Rates usually drop leading up to a Federal election!

Election 2015History tells us that mortgage rates usually drop leading up to an election. And 2015 has followed that trend.   It started in January of this year, when the Bank of Canada (BOC) Governor, Stephen Poloz, shocked Economists with his surprise 0.25% Bank Rate cut.

(CanadaMortgageNews.ca readers will remember, not all were shocked, as I had predicted a rate drop just days earlier).

Then in July, the BOC Govr did it again..  this time, it wasn’t as much a shock.  The Bank Prime was cut by another 0.25% after months of negative Economist data showed the Canadian economy was slowing.  Read the rest of this entry »

Hey, what happened to the BMO “Low Rate Mortgage”?

Bmo wideRemember the BMO “Low rate mortgage”?  It seems to have disappeared…  Well, not really.   BMO has quietly changed the label and now calls it the ‘Smart Fixed Rate Mortgage’.  

Sounds impressive…but it’s not.   I’ll save the suspense.  This is the same product that’s full of limitations, restrictions and an inflated prepayment penalty calculation…. It isn’t the best rate…   Certainly NOT the best mortgage product. Read the rest of this entry »

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