Wednesday, September 2nd19.5°C
27215
26096

Mortgage rates hit new low as Investors' Group pushes variable rate below 2%

TORONTO - Just when you thought mortgage rates couldn't get any lower, they have.

Investors' Group is offering a 36-month closed, variable-rate mortgage at 1.99 per cent, well below the current standard of around three per cent.

The mortgage is also well below the 2.99 per cent level that drew sharp criticism from former finance minister Jim Flaherty when BMO first tried it, because he was worried it would trigger a damaging housing bubble.

Joe Oliver, who took over from Flaherty, has said he has no plans to intervene in the setting of mortgage rates, calling it a "private'' decision by lenders.

Royal Bank made waves in January when it lowered its rates on several fixed-rate mortgages by 10 basis points, bringing its five-year closed rate to 3.69 per cent. It now sits at 4.94 per cent, while the variable five-year rate is at three per cent.

RBC said at the time the rates were lowered to match competitor pricing, and several other big banks followed suit.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX13545.25+63.35
S&P CDNX550.05+2.08
DJIA16351.38+293.03
Nasdaq4749.98+113.87
S&P 5001948.86+35.01
CDN Dollar0.7538-0.0007
Gold1132.20-6.50
Oil45.95+0.54
Lumber235.60+0.60
Natural Gas2.638-0.064

 
Okanagan Companies
Pacific Safety0.22+0.05
Knighthawk0.010.00
QHR Technologies Inc1.19+0.01
Cantex0.04-0.01
Anavex Life Sciences1.25-0.07
Metalex Ventures0.055+0.005
Russel Metals20.87-0.34
Copper Mountain Mining0.61-0.01
Colorado Resources0.075-0.010
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp2.62+0.12

 





FEATURED Property
2386912539 Yates Road
1 bedrooms 1 baths
$174,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_



26376




Member of BC Press Council


25646