Posthaste: Ouch — Variable-Rate Mortgages Have Cost Canadian Homeowners Big Money

Financial Post ~ September 21st, 2023

Remember when variable-rate mortgages were all the rage.

Canadians have traditionally tended toward a fixed-rate, but when the Bank of Canada lowered its benchmark interest rate to 0.25 per cent during the turmoil of the pandemic the popularity of the variable-rate soared.

Even as late as July, 2022, 57 per cent of mortgage quotes on comparison site RATESDOTCA were for variable-rate.

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