Scotiabank looks to re-ignite the ‘mortgage wars’ in the media by lowering their advertised 5 year fixed rate mortgage to 2.97%. Earlier in the year, the Bank of Montreal garnered attention by lowering their advertised 5 year rate to 2.99%.
The 2.97% five year fixed rate mortgage represents the lowest rate advertised by a large Canadian bank in the Canadian mortgage landscape. While 2.97% does not reflect the lowest advertised mortgage rate available to Canadians in the market for a mortgage, large banking institutions typically advertise inflated ‘posted’ rates and teaser rates; interest rates which are typically higher than what one would expect to ever pay in the market.
The offer is effective until June 7th and comes at a time when mortgage rates are becoming increasingly more competitive as banks and lenders continue to compete for mortgage business. Investors Group recently generated much buzz around a 1.99% variable rate mortgage offer; a rate which generated an eye-opening response from many, but due to the fine print, only remained an viable option for certain segments of the Canadian market.
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