Looking good for real estate in Canada.
“The banks typically move as a group,” the analyst said. “So, over the coming days, I’d largely expect to see downward rate movements on the posted rates by the other banks.”
RBC now advertises a five-year mortgage rate of 3.69%. Other Canadian banks currently advertise a range of rates between 3.59% to 3.89% over similar mortgage terms. The lowest advertised five-year mortgage rate on the market is by secondary lender Butler Mortgage at 3.23%, according to ratesupermarket.ca, a rate aggregator website.