Article content

Maybe it’s a coincidence that former Finance Minister Jim Flaherty is gone but Bank of Montreal signalled it is about to kick off another round of mortgage rate wars.

[np_storybar title=”Here’s why paying off your mortgage isn’t always the best idea” link=”http://business.financialpost.com/2014/03/25/heres-why-paying-off-your-mortgage-isnt-always-the-best-idea/”]Pay that mortgage off? Why would you bother, especially if that money could be invested elsewhere at a higher rate? Keep reading.

[/np_storybar]

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or New mortgage rate war looms as BMO cuts 5-year below 3% Back to video

The bank, which drew the wrath of Mr. Flaherty for starting a battle which saw rates drop to record lows, is ready to hit the marketplace again with its 2.99% offer for a closed five-year fixed rate mortgage.

Finance Minister Joe Oliver again warned Thursday that he is monitoring the mortgage market closely, but the government has no plans to intervene in the commercial banking sector.