National

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.

Prev Next

MORE National ARTICLES

Nijjar fallout: India reportedly tells Canada to bring home 'dozens' of its diplomats

India reportedly wants 41 of 62 Canadian diplomats out of the country by early next week- a striking, if largely anticipated, deepening of the rift that erupted last month following Trudeau's explosive allegations in the House of Commons.

Nijjar fallout: India reportedly tells Canada to bring home 'dozens' of its diplomats

House of Commons elects Liberal MP Greg Fergus as first Black Canadian Speaker

Liberal member of Parliament Greg Fergus has been elected the House of Commons Speaker in a historic mid-session vote, becoming the first Black person to hold the position in Canada's Parliament. Fergus, 54, was first elected to represent the Quebec riding of Hull-Aylmer in 2015.

House of Commons elects Liberal MP Greg Fergus as first Black Canadian Speaker

Fall sitting starts for B.C. legislature with four official parties

British Columbia politicians are back in the legislature for the fall session, and the seating arrangement looks a little different. The Conservative Party of B.C. now has official party status, complete with a nearly $400,000 annual budget, after former BC United MLA Bruce Banman crossed the floor last month to join John Rustad.

Fall sitting starts for B.C. legislature with four official parties

Federal ministers still lack mandate letters, two months after majority shuffled

Shortly after taking office in 2015, Trudeau's government announced it would publish the lists of tasks given to each minister, known as mandate letters. The documents lay out the priorities for each federal minister, and signal to public servants the timeline or scope of policies the government wants to advance.

Federal ministers still lack mandate letters, two months after majority shuffled

19-year-old clocked going 199 km on North Van highway

R-C-M-P in North Vancouver say a lead-footed driver with a learners licence is a lot poorer -- and less mobile -- today after making a bad choice on Friday night. Mounties say the 19-year-old was clocked doing 199 kilometres per hour in an 80-kilometre per hour zone along the Upper Levels Highway through North Van.

19-year-old clocked going 199 km on North Van highway

Interest rates to stay high

Experts are warning the next few years will likely see sharp mortgage payment increases amid expectations that interest rates will stay higher for longer. Variable rate mortgage holders have already seen their payments surge by more than 49 per cent on average, according to Bank of Canada data, but many fixed rate holders still haven't felt the sharp rise in rates.