After BMO jumped out of the gate with a 5-year fixed rate mortgage at 2.99%, other financial institutions have responded aggressively with low mortgage rate offers of their own. Now, multiple banks have 2.99% 4-year fixed rate mortgages!

• 2.99% 4-Year Fixed Rate Mortgage at RBC Royal Bank
• 2.99% 4-Year Fixed Rate Mortgage at TD Canada Trust
• 2.99% 4-Year Fixed Rate Mortgage at Scotiabank
• 2.99% 4-Year Fixed Rate Mortgage at CIBC

Instead of the extra year you get from BMO, these 4-year mortgages tend to have a more flexibility in terms of paying off your mortgage -- longer amortization periods and higher prepayment/payment increase options, for instance. No offer is definitively better than the other since everyone has different needs.

All in all, it's a good time if you're hunting for a mortgage. Even if you aren't, educating yourself now will help you in the long run. You can start doing more research with the RedFlagDeals.com mortgage rate comparison tool.