Forestry Financing

Interest Rate Reduction

Rate reduction based on loan term
Loan term (months)	12	24	36	48	60	84
Interest rate reduction (%)	0.30	0.35	0.40	0.45	0.50	0.60

History of interest rate reductions

Banque Canadienne Impériale de Commerce
Banque de Montréal
Banque Laurentienne
Banque Nationale du Canada
Banque Royale du Canada
Banque Scotia
Banque Toronto-Dominion
Fédération des caisses Desjardins du Québec

Updated on March 29, 2023

Banque Canadienne Impériale de Commerce
Average 5-year mortgage rate¹	Average 5-year savings bond rate¹	Difference	Reduction in applicable rate²	Start of application period	End of application period
6.49000	3.25196	3.2380	Yes	2023-03-01	2023-03-31
6.49000	2.99509	3.4949	Yes	2023-02-01	2023-02-28
6.49000	3.02955	3.4604	Yes	2023-01-01	2023-01-31
6.49000	3.31424	3.1757	Yes	2022-12-01	2022-12-31
6.49000	3.56278	2.9272	Yes	2022-11-01	2022-11-30
6.49000	3.26891	3.2210	Yes	2022-10-01	2022-10-31
6.49000	2.93971	3.5502	Yes	2022-09-01	2022-09-30
6.49000	2.97587	3.5141	Yes	2022-08-01	2022-08-31
6.22000	3.21861	3.0013	Yes	2022-07-01	2022-07-31
5.66741	2.74624	2.9211	Yes	2022-06-01	2022-06-30
4.96333	2.61041	2.3529	Yes	2022-05-01	2022-05-31
4.79000	1.97277	2.8172	Yes	2022-04-01	2022-04-30

Banque de Montréal
Average 5-year mortgage rate¹	Average 5-year savings bond rate¹	Difference	Reduction in applicable rate²	Start of application period	End of application period
6.49000	3.25196	3.2380	Yes	2023-03-01	2023-03-31
6.49000	2.99509	3.4949	Yes	2023-02-01	2023-02-28
6.49000	3.02955	3.4604	Yes	2023-01-01	2023-01-31
6.49000	3.31424	3.1757	Yes	2022-12-01	2022-12-31
6.35451	3.56278	2.7917	Yes	2022-11-01	2022-11-30
6.14000	3.26891	2.8710	Yes	2022-10-01	2022-10-31
6.14000	2.93971	3.2002	Yes	2022-09-01	2022-09-30
6.07225	2.97587	3.0963	Yes	2022-08-01	2022-08-31
5.75166	3.21861	2.5330	Yes	2022-07-01	2022-07-31
5.14483	2.74624	2.3985	Yes	2022-06-01	2022-06-30
4.83000	2.61041	2.2195	Yes	2022-05-01	2022-05-31
4.79000	1.97277	2.8172	Yes	2022-04-01	2022-04-30

Banque Laurentienne
Average 5-year mortgage rate¹	Average 5-year savings bond rate¹	Difference	Reduction in applicable rate²	Start of application period	End of application period
6.49000	3.25196	3.2380	Yes	2023-03-01	2023-03-31
6.49000	2.99509	3.4949	Yes	2023-02-01	2023-02-28
6.49000	3.02955	3.4604	Yes	2023-01-01	2023-01-31
6.49000	3.31424	3.1757	Yes	2022-12-01	2022-12-31
6.19645	3.56278	2.6336	Yes	2022-11-01	2022-11-30
6.14000	3.26891	2.8710	Yes	2022-10-01	2022-10-31
5.73193	2.93971	2.7922	Yes	2022-09-01	2022-09-30
5.59000	2.97587	2.6141	Yes	2022-08-01	2022-08-31
5.49666	3.21861	2.2780	Yes	2022-07-01	2022-07-31
5.35129	2.74624	2.6050	Yes	2022-06-01	2022-06-30
4.99000	2.61041	2.3795	Yes	2022-05-01	2022-05-31
4.78032	1.97277	2.8075	Yes	2022-04-01	2022-04-30

Banque Nationale du Canada
Average 5-year mortgage rate¹	Average 5-year savings bond rate¹	Difference	Reduction in applicable rate²	Start of application period	End of application period
6.49000	3.25196	3.2380	Yes	2023-03-01	2023-03-31
6.49000	2.99509	3.4949	Yes	2023-02-01	2023-02-28
6.49000	3.02955	3.4604	Yes	2023-01-01	2023-01-31
6.49000	3.31424	3.1757	Yes	2022-12-01	2022-12-31
6.29806	3.56278	2.7352	Yes	2022-11-01	2022-11-30
6.14000	3.26891	2.8710	Yes	2022-10-01	2022-10-31
6.14000	2.93971	3.2002	Yes	2022-09-01	2022-09-30
6.05935	2.97587	3.0834	Yes	2022-08-01	2022-08-31
5.64500	3.21861	2.4263	Yes	2022-07-01	2022-07-31
5.06741	2.74624	2.3211	Yes	2022-06-01	2022-06-30
4.97500	2.61041	2.3645	Yes	2022-05-01	2022-05-31
4.88032	1.97277	2.9075	Yes	2022-04-01	2022-04-30

Banque Royale du Canada
Average 5-year mortgage rate¹	Average 5-year savings bond rate¹	Difference	Reduction in applicable rate²	Start of application period	End of application period
6.29000	3.25196	3.0380	Yes	2023-03-01	2023-03-31
6.29000	2.99509	3.2949	Yes	2023-02-01	2023-02-28
6.29000	3.02955	3.2604	Yes	2023-01-01	2023-01-31
6.24333	3.31424	2.9290	Yes	2022-12-01	2022-12-31
6.16096	3.56278	2.5981	Yes	2022-11-01	2022-11-30
6.14000	3.26891	2.8710	Yes	2022-10-01	2022-10-31
6.14000	2.93971	3.2002	Yes	2022-09-01	2022-09-30
5.89483	2.97587	2.9189	Yes	2022-08-01	2022-08-31
5.34333	3.21861	2.1247	Yes	2022-07-01	2022-07-31
4.86419	2.74624	2.1179	Yes	2022-06-01	2022-06-30
4.79000	2.61041	2.1795	Yes	2022-05-01	2022-05-31
4.79000	1.97277	2.8172	Yes	2022-04-01	2022-04-30

Banque Scotia
Average 5-year mortgage rate¹	Average 5-year savings bond rate¹	Difference	Reduction in applicable rate²	Start of application period	End of application period
6.34000	3.25196	3.0880	Yes	2023-03-01	2023-03-31
6.34000	2.99509	3.3449	Yes	2023-02-01	2023-02-28
6.29483	3.02955	3.2652	Yes	2023-01-01	2023-01-31
6.14000	3.31424	2.8257	Yes	2022-12-01	2022-12-31
6.14000	3.56278	2.5772	Yes	2022-11-01	2022-11-30
6.01000	3.26891	2.7410	Yes	2022-10-01	2022-10-31
5.99000	2.93971	3.0502	Yes	2022-09-01	2022-09-30
5.90774	2.97587	2.9318	Yes	2022-08-01	2022-08-31
5.63000	3.21861	2.4113	Yes	2022-07-01	2022-07-31
5.01580	2.74624	2.2695	Yes	2022-06-01	2022-06-30
4.99000	2.61041	2.3795	Yes	2022-05-01	2022-05-31
4.90612	1.97277	2.9333	Yes	2022-04-01	2022-04-30

Banque Toronto-Dominion
Average 5-year mortgage rate¹	Average 5-year savings bond rate¹	Difference	Reduction in applicable rate²	Start of application period	End of application period
6.34000	3.25196	3.0880	Yes	2023-03-01	2023-03-31
6.34000	2.99509	3.3449	Yes	2023-02-01	2023-02-28
6.34000	3.02955	3.3104	Yes	2023-01-01	2023-01-31
6.34000	3.31424	3.0257	Yes	2022-12-01	2022-12-31
6.26258	3.56278	2.6998	Yes	2022-11-01	2022-11-30
6.14000	3.26891	2.8710	Yes	2022-10-01	2022-10-31
6.14000	2.93971	3.2002	Yes	2022-09-01	2022-09-30
6.07225	2.97587	3.0963	Yes	2022-08-01	2022-08-31
5.77333	3.21861	2.5547	Yes	2022-07-01	2022-07-31
5.10612	2.74624	2.3598	Yes	2022-06-01	2022-06-30
4.59000	2.61041	1.9795	Yes	2022-05-01	2022-05-31
4.59000	1.97277	2.6172	Yes	2022-04-01	2022-04-30

Fédération des caisses Desjardins du Québec
Average 5-year mortgage rate¹	Average 5-year savings bond rate¹	Difference	Reduction in applicable rate²	Start of application period	End of application period
6.49000	3.25196	3.2380	Yes	2023-03-01	2023-03-31
6.49000	2.99509	3.4949	Yes	2023-02-01	2023-02-28
6.49000	3.02955	3.4604	Yes	2023-01-01	2023-01-31
6.40500	3.31424	3.0907	Yes	2022-12-01	2022-12-31
6.21096	3.56278	2.6481	Yes	2022-11-01	2022-11-30
6.14000	3.26891	2.8710	Yes	2022-10-01	2022-10-31
6.14000	2.93971	3.2002	Yes	2022-09-01	2022-09-30
6.07225	2.97587	3.0963	Yes	2022-08-01	2022-08-31
5.51666	3.21861	2.2980	Yes	2022-07-01	2022-07-31
5.07387	2.74624	2.3276	Yes	2022-06-01	2022-06-30
4.99000	2.61041	2.3795	Yes	2022-05-01	2022-05-31
4.83516	1.97277	2.8623	Yes	2022-04-01	2022-04-30

Notes:

¹ For the month preceding the start of the application period.

² The mortgage interest rate reduction applies if, during the 3 months preceding the month when the rates are set, the monthly difference between the average residential mortgage interest rate for a 5-year term and the average 5-year rate of return on Canadian savings bonds is greater than or equal to 1.75%.