BMO, announced yesterday they will be dropping their five-year fixed mortgage rate to 2.99 per cent. This is the lowest rate ever offered by a chartered bank in Canada. Other banks are expected to follow.
Economists speculate that the reason being this sudden interest rate drop is due to international investments into Canadian bonds.
This, of course, is great news for those looking into buying a condo in Mississauga. Perhaps we might even have an early jump-start to the real estate market for 2012.
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