Ludicrously low rates are going up, signalling an end to the mortgage wars (maybe)

The rock-bottom mortgage rates that have characterized Canadian real estate of late are going up, which could help ease  Toronto’s bidding war insanity. The Globe and Mail reports Bank of Nova Scotia has stopped offering its 2.99-per-cent discount mortgage rate, while Moneyville says both Royal Bank of Canada and TD Bank will do the same this Thursday. But don’t expect the market to suddenly ease—Moneyville talked to an analyst who sounded rather befuddled by what it all means. “Is it the end of low rates, and are rates going to start rising a lot?” he wondered. “Probably not. But who knows?” Add it to the list of Toronto real estate mysteries. Read the entire story [Moneyville] »