Homebuyers in Canada are increasingly searching for shorter-term, fixed mortgage rates in the hope of getting a better deal in the future if the Bank of Canada begins to cut its benchmark rate. Ratehub.ca data shows inquiries for one- to four-year fixed rates have more than doubled so far this year, and five-year fixed rate inquiries accounted for 79% of searches. Variable rate mortgages have fallen out of favor due to the Bank of Canada raising its benchmark rate, and are only accounting for 5% of searches this year. Experts predict rates will drop in the coming years, so consumers are opting for short-term

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