Never in history has a Canadian bank advertised a mortgage rate with a zero to the left of the decimal point. Fortunately, there’s a first for everything. Effective December 4, 2020, HSBC Canada—who’s made a name undercutting its big bank competition—is launching the lowest rate in Canadian history: 0.99%. This is a milestone rate, akin to landmark rates like BMO’s...
The spring mortgage market just got another boost. HSBC has unveiled a brand new 1.99% 3-year fixed that is now the lowest mortgage rate in Canada. It’s for default-insured (“high-ratio”) mortgages only, but it’s spectacular nonetheless. The last time the bank had a rate this low was July 2017 on a 5-year variable. “We are responsive to the market, which...
It’s got the best 1-year rate in the country. It’s got the best conventional 2-year rate in the country. It’s got the best 3-year rate in the country. It’s got the best 4-year rate in the country. It’s got the best conventional 5-year fixed refinance rate in the country. It’s got the best variable rate at 80% loan-to-value in the...
motusbank just launched the lowest fixed rate in Canada for an uninsured mortgage: 2.49%. It’s the cheapest widely available 2-year fixed since September 2017. Compare that to the lowest nationally-available conventional variable (2.84% from HSBC) and it begs the question: Why bother floating your rate? For default insured borrowers in Ontario, this question is even more imperative. That’s because DUCA...
Canada’s third-largest bank has an alluring new4-year fixed rate. It’s the nation’s lowest 4-year fixed since December 2017. But that’s not the most interesting part. This marks the first time in our recollection that a major bank has widely advertised an online-only special and the industry’s best-discounted rate. It’s somewhat of a milestone in rate transparency, one inspired by consumers’...
Sub-2% rates are here again. This time from Toronto-based DUCA Financial Services Credit Union — for default-insured 2-year fixed mortgages. This brand new offer is easily the lowest 2-year fixed rate out there. In fact, it’s the lowest mortgage rate in Canada period, and 57 basis points below the country’s next best offer. “This product is designed to help out...
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