April 2013 Mortgage Rates

The Bank of Canada hinted Wednesday (April 17th) that Canada's record low interest rates are going to stay right where they are for a long while yet.

In its latest policy decision, Canada's central bank kept its benchmark interest rate, what's known as the target for the overnight rate, steady at one per cent on Wednesday.

That's the rate that retail banks base their lending and saving rates for consumers on, and it's been kept at that level since September 2010.

Wednesday's policy decision is the next-to-last one for Mark Carney as head of the bank before he leaves to London to head up the Bank of England in June.

The Carney-led Bank of Canada has now kept the rate steady at 1 per cent for 21 consecutive policy meetings.

Despite the lack of change, the bank suggested its outlook for the Canadian economy is actually a bit worse now than previously — a sign suggesting the bank is in no rush to raise rates and slow down growth.

Source: CBC News

The next interest rate announcement is scheduled for May 29th.

 

Mortgages: Closed, variable to 5 years
Financial InstitutionTerm
Variable6 Months1 Year2 Years3 Years4 Years5 Years
AGF Trust - 4.650 3.040 3.200 3.240 3.340 3.490
ATB Financial 2.600 4.000 3.100 3.140 3.550 4.390 3.040
Alterna Bank 3.000 4.000 3.050 3.090 3.090 2.990 3.090
Alterna Savings 3.000 4.000 3.050 3.090 3.090 2.990 3.090
Bank of Montreal 3.100 4.000 3.000 3.040 3.550 4.540 5.140
Bank of Nova Scotia 3.100 4.550 3.750 3.890 3.990 4.390 4.990
Boomerang Credit Union 3.200 - 3.000 3.040 2.990 4.640 3.180
Bridgewater Bank - - 3.240 3.390 3.100 3.570 3.140
CIBC Mortgages 3.200 4.450 3.000 3.140 3.550 4.390 5.140
Caisses Desjardins 3.200 4.400 3.090 3.140 3.550 4.540 5.140
Canadian Western Bank 3.200 4.000 3.000 3.040 3.550 4.540 5.140
Canadian Western Trust 3.200 4.000 3.000 3.040 3.550 4.540 5.140
DUCA Financial Services 3.000 - 3.100 3.150 2.990 3.200 2.970
Effort Trust - 4.450 3.250 3.600 3.900 4.500 4.950
Equitable Trust - - 3.000 3.040 3.550 4.540 5.140
First Calgary Financial - 4.000 2.390 2.670 2.790 2.890 2.950
First National Financial 2.800 3.950 2.740 2.690 2.790 2.990 2.990
FirstOntario Credit Un. 2.790 4.240 2.990 3.140 3.190 3.240 2.970
HSBC Bank Canada 3.100 4.450 3.600 3.950 4.450 4.990 5.240
Home Trust Company - 3.950 2.740 2.490 2.890 2.990 2.990
ICICI Bank Canada 3.050 - 3.150 3.650 3.640 3.690 3.440
ING Direct 3.000 - 3.000 3.000 2.790 2.990 3.080
Investors Group Trust 3.000 4.000 3.000 3.140 3.550 4.540 5.140
Laurentian Bank Canada 3.200 4.400 3.090 3.140 3.550 4.540 5.140
League Svgs & Mortgage - 4.000 2.890 2.890 2.990 3.090 2.990
Libro Financial Group - 3.900 3.300 3.500 4.000 4.200 3.280
London Life 3.000 4.000 3.000 3.140 3.550 4.540 5.140
Manulife Bank 3.000 4.450 3.000 3.050 3.100 3.100 3.090
Manulife Trust - 4.450 3.000 3.050 3.100 3.100 3.090
Meridian Credit Union 2.850 4.450 3.100 3.140 3.700 2.980 3.190
National Bank 3.200 4.000 3.100 3.140 3.550 4.540 5.140
Ontario Civil Service CU 3.000 6.000 2.990 3.090 3.140 3.300 3.090
PACE Savings & Credit Un - 4.000 3.000 3.040 3.550 4.540 5.140
Parama Credit Union 2.900 - 3.000 - 3.150 3.250 3.400
Peace Hills Trust - 4.500 3.100 3.350 3.600 3.850 3.950
President's Choice Fin'l 3.200 6.040 3.140 3.200 3.240 3.350 3.440
RMG Mortgages 3.000 - 2.890 2.890 2.990 3.090 3.190
Royal Bank of Canada 3.000 4.000 3.000 3.040 3.550 4.540 5.140
Servus Credit Union - 4.000 3.000 3.040 3.550 4.390 5.140
Steinbach Credit Union - - 2.400 2.500 2.700 2.800 3.000
T-D Mortgage 3.200 4.000 3.000 3.040 3.550 4.540 5.140
Teachers Credit Union - - 2.990 3.040 3.490 3.890 4.090
Windsor Family C.U. - 4.450 3.000 3.050 3.550 4.540 5.140
Your Neighbourhood C.U. - - 3.150 3.250 3.350 3.390 3.190

Prepared by CANNEX on April 17, 2013 at 10:30:24 ET.
This information is current as of the date and time posted and is subject to change without notice.
© Copyright 2013 CANNEX Financial Exchanges Limited. All rights reserved.

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Donald Lum

Donald Lum

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
Contact Me