[mabbo]

As a Canadian homeowner, I don't actually know anyone that floats month to month.

Second: it's more complex than "no 30 year fixed". I have a 30 year mortgage, but I need to 'renew' (renegotiate) it for a new term whenever my term ends- typically 5 years, though I chose a 3-year term last time. The internet rate is fixed throughout the term. At renew, it's totally normal to change banks if they offer a better rate.

[gbear0]

I've found the same thing with most of my friends that own homes. Everyone goes with a fixed mortgage banking on the fear that interest rates would go up. I assumed this was just a lack of financial knowledge on how to calculate and guesstimate projected costs, even with some rate increases over the period.

However, I've since had 2 cases that make the fixed rates more understandable. 1. In order to lower mortgage payments and provide longer stability in monthly payments that I could pass on to tenants, I got a 10yr fixed rate (around 3.4%) amortized over 30 years for an investment property 2+ years ago

2. I recently had to renew my own variable mortgage and I tried to go with variable again, however my mortgage provider wouldn't give me the variable rates advertised on ratehub.ca cause they were only for new customers. It resulted in me having to go with a 5yr fixed rate with another provider cause that was the next lowest that would work for me. I wasn't happy.