It turns out TD Canada Trust’s “market-moving rate cut” won’t be so market moving, at least not yet. On Sunday, TD slashed a number of fixed rates on its website. Today it un-slashed them, saying: “Changes to our posted rates on our website were made in error. We apologize for any misunderstanding and please refer to the rates currently posted.”—TD...
Meridian Credit Union likes to shake things up every spring. For a few years now, it’s been releasing eye-popping mortgage specials during peak homebuying season, and this year is no different. The credit union, Ontario’s largest, just launched a 1.98% 2-year fixed that incinerates competing offers. How crazy is this rate? It is no less than 127 basis points below...
Canada’s spring mortgage market is officially underway. HSBC kicked it off today with a head-turning 2.99% 5-year fixed rate. It’s the first time sinceSeptember 24, 2018, that Canadians have seen the best 5-year fixed ratestart with a “2.” Much has changed inthose five short months: Market expectations have gone from 100+ basis points of rate hikes in the next few...
BMO is now luring 5-year fixed borrowers with 1% cash back. If you get a $400,000 five-year BMO mortgage, that’s $4k in your pocket. In fact, the bank will rebate up to $30,000 if you qualify and your mortgage is big enough. The catch: you need to pay the mortgage from a BMO chequing account. If you don’t have one,...
The variable-rate market just got a shade more interesting. TD has announced that, effective tomorrow, its 5-year variable rate drops from 2.90% to 2.75%. That’s equivalent to TD mortgage prime minus 1.10%. (In case anyone forgot, TD’s mortgage prime is 15 basis points higher than other banks’ prime rates.) “Canada’s housing market continues to fluctuate, and rates continue to rise,”...
The big fella, RBC, has come to play with its very ownprime – 1.00% offer. So has CIBC, according to our branch contacts.(CIBC’s official comment is that, “Our posted rates…have not changed,” but that says nothing about its discretionary rates, which are lower. Spokesperson Jason Wesley suggests people “speak to a financial advisor” to get a quote.) It’s been years...
“Rate war” is a cliché in this business. But that’s exactly what we’ve now got in the variable-rate mortgage market. BMO started it all with its record-setting prime – 1.00% offer. TD then promptly matched. Now we’re hearing from Scotiabank branch sources that it’s offering prime – 1.00% as well — but only for newclient applications and not for refinances...
One week ago BMO stunned competitors with arecord variable-rate discount. Now, one of its juggernaut competitors—TD—is responding. TD has just matched BMO’s special with its own prime – 1.00% offer (“TD prime” – 1.15%, to be exact). That ties BMO for Canada’s lowest variable rate on an uninsured mortgage. Remember, uninsured rates are required if you’re refinancing, buying a home...
BMO has come out swinging with its latest spring promo. The country’s fourth largest bank is advertising a red-hot prime – 1.00% variable. At 2.45% currently, it’s now the best variable rate for refis in the country. This special is also the largest widely advertised big-bank variable discount we’ve ever seen. As of press time, we’re still getting details and...
If you look back over the last 40-odd years, there’s never been a time where a 10-year fixed rate has saved you more than a 5-year fixed. A 10-year term’s rate premium over a 5-year fixed, let alone over a variable, is simply too steep…most of the time. But this time might be different. According to our records, BMO’s 3.49%...
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