Canada’s housing market showing weakness, banks cut mortgage rates

Canada’s housing market showing weakness, banks cut mortgage rates

Canada’s housing market showing weakness, banks cut mortgage rates A report from BMO shows an increasing number of Canada’s housing markets are showing weakness. Ten of the 22 markets surveyed at ranked “very weak” including Calgary, Edmonton and Ottawa; Montreal is “weak”. The previously red-hot markets of Toronto and Vancouver are said to be “balanced” while the “strong” markets are Hamilton, St. Catharines and Windsor.  Meanwhile banks, led by BMO, cut their mortgage rates today. BMO’s five year ‘special’ rate will start tomorrow (Wednesday) and will cut its usual 3.09 per cent to 2.79 per cent. TD was one of the first to react and match the BMO deal.