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“Our government has taken action in the past to reduce consumer indebtedness and the government’s exposure to the housing market,” Oliver said in an emailed statement on Thursday.
“I will continue to monitor the market closely.”
Bank of Montreal (TSX:BMO) moved late Wednesday to lower its five-year fixed-rate mortgage to 2.99 per cent, down from 3.49 per cent.
It’s the first big bank to lower the key rate beneath three per cent, a level that caused then-finance minister Jim Flaherty to publicly chide BMO in March 2013, saying that he disapproved of the rate and discouraged other big banks from following its lead.
At the time Flaherty said he believed in “responsible lending,” and that he was concerned such low rates would work against his attempts to slow the momentum in the housing market…
The BMO 2.99 Is Back! Are We In For A Spring Mortgage War?
– ratesupermarket.ca
Out with the old finance minister, in with new deals? BMO has once again seized the market’s attention with the re-introduction of their 2.99 five-year fixed mortgage!
This time around, though, BMO doesn’t need to worry about receiving a stern phone call from Jim Flaherty. The former finance minister, who left his post last week, famously voiced his concerns over deep mortgage discounting last March, stating it was irresponsible given the state of Canadian household debt. So… does this open the door for even more mortgage rate cuts this spring?
What Will You Save With This Rate?
Looking to enter the market this spring, or refinance your existing mortgage? Let’s check out the savings potential of scoring a rate this low.
Assuming…
Mortgage value: $378,000 (average Canadian home purchase price, according to the CMHC)
Term: 5 years
Amortization: 25 years
Compared to: 3.39% (The lowest Big Bank offered rate)
Using our handy Mortgage Calculator, we can determine:
Monthly payments at 2…
Out With The Old, In With The New… Mortgage Rates?
– ratesupermarket.ca
Last week saw a shakeup in the Canadian finance scene, as former Finance Minister Jim Flaherty took leave of his post. He has since been replaced by Conservative Toronto MP Joe Oliver – and the mortgage industry is holding its breath to see if he’ll follow in Flaherty’s policy tightening footsteps.
Since then, BMO has brought back their 2.99% mortgage, which Flaherty famously criticized last year. Be sure to check out our coverage, especially if you plan on being a home buyer this spring.
The BMO 2.99 Mortgage Rate Is Back!
BMO’s special 2.99 5-year fixed mortgage – touted as the rate that sparked a million mortgage rate wars – has returned in time for this year’s spring buying season. Will this recent rate cut set off a chain reaction of discounted rates among other lenders? Can buyers expect the low-rate environment to stick around? Read on to find out.
Read Penelope’s Blog | The BMO 2.99 Mortgage Rate Is Back!>
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Being audited sounds as pleasant as having your teeth pulled, but it’s a common part of the CRA’s tax process – and is bound to happen to you at least once…
