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Canadians flocked to variable-rate mortgages ahead of Bank of Canada rate hikes, CMHC says

Canadians flocked to variable-rate mortgages in the months before the Bank of Canada began rapidly hiking interest rates this year, driving their share of the market above 50 per cent, a report by the Canada Mortgage and Housing Corporation showed on Wednesday.

The CMHC’s biannual mortgage industry report found that trend toward variable rate products extended into the early months of 2022, though it seems to have plateaued in response to the recent rate increases.

The report said the interest in variables was driven by a widening spread between variable and fixed rate products.

Source: Financial Post

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