Queen's University

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.

To arrange an interview, please contact Michael Onesi at michael.onesi@queensu.ca, 613.533.6000 ext. 77513, or Christina Archibald at christina.archibald@queensu.ca, 613.533.2877 at Queen’s News and Media Services.

Follow Queen’s News and Media Services on Twitter: http://twitter.com/QueensuMedia

Attention broadcasters: Queen’s has facilities to provide broadcast quality audio and video feeds. For television interviews, we can provide a live, real-time double ender from Kingston via fibre optic cable. Please call for details.

Copyright © Queen's University
Kingston, Ontario, Canada. K7L 3N6. 613.533.2000
Last updated at 4:16 pm EDT, Fri August 29, 2014
iTunes is a trademark of Apple Inc., registered in the U.S. and other countries.