Variable mortgages cost Canadians tens of thousands amid high rates. Is the risk worth it?
Rates.ca recently reported that homeowners with a variable rate mortgage have paid thousands more in interest since rate hikes by the Bank of Canada began. Rates.ca mortgage and real estate expert Victor Tran said that the report shows what the average Canadian has been facing with a variable rate mortgage and that there is regret in the market as people realise they should have gone for the fixed rate. Canadians can only wait and see if the Bank will lower rates in the near future.