cent on a seven-year fixed-rate mortgage.
Both RBC and TD said the offer is open until Feb. 29, extending the promotion beyond the initial two-week period BMO introduced. BMO’s mortgage offer is good until Jan. 25 and represents a drop of 50 basis points.
Marcia Moffat, head of home equity financing at RBC said the bank is offering the rate on 30-year amortizations, while a spokesman for BMO said the bank is offering its lower rates on 25-year amortizations.
These promotions have time limits though. BMO wants you to lock in your pre-approval by January 25th and TD has a February 29th deadline. You will have 90 days to find your perfect home after getting approved.
If you’d like to take advantage of these historically low rates, and jump into the Vancouver Real Estate market, please contact Vancouver Realtor Justin Leigh today!
