Global News ~ September 17th, 2022
The Bank of Canada’s rising interest rates have some variable-rate mortgage holders thinking about the upside of locking in a fixed rate, according to experts who spoke to Global News.
But the peace of mind that comes with a steady rate has trade-offs that homeowners should be aware of before they opt to convert, they warn.
Victor Tran, mortgage and real estate expert at rates.ca, says he’s seen an “uptick” in clients inquiring about locking in fixed-rate mortgages since the Bank of Canada raised its policy rate to 3.25 per cent on Sept. 7, an increase of 75 basis points.
“I think this most recent hike has definitely got more Canadians concerned about their finances,” he says.
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