Ontario residents may take advantage of the “lowest known posted mortgage rate in Canadian history” after credit union Meridian announced an interest rate of 1.49%.
However, for borrowers to be granted the 18 month fixed-rate that is way below Canada’s core inflation rate of 2.2%, they need be a an Ontario resident and become a member of the credit union with a $25 sign-up fee.
For Rob McLister of RateSpy.com, a qualifying mortgage holder will save about $1,600 for every $100,000 of mortgage debt over the 18-month term.
“Now we can say spring market is officially underway,” McLister told Financial Post
. “This is interest rate insanity.”
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