Mar 27, 2014
By AM740 Staff
It’s good news for zoomers hoping to downsize. Buying a home has just become easier. But Finance Minister, Joe Olliver says he is monitoring the housing market closely as the Bank of Montreal cuts its five year mortgage. It’s a move that caused Mr. Oliver’s predecessor, Jim Flaherty to intervene last year. BMO is now of offering five-hear fixed mortgages at 2.99%, slashing its rate from 3.49%. The last time a Canadian bank’s mortgage rates fell this low was in March of 2013. That’s when former finance minister, Jim Flaherty stepped in and publicly called for responsible lending because he worried about an overheated housing market.