HOME RATES ABOUT SERVICES VIDEOS BLOG CONTACT ME TEAM
AGENT LICENSE ID
Alberta
Garth Lyon Senior Mortgage Professional

Garth Lyon

Senior Mortgage Professional


Phone:
Address:
103, 901-8 Avenue, Canmore, Alberta

BROWSE

PARTNERS

COMPLETE

THE SURVEY

REFER

A FRIEND

A lender discounts five-year variable mortgage rate amid heated competition

5/15/2018

TD Bank is looking to attract more homebuyers with a hefty discount to its variable mortgage rate as competition among Canada's biggest lenders heats up.

The Toronto-based lender decreased its five-year variable closed rate to 2.45 per cent, or 1.15 per cent lower than its prime rate, for the month of May.

TD's special rate offer comes roughly one week after the Bank of Montreal discounted its variable mortgage rate to 2.45 per cent until the end of May.

Mortgage planner Robert McLister said last week that BMO's special discounted variable rate was the biggest widely advertised discount ever by a Big Six Canadian bank.

TD spokeswoman Julie Bellissimo says its special five-year variable closed rate discount applies to new and renewed mortgages, as well as the variable rate term portion of certain TD home equity lines of credit.

The moves come amid slowing mortgage growth. The Canadian Real Estate Association says national home sales sank to the lowest level in more than five years in April, falling by 13.9 per cent on an annual basis. The national average sale price decreased by 11.3 per cent year-over-year.

The Canadian Press    15 May, 2018

MY LENDERS

TD Bank Scotia Bank First National B2B Bank Home Trust
MCAP Merix Industrial Alliance Optimum Canadiana Financial
Equitable Bank ICICI Bank Fisgard Capital  RMG Mortgages Street Capital