February 2013 Mortgage Rates

In January 2013, The Bank of Canada, based on their current economic outlook, kept its benchmark interest rate at 1.0% for the 19th consecutive time. The benchmark rate has been at 1.0% for more than 30 months. Economists at Scotiabank and Bank of Montreal believe that the benchmark rate will remain unchanged through 2013.

While the rates for 5 Year Mortgages have increased from a few months ago, they are still well below 2008 levels. Posted rates at the 5 major Canadian Banks ranged from 4.99 % to 5.24 % as of February 26, 2013.

Other financial institutions may offer lower rates and depending on your relationship with your bank, you may be able to negotiate a lower rate than their posted rate. Mortgage Brokers can also negotiate lower rates on your behalf. The terms and conditions of mortgages can vary and you should ensure that they suit your needs.

Financial Institution

Variable

6 Months

1 Year

2 Years

3 Years

4 Years

5 Years

               

AGF Trust

-

4.65

3.04

3.2

3.24

3.34

3.49

Alterna Bank

3

4

3.05

3.09

3.09

3.29

3.24

Alterna Savings

3

4

3.05

3.09

3.09

3.29

3.24

ATB Financial

2.8

4

3.1

3.14

3.7

4.39

3.19

Bank of Montreal

3.1

4

3

3.04

3.65

4.64

5.24

Bank of Nova Scotia

3.1

4.55

3.75

3.89

3.99

4.39

4.99

Boomerang Credit Union

3.2

-

3

3.04

3.65

4.64

3.18

Bridgewater Bank

-

-

3.24

3.39

3.15

3.57

3.2

Caisses Desjardins

3.2

4.4

3.09

3.14

3.7

4.64

5.24

Canadian Western Bank

3.2

4

3

3.04

3.65

4.64

5.24

Canadian Western Trust

3.2

4

3

3.04

3.65

4.64

5.24

CIBC Mortgages

3.2

4.45

3

3.14

3.65

4.39

5.24

DUCA Financial Services

3

4.5

3.1

3.15

2.99

3.2

3.09

Effort Trust

-

4.45

3.25

3.6

3.9

4.5

4.95

Equitable Trust

-

-

3

3.04

3.65

4.64

5.24

First Calgary Financial

-

4

2.39

3.14

2.99

3.29

3.29

First National Financial

2.9

3.95

2.74

2.69

2.79

2.99

3.09

FirstOntario Credit Un.

2.79

4.24

3.09

3.19

3.24

3.29

3.12

Home Trust Company

-

3.95

2.74

2.49

2.89

3.15

2.99

HSBC Bank Canada

3.1

4.45

3.6

3.95

4.45

4.99

5.24

ICICI Bank Canada

3.05

-

3.15

3.65

3.64

3.69

3.44

ING Direct

3

-

3

3

2.79

3.25

3.08

Investors Group Trust

3

4

3

3.14

3.65

4.64

5.24

Laurentian Bank Canada

3.2

4.4

3.09

3.14

3.7

4.64

5.24

League Svgs & Mortgage

-

4

2.92

2.9

2.95

3.15

3.19

Libro Financial Group

-

3.9

3.3

3.5

4

4.2

3.28

London Life

3

4

3

3.14

3.7

4.64

5.24

Manulife Bank

3

4.45

3

3.05

3.1

3.1

3.09

Manulife Trust

-

4.45

3

3.05

3.1

3.1

3.09

Meridian Credit Union

2.85

4.45

3.1

3.14

3.7

3.4

3.19

National Bank

3.2

4

3.1

3.14

3.7

4.64

5.24

Ontario Civil Service CU

3

6

2.99

3.14

3.24

3.3

3.24

PACE Savings & Credit Un

-

4

3.1

3.14

3.79

4.64

5.24

Parama Credit Union

2.9

-

3.1

3.15

3.15

3.25

3.5

Peace Hills Trust

-

4.5

3.1

3.35

3.6

3.85

3.95

President's Choice Fin'l

3.2

6.04

3.14

3.2

3.24

3.35

3.44

RMG Mortgages

-

-

2.49

2.59

2.89

3.09

3.24

Royal Bank of Canada

3.2

4

3

3.04

3.65

4.64

5.24

Servus Credit Union

-

4

3

3.04

3.65

4.39

5.24

Steinbach Credit Union

-

-

2.5

2.6

2.8

2.9

3.1

T-D Mortgage

3.2

4

3

3.04

3.65

4.64

5.24

Teachers Credit Union

-

-

3.05

3.15

3.6

3.89

4.09

Windsor Family C.U.

-

4.45

3.2

3.15

3.7

4.64

5.19

Your Neighbourhood C.U.

-

-

3.15

3.25

3.35

3.39

3.19

Prepared by Cannex on February 26, 2013

         

This information is current as of the date and time posted and is subject to change without notice.

© Copyright 2007 CANNEX Financial Exchanges Limited. All rights reserved.

   

 

 

 

 

 

 

 

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Donald Lum

Donald Lum

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