This is going to sound obvious to most but mortgage rates are really low. It looks like a recent competitive pressure on some of Canada’s largets banks have caused mortgage rates to fall. In fact BMO is offering a 2.99% 5 year mortgage. Other lenders are offering a 4% 10 year rate.
The irony as I see it is that recent comments from the heads of RBC and TD banks decry most Canadian markets as overheated. It’s rates like these that could contribute to overheating.
Anyway, not to complain. I love low rates. It’s what is keeping our market alive in my opinion.
By the way. The Bank of Canada just elected to hold it’s target rate at 1% for the 11th consecutive month. Analysts expect the trend setting rate to remain unchanged in 2012. Yipee!
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