Canadian bank mortgage wars
Queen’s University real estate expert John Andrew is available to talk about the mortgage wars taking place between Canadian banks as various institutions have announced today they are now offering mortgage rates at 2.99 percent.
Dr. Andrew is worried that banks are so concerned about staying competitive that they may be causing a crisis in the future when borrowers renew their mortgage at much higher rates.
“We could up in a mortgage crisis down the road. Are the banks stress testing the borrowers to make sure borrowers will be able to make payments in five years when rates are higher? Are they paying attention to the fact that they might be getting borrowers in trouble in five years? There is no precedent for this situation in Canada because we’ve never had mortgage rates this low,” says Dr. Andrew.
Dr. Andrew is a real estate professor in the School of Urban and Regional Planning and School of Business, and director of the Queen’s Real Estate Roundtable. He comments regularly in the media about real estate-related news.
Please note John Andrew is not available for TV interviews between 1-4 pm on Friday, March 9.
To arrange an interview, please contact communication officers Michael Onesi (office: 613.533.6000 ext. 77513,firstname.lastname@example.org) or Anne Craig (office:613-533-2877, Anne.Craig@queensu.ca) at Queen’s University News and Media Services Department in Kingston, Ont., Canada.
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