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According to data from Statistics Canada, the share of variable mortgages issued by chartered banks fell for the thirteenth straight month in April to a shade under eight per cent. That’s down from 16.7 per cent in January 2023 and well off the recent high of more than 56 per cent in January 2022. In dollar terms, the data shows the total advanced for variable-rate mortgages was less than $2 billion, a stark decline from the $23 billion recorded just one year earlier.
“During the pandemic, mortgage rates reached historic lows, dropping as low as 0.85 per cent for a five-year variable rate and 1.39 per cent for a five-year fixed rate,” Laird said in an email. “Variable rates became more popular than usual, accounting for over 20 per cent of Ratehub.ca mortgage rate inquiries.”and overall rise in mortgage rates, consumers have switched back to fixed rates, with 95 per cent of rate inquiries to Ratehub.ca in 2023 being for fixed rates,” Laird said.
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