Wow, it seems like it was just a few days ago we were talking about newly introduced teaser-level mortgage rates offered by Canadian banks.
… oh, it was just a few days ago.
BMO kicked off the competition and TD, Scotia and CIBC jumped in with competing lowball offers.
Well it looks like Scotiabank blinked first. Their special offer didn’t even last a week. Canadian Mortgage Trends is reporting that Scotiabank has pulled their special offer for a 2.99% rate. Guess we’ll have to wait to see if the other banks will follow.
And speaking of mortgages, Canadian Mortgage Trends also has some interesting analysis of the OSFI recommendations for underwriting practices and how it’s about to lead to mortgages that are a bit tougher to get.
After reading through 18 pages of changes in detail, our immediate reaction was frankly, concern.
That’s not because the guidelines are greatly imprudent. Some are unnecessarily rigid, but most are sound policy.
It’s because OSFI risks tightening too much, too fast.