The Globe and Mail reports that Canadians are getting another chance to sign a mortgage at historically low rates, and this may push some to take a leap into the looming spring real estate market.
Yesterday, three of Canada's big five banks (TD, RBC and CIBC) trimmed the rate on four-year mortgages to 2.99 per cent - following BMO's move on Wednesday to cut its five-year mortgage rate to the same level. BMO also chopped its 10-year rate to 3.99 percent.
These cuts to historically low levels, like similar moves in January, are limited-time offers that are prompting some potential home buyers to get off the fence and jump into the market.
With the intensifying battle for marketshare among Canada's banks, it looks like prospective homebuyers may emerge as the winners.
Top 1% in Canada*
*for Century 21 Canada