Developers have been buying down mortgage rates to move unsold inventory for years. As I reported in the Financial Post last week, Concord, Ontario-based CountryWide Homes has been trying to lure buyers with a 2.34% three-year fixed since July.
Similar builder tactics are taking root nationwide. At first glance, this looks like a bad dream to your average mortgage broker. 2.34% is 240 bps lower than any nationally advertised conventional rate. It's hard to compete with that.
Or is it?
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