Scotiabank has joined the race for a bigger chunk of the mortgage market, announcing that it will offer a discounted mortgage rate that brings it in step with other big Canadian banks.
The bank says it will offer a four-year mortgage charging 2.99 per cent interest per year.
Most of its major Canadian competitors announced similar promotions earlier this week.
On Thursday, TD Bank , Royal Bank and CIBC all announced special four-year mortgages charging 2.99 per cent interest per year.
Bank of Montreal on Wednesday said it would offer a five-year mortgage at 2.99 per cent until March 28.
A similar promotion in January set off a race to the bottom with some of BMO's biggest competitors.
The new low rates came as Bank of Canada governor Mark Carney said the No. 1 risk to the Canadian economy continues to be household debt.
The central bank maintained its trendsetting overnight interest rate — which affects variable rate mortgages — at one per cent on Thursday.Report Typo/Error
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