Quote:
Originally Posted by Yoho
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"..went variable in January 2022..." That doesn't mean a majority of mortgages are variable. That just means 57% of people getting a mortgage in January 2022 made a bad decision.
https://www.bankofcanada.ca/2022/11/...nd%20of%202019.
For most of 2021 and into early 2022, variable mortgage rates were substantially lower than fixed mortgage rates. As a result, many borrowers opted for a variable-rate mortgage. These types of mortgages now account for about one-third of total outstanding mortgage debt, up from about 20% at the end of 2019.