If you are thinking of buying a house or condo in the near future, you need to lock in an interest rate now.

The Major banks have some extreme discounts right now on fixed rate mortgages. For example TD, Royal, CIBC, and Scotia all have a 4 year fixed rate mortgage for 2.99% and you can get an amortization period of the maximum 30 years. They are offering this fantastic rate until February 29th so get it now. The cheapest variable rate you can get right now is around 2.8% so it may be worth it to lock in. 

BMO started it all a couple of weeks ago with a 2.99% five year term that was limited to an amortization of 25 years. Their offer has now expired.