Bank of Montreal announces rate cut, TD follows
The Bank of Montreal announced a ‘special’ rate for its five-year fixed-rate loan and was quickly followed by Toronto-Dominion. The BMO deal cuts its standard rate of 2.99 per cent to 2.79 per cent. TD Bank followed by cutting its 3.09 per cent rate to match BMO. Although mortgage brokers can almost always better the advertised rate from the banks, the BMO move is seen as a headline-grabber to steal a lead on competitors, including the smaller lenders and non-bank sector.
Many of Canada’s housing markets are considered 'very weak'
A report from BMO ranked 10 out of 22 housing markets in Canada as “very weak”, including Calgary
. Montreal is assessed as “weak” while three markets in Ontario are said to be “strong”. These include St Catharines
. The rest, including the formerly-red-hot Toronto
, are now deemed “balanced”. The analysis compares current market prices with historic data. BMO economist Robert Kavcic said in the report, which was published in February, that “location is everything” and highlighted that even within cities there are differences. He concluded that Ontario and B.C. are being left to “carry the weight” of the real estate industry.
Where is the best place to live in North America? Clue: It’s in Canada
is the best place to live in North America, according to a new survey. The Mercer Quality of Living league table, which considers everything from climate to housing, has ranked Vienna at the top of its list globally this year. Vancouver
came 5th out of 230 cities and is the only North American city in the top 10. A little further down the list is Toronto
at 15 and Ottawa
at 16. To put these rankings in context, the highest placed city in the U.S. is San Francisco at number 27.
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