Canada’s major banks are heading into a renewed mortgage price war in the wake of the Bank of Canada’s surprise decision to cut interest rates. Mortgage brokers reported that Royal Bank of Canada dropped its five-year fixed rate for qualified borrowers to 2.84 per cent over the weekend.
Archive: January 2015 3 articles
Canada’s major lenders are so far holding off cutting mortgage rates in the wake of the Bank of Canada’s quarter-point interest rate cut, but industry officials predict rates will fall to historic new lows just in time for the all-important spring housing market.
"The gap between condos and houses grew 16 per cent in December compared to a year earlier, hitting a record of more than $251,000. (Low-rise homes consist of houses, including detached and semi-detached houses, townhomes and link homes, while high-rises encompass all condos and lofts.)"