Google "avoid the 5-year fixed mortgage trap". Very informative article and the main arguement is to go with a variable rate or short term fixed over the 5 year fixed rates. I switched over to a variable rate 2 years ago with the rate capper offered by RBC (I don't think this is an option anymore) and have saved thousands. When I renew my agreement I will probably switch to a 1 year fixed rate and renew yearly.
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