Skip to main content
Complete Olympic Games coverage at your fingertips
Your inside track on the Olympic Games
Enjoy unlimited digital access
$1.99
per week for 24 weeks
Complete Olympic Games coverage at your fingertips
Your inside track onthe Olympics Games
$1.99
per week
for 24 weeks
// //

For Sale sign in front yard of house

Brand X Pictures

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.

Story continues below advertisement

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 an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies