The lowest mortgage rate in Canadian history could continue to fuel record-breaking housing sales in Canada. The Bank of Montreal and the TD were the first to announce a drop in their five-year, fixed-rate mortgage by 0.5% to 2.99%. This mortgage rate is only available until Jan. 25 from BMO and until February 29th from TD, and it comes with conditions, including a 25-year amortization period. Borrowers can also only make lump sum payments of up to 10% of the principal each year. These restrictions are in line with the federal government’s push for responsible lending. While it is historically the cheapest mortgage/loan, it is also much harder to qualify for it. This record-low mortgage rate might just be enough to entice new home buyers to enter the market. It will also benefit home owners looking to refinance their existing mortgage. It’s a win/win for both sides.