Mortgage rates hit record low
Queen’s University real estate expert John Andrew is available to talk about the Bank of Montreal announcing the lowest mortgage rates in Canadian history – 2.99 percent over five years.
Dr. Andrew, the director of Queen’s University’s Executive Seminars on Corporate & Investment Real Estate, says this is good news for people who are buying a home but bad news for people worried about a potential housing market bubble.
“This move by BMO will no doubt be quickly followed by the other major banks. It’s not surprising given that mortgages rate declines have actually been lagging behind falling bond yields, driven by global economic uncertainty. What’s interesting are the conditions that BMO has attached to this mortgage rate, which are consistent with the lending industry’s move to even more responsible lending practices. Also, one big question is how long historically low mortgage rates can sustain housing prices and sales volumes that already appear to be reaching plateaus in many Canadian cities,” says Dr. Andrew, a School of Urban and Regional Planning professor.
Please note Dr. Andrew is teaching between 11:30 am-1 pm on Friday, Jan. 13.
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