Global News published this video item, entitled “Variable? Fixed? Static?: What’s the right mortgage to choose in Canada as interest rates rise?” – below is their description.
The housing market in Canada continues to change — and when compared to just a few months ago or at the height of the pandemic, the buying frenzy appears to have subsided.
Home prices and activity seem to have cooled, with property staying on the market for longer and some homeowners choosing not to sell for the time being.
But as interest rates continue to rise, it’s leaving some buyers unsure what is the best possible mortgage to go with. Anne Gaviola has more on the different mortgages — variable, static and fixed — and how buyers can navigate this challenging market.
Canada is a country in the northern part of North America. It extends from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres (3.85 million square miles), making it the world’s second-largest country by total area.
Its southern and western border with the United States, stretching 8,891 kilometres (5,525 mi), is the world’s longest bi-national land border. Canada’s capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver.
Various Indigenous peoples inhabited what is now Canada for thousands of years before European colonization. The Canada Act 1982, which severed the vestiges of legal dependence on the British Parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with a monarch and a prime minister who serves as the chair of the Cabinet and head of government.
As a highly developed country, Canada has the seventeenth-highest nominal per-capita income globally as well as the thirteenth-highest ranking in the Human Development Index. Its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks.