Real Estate

Locked: Five-year fixed mortgage rate in Canada falls to 1.99% for first time

  • Last Updated:
  • Jun 25th, 2020 1:18 pm
Deal Guru
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Feb 2, 2014
11233 posts
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Toronto
You can now get 1.94% 5-year fixed on an insured mortgage and 1.99% 5-year fixed on a non-insured mortgage :)
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Jul 15, 2019
724 posts
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CdnRealEstateGuy wrote: You can now get 1.94% 5-year fixed on an insured mortgage and 1.99% 5-year fixed on a non-insured mortgage :)
Hoping rates like this hold up into 2021.
Jr. Member
Jan 15, 2017
108 posts
185 upvotes
CdnRealEstateGuy wrote: You can now get 1.94% 5-year fixed on an insured mortgage and 1.99% 5-year fixed on a non-insured mortgage :)
Nationwide? If not, what's the best rates in QC?
Deal Addict
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Nov 15, 2013
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Toronto, ON
freeman93 wrote: Hoping rates like this hold up into 2021.
Will go even lower.
Deal Fanatic
Oct 7, 2007
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Why not must make it zero percent and just have people make payments on the principal? Sure house prices will go a little higher than they are now because everyone will have more purchasing power but what a great deal on the interest?
Sr. Member
Jul 15, 2019
724 posts
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choclover wrote: Why not must make it zero percent and just have people make payments on the principal? Sure house prices will go a little higher than they are now because everyone will have more purchasing power but what a great deal on the interest?
The banks are not in it to bring the consumer great deals... they are in it to make money.
Deal Guru
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Feb 2, 2014
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Toronto
canibusIIII wrote: Nationwide? If not, what's the best rates in QC?
Yes, I have it for QC as well.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Jun 22, 2020
159 posts
166 upvotes
Question- Is anyone aware of the major banks calling their customers lately to gauge interest in early renewals? We are not up until 2023 but both my wife and I received calls about this (we haven't spoken with them yet) and just wondering if others are getting contacted. We're at 3.58% on a 5-year fixed.
I recall that last time we were up for renewal, I had to contact the bank, not the other way around, so wondering if there has been a change with the banks' approach.
Banned
Jun 1, 2017
513 posts
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JazzGMster30 wrote: Question- Is anyone aware of the major banks calling their customers lately to gauge interest in early renewals? We are not up until 2023 but both my wife and I received calls about this (we haven't spoken with them yet) and just wondering if others are getting contacted. We're at 3.58% on a 5-year fixed.
I recall that last time we were up for renewal, I had to contact the bank, not the other way around, so wondering if there has been a change with the banks' approach.
You mean early renewal, they will give you lower rate?
Jr. Member
Jun 22, 2020
159 posts
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That's what the message said (I haven't had a chance to speak to them yet).
Sr. Member
Oct 12, 2005
907 posts
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Vancouver
JazzGMster30 wrote: Question- Is anyone aware of the major banks calling their customers lately to gauge interest in early renewals? We are not up until 2023 but both my wife and I received calls about this (we haven't spoken with them yet) and just wondering if others are getting contacted. We're at 3.58% on a 5-year fixed.
I recall that last time we were up for renewal, I had to contact the bank, not the other way around, so wondering if there has been a change with the banks' approach.
It’s probably because the rates are SO much lower now that it’s worth it for many people to renew even if they’ll be paying a sizeable penalty. The mortgage reps are probably seeing this an an opportunity to make some extra commission renewing mid-term customers.
Deal Guru
User avatar
Feb 2, 2014
11233 posts
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Toronto
JazzGMster30 wrote: Question- Is anyone aware of the major banks calling their customers lately to gauge interest in early renewals? We are not up until 2023 but both my wife and I received calls about this (we haven't spoken with them yet) and just wondering if others are getting contacted. We're at 3.58% on a 5-year fixed.
I recall that last time we were up for renewal, I had to contact the bank, not the other way around, so wondering if there has been a change with the banks' approach.
The bank IRD penalty is brutal (especially when rates are low). If they can get that penalty from you and lock you in for another 5 years, they will be happy.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Jun 22, 2020
159 posts
166 upvotes
Thanks for the advice. We're seriously considering downsizing in about three years so we wouldn't be good candidates to lock in for 5 more years anyway.
Penalty Box
Mar 27, 2004
10493 posts
9009 upvotes
Toronto
td offered 2.2 fixed over 4 or 5 years
Full-time Realtor

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