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Scotiabank joins Mortgage War with Discounted Rate

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. 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.

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