Record Low Interest Rates Fuel Buyer's Market in Calgary

Taking advantage of the mortgage wars between Canada’s major banks, investors, first-time buyers, and home owners looking to “move up” are out looking for homes in droves.  The big five banks (BMO, TD, CIBC, Scotiabank and RBC) dropped their fixed rates to record lows and it all started when BMO reduced their Low Rate 5-year fixed mortgage product to 2.99%, the lowest interest rate for a Canadian bank ever.  

But prospective buyers need to be cautious and really make sure they know what they’re getting into.  Many of these mortgages come with greater restrictions and higher payout penalties.  Homeowners also need to buy what they can afford, so that when rates do rise again, they won’t be caught holding the bag when they need to renew.