Should I Choose a Fixed-Rate or Variable-Rate Mortgage?

Interest rate hikes are impacting mortgage rates, leading homeowners to choose between variable-rate and fixed-rate mortgages. Historically, Canadians prefer fixed rates, with about 80% opting for them pre-pandemic. While variable rates can save money long-term, recent rate increases have caused financial stress for many. Fixed-rate mortgages offer stability, while variable rates provide flexibility but come with risks during rising rates. Homeowners must weigh their risk tolerance and financial situation when deciding, as both options have distinct advantages and drawbacks.

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