Homeowners abandon variable-rate mortgages for fixed-rate alternatives as interest rates rise
financialpost.com/real-estate/mortgages/canadian-homeowners-flee-variable-mortgages-interest-rates-rise
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Canadian Homeowners Shift Toward Fixed-Rate MortgagesVariable-rate mortgage issuance dropped below 8% in April, with total variable loans falling from $23B to under $2B in one year.
Key FactsJun 27, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: financialpost.com
Summary created with AI assistance · Source: financialpost.com
- The share of variable-rate mortgages issued by Canadian banks declined to just under 8% in April 2023.
- Total variable-rate mortgage lending decreased sharply from $23 billion last year to less than $2 billion.
- Pandemic-era record-low rates temporarily boosted demand for variable mortgages over fixed options.
- Short-term fixed-rate mortgages are gaining favor as borrowers anticipate interest rates to fall in the near future.
By next year, I suspect (the popular choice) will be quite the opposite.— Robert McLister, mortgage strategist, comments on future trends in mortgage rates.
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