The Bank of Montreal recently came out with a 5year fixed rate of 2.99%. The lowest we have seen from Canadian banks. A few of the other major banks are looking at matching the rate or offering something similar.

We have had a number of people asking us about what we think. Everyone should be very careful before getting too excited about the rate and make sure they sit down with their mortgage specialist and ensure they go over ALL the details. There are a number of restrictions and I always caution getting involved with so many restrictions as you never know what the next 5 years will bring.

If you want more information about this rate. Please give us a call and we would be happy to refer you to a mortgage specialist who can help.