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Amidst inflation which mortgage to chose?

Darpan News Desk The Canadian Press, 09 Oct, 2023 10:14 AM

It is a conundrum that has faced countless homebuyer in recent years -- choosing a fixed- or variable-rate mortgage

That question has taken on even more significance following the Bank of Canada's recent run on rate hikes.

Meridian Credit Union's Allison Van Rooijen says she's seeing borrowers increasingly opt for fixed-rate mortgages because of the stability they offer.

Another trend she notices among fixed-rate borrowers is they're opting for shorter terms than the typical five-year loan as they take a wait-and-see approach to where interest rates are headed next.

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