Variable Rate Mortgages (VRM’s) are gaining in popularity in Canada, and with good reason.

Five year fixed rates have been hovering around 3.5% for the past several months and Canadians are starting to see the benefits of a nice low rate locked at prime – 0.5%. Canada’s Prime Rate is at 3% right now, and probably will be for another year or two, so maybe it’s time for you to consider a VRM?

Variable Rate Mortgages aren’t for the faint of heart. Mortgage rates move up and down on a weekly if not daily basis and if you think this may cause you to lose some sleep it might not be worth the stress. If however you feel you can handle the uncertainty, a Variable Rate Mortgage will probably save you some money over the next few years. We believe that there are some keys to saving money and protecting yourself in a VRM. Continue reading →