Posthaste: Canadians’ love affair with variable-rate mortgages is over — now there’s a new thing

Good morning,

The rapid rise in interest rates had taken the shine off Canadians’ pandemic love affair with variable-rate mortgages, new numbers confirm.

A study of data from mortgage comparison site Ratehub.ca finds that inquiries for five-year variable rates accounted for only five per cent of total submissions so far this year, down from 26 per cent in 2022.

At the same time interest in five-year fixed mortgage rates has climbed to 79 per cent, up from 66 per cent in the previous year.