Shift in Canadian Mortgages: Short-Term Fixed Rates Rise

Canadians' interest in variable-rate mortgages has declined, with only 5% of inquiries for 5-yr variable rates.
Five-year fixed-rate mortgages have gained popularity, accounting for 79% of inquiries.
BoC's rate cuts during the pandemic led to a surge in variable-rate mortgages, but the trend has reversed with rising interest rates.
Current best variable rate: 5.55%. Fixed rates are attractive due to stability and lower volatility.
Variable rates unlikely to regain popularity until BoC actually cuts rates.
Increasing demand for short-term fixed-rate mortgages in anticipation of future rate cuts.

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