Tag Archive: TD Bank


Stress Test Rate to Drop Next Week

Mortgage Report – May 14 De-Stressing: Call out the marching band, BMO’s posted 5-year rate cut today should ease the government’s mortgage “stress test,” effective next week. As it stands, the minimum stress test rate will likely fall from today’s 5.04% to 4.99%. It’ll mark the first time since January 2018 (when OSFI’s stress test began) that this benchmark rate...

Coronavirus Mortgage Update – March 26

5:56 p.m. Update Payment Worries: 1 in 3 Canadians fear they’ll miss a rent or mortgage payment (Survey.) If you’re one of them, here’s an updated list of lender links for payment deferral info. Appraisal Stop-gap: More lenders are announcing that they will accept “Modified Full Appraisals.” That’s where appraisers do virtual inspections of the property with the homeowner’s help,...

TD’s Digital Mortgage Evolves

For years you’ve been able to apply for a big-bank mortgage on the internet. But you’ve never been able to complete the entire approval—including choosing a good rate—100% online. That changed in 2019. TD and Scotiabank became leaders by launching digital mortgage applications where consumers could process almost the entire mortgage online—by themselves—including choosing a discounted rate. And that rate...

At Last, A Big Bank Cuts its 5-year Posted Rate

TD has become the first Big 6 bank to lower its posted 5-year fixed rate since July 2019. The move comes amid plunging bond yields and just 11 days after the banking regulator (OSFI) essentially blamed banks for keeping posted rates too high. By doing so, banks have inflated the federal mortgage qualifying rate, making it unnecessarily difficult for borrowers to pass the...

Two Big Banks Slash 5-Year Fixed Rates. 2.99% is “Officially” Here Again (Updated)

TD and CIBC just became the first Big 6 banks to advertise 5-year fixed rates below 3% since 2017. This morning, TD and CIBC chopped their advertised 5-year fixed specials by 32 basis points (to 2.97%) and 30 bps (to 2.99%), respectively. Banks seldom cut that much in one sitting. Albeit, sources tell us both banks have been selling 5-year...

TD Matches BMO in Variable Rate Battle

One week ago BMO stunned competitors with a record 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...