Over the course of the pandemic when the real estate market was on fire and everything and I mean everything was selling for well above the list price, the majority of people opted to go with the variable rate as opposed to the fixed. You see it was simple math at the time, as fixed rates were about 1% percentage point more expensive.
Well now thanks to soaring inflation and recent moves by the Bank of Canada, that rate disparity has all but disappeared. So if you are getting a bit nervous with your variable rate, then just reach out to your lender and ask to switch to a fixed rate for the remaining term. This is one of the advantage of the variable rate, you switch to a fixed with the same lender with out a penalty. If this … Read more