Smart Start Mortgage Experts

Bank of Canada holds key interest rate steady at 5%

MORTGAGES ,WHAT YOU NEED TO KNOW?
MORTGAGE BASICS
VARIABLE VS. FIXED
Variable rate mortgages are attached to the prime rate and can change over time. The upside of this risk is that variable rates are typically lower than fixed rates.

How do you decide?

If your financial snapshot shows that you could handle an interest rate hike over time, then variable is probably the way to go. But if you’re on a tight budget or looking for a home at your max budget, then a fixed rate is the safer option.