TORONTO – The Bank of Montreal (TSX:BMO) is lowering its five-year fixed-rate mortgage to back to levels that caused former Finance Minister Jim Flaherty to express concerns last year. The bank says it will offer a five-year rate of 2.99 per cent, down from 3.49 per cent. BMO is the first big bank to lower […]
The Bank of Canada held its key policy rate at 1 percent on Tuesday, but forecast a faster Canadian recovery than expected despite an increasingly worrying outlook for the global economy. Governor Mark Carney has held the central bank’s rate unchanged for 16 months, the longest period without a rate change since the bank began […]
Potential buyers are still not aware about the minimum downpayment to purchase a home!!! Somehow, the impression was they needed 10% or 20% down to purchase. The confusion may be due to the new mortgage rules implemented in April. When searching for a home and browsing thru Calgary real estate listings, buyers have to remmember […]