HSBC Bank becomes the first institution in Canada to offer a mortgage at an interest rate of less than 1%

Never seen in Canada: A 0.99% five-year mortgage like that of HSBC is unprecedented in the country.

• This is a completely different situation from the one that led mortgage interest rates to surpass 20% in the early 1980s.

Renegotiate or renew your mortgage is not however that advantageous, nuance James Laird, co-founder of the brokerage site RateHub.ca.

• “The penalty fees for breaking mortgages generally equate to the savings of a lower interest rate,” he told InfoBref in an interview.
• Also, the HSBC mortgage is variable rate: the rate could go up before its maturity.

“If you don’t need a mortgage, that’s no reason to get one,” advises James Laird. But if you need one, now is the best time to do it. ”

–