With the hike of fixed rates again last week with some of the 5 big banks variable rates are looking attractive with a discount if -40 off prime interest rate currently at 3% making a 5 year variable rate 2.6%. A 5 year fixed is 3.39-3.79 depending on lender.
Variable rate mortgages are a great option but also come with a few challenges too, to qualify for a variable rate we must use a higher rate which can impact your borrowing power as well they fluctuate with the Bank of Canada prime lending rate so there definitely is more risk attached.
Best way to know if variable rates are for you is get informed and look at all your options. Any questions you can call me or email me! 1-888-819-6536 or email@example.com.