Part of the problem with the above strategy is variance of investments. On average your current investments will out perform your current rates but if you have a decline in investments at time of renewal then your strategy fails so there is certainly a risk management component. That’s offset by a recession leading to lower rates but in a stagflation scenario you could get both recession and high interest.
But right now you can also get GICs that outperform pandemic mortgages so in that scenario you can have a guaranteed return return that outperforms your mortgage.
Also make sure you consider taxes if you don’t have room in your TFSA to do this.
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