Canada's major banks reduce mortgage rates again

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Five of Canada's major banks reduced many of their posted mortgage rates by one-tenth of a percentage point, effective today.

The posted five-year closed mortgage rate is now 5.49 per cent annually for the Royal Bank of Canada, Bank of Montreal, scotiabank, CIBC and Laurentian Bank.

RBC was the first to announce the rate cuts on Monday. It is the second time major banks have trimmed their rates this month, and follows the report from the Canadian Real Estate Association that home sales were down 6.8 per cent in July from the previous month.

  • gord pipkey, Verico Realmortgage Services on 2010-08-18 1:13:44 AM

    as i am o/t rite now to check my commission sheet but i believe i closed approx 220,000,000 last 2009

  • Debbie on 2010-08-18 1:46:54 AM

    I'm not sure what the validity of the Top 50 list is when it is self-reporting and so few brokers across the country participate?

  • Natalia on 2010-08-18 1:38:08 PM

    A lot of top brokers purposely did not participate.Alsoit is quite different to compare an individual without an assistant to a broker with the whole office sending their deals under one name.

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