Fixed or variable mortgage rate: Kitchener and Guelph brokers weigh in on which you should choose
CTV
More than two million Canadians will renew their mortgages over the next year-and-a-half. CTV News asked more than 50 mortgage brokers across Canada how to get the best mortgage deal. This is what we found.
More than two million Canadians will renew their mortgages over the next year-and-a-half. CTV News asked more than 50 mortgage brokers across Canada how to get the best mortgage deal. This is what we found.
On the eve of the Bank of Canada’s latest interest rate announcement, questions loom for local homeowners whose mortgages are up for renewal.
According to the Canada Mortgage and Housing Corporation (CMHC), more than 1 million mortgages are up for renewal this year, with more than 1.1 million up in 2025.
Amanda Lawson is a mortgage agent level #2 for Rock Capital Mortgage in Guelph. She says many of her clients have been asking similar questions about renewing their mortgage, including: payments, penalties, and rates.
“That’s why the market is quiet right now,” Lawson told CTV News. “[Homeowners are] sitting back on the sideline wondering what’s going to happen.”
With uncertainty around where rates will go from here, homeowners are asking which mortgage is best - fixed or variable.
“A fixed person wants to be able to sleep at night, they want to know what their bills are, they have a fixed budget. A variable person is going to be the one that’s more apt to be risky,” Lawson said.
