Oriana Financial Group of Canada Ltd.#10214

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.

Click here to read the full article.


Term Our Rate Bank Rate
2 YEAR 6.39% 6.94%
5 YEAR 5.54%* 6.64%
5 YEAR variable 6.20%* 7.20%
29 Nov 2023

*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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