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by DeBraid
1910 days ago
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Majority of mortgages in Canada are fixed rate and do not float month to month. > 73%: Percentage of mortgage holders with fixed-rate mortgages in 2020
Down from 74% in 2019 > 22%: Percentage of mortgages that have variable or adjustable rates
Down from 21% in 2019 https://www.canadianmortgagetrends.com/2021/03/the-state-of-... |
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America is used to things like 30 year term, 30 year amortization. This is an American fixed product.
I’m Canada, that doesn’t exist.
In Canada, you have things like 5 year term, 25 year amortization. That’s a fixed product (and it’s expensive).
After many years of locking terms, I just use floating rates for financing all my Canadian real estate. Huge savings.