If you have been on the fence about buying a condo in Mississauga for the last little while, this might compel you to purchase a condo. Last week the Bank of Montreal brought back their 2.99% 5 year fixed mortgage rate. Originally, this same rate was offered last year and it only lasted about three months. Afterwards, the 5 year fixed rate slowly creeped up to about 3.5%.

What does this mean for the average consumer looking to buy a condo in Mississauga? For someone looking to buy a $300,000 condo with a 10% ($30,000) downpayment, the difference between getting a rate of 2.99% over 3.5%, could mean saving around $70 a month. Now that may not seem (more…)

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