Mortgage wars!

The Globe and Mail published an article last week about the latest round of price cuts on Canadian mortgages. Bank of Montreal has reduced its rates again, offering low five- and ten-year mortgages. In response, the other big banks in Canada have followed suit, offering major discounts as well and keeping rates incredibly low. With the spring rush coming in the real estate market, it is no surprise that all of the banks are chasing business. It will remain to be seen if BMO’s tactic will keep rates at these historically low levels for a while to come.