TORONTO – Bank of Montreal (TSX:BMO) is cutting its special offer five-year fixed rate mortgage to 2.79 per cent from 2.99 per cent, effective immediately.
The rate cut comes ahead of the key spring real estate season.
BMO left its other rates unchanged Tuesday.
Five-year mortgages are one of the most common ways for Canadians to finance the purchase of a new home.
The Canadian Real Estate Association recently cut its outlook for home sales this year.
The association predicts the impact of declining oil prices on consumer confidence in some provinces will push down home sales by 1.1 per cent to 475,700 units countrywide.
MoneySense senior editor, Home Owner columnist and licensed real estate agent Romana King takes reader questions on buying, selling and home renovations on Wednesday, March 18, 2015 at 1 p.m. EST.
To submit your questions in advance email [email protected], use #realestatechat on Twitter or join us live. Preference will be given to live chat attendees.