Interest rates have eased since the post-pandemic spike, which put a strain on Canadian households. After consecutive rate reductions by the Bank of Canada, many homeowners facing mortgage renewals must decide: lock in a long-term contract or go with a short-term one and hope for further interest rate reductions. With the Bank of Canada's last rate announcement in 2024 looming large, many homeowners are asking: Is it better to fix for 2 or 5 years?
To help, we asked mortgage professional Kimberly Singh and Romana King, a real estate expert and author of the award-winning book House Poor No More nine crucial questions. The answers will help you navigate your next mortgage renewal.
