this post was submitted on 29 Oct 2026
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AFAIK, variable interest rate mortgages only require payment increases if rates rise high enough to no longer cover interest payments.
Anyway, I hope you're right. As confident as I am in a pending financial disaster, it would be great for everyone if that doesn't happen!
You're close. You're thinking Fixed-Rate variable. And the flip side of that is if you hit your trigger rate and your payments increase, they won't decrease again until you renew. So when interest rates go up, you're watching the BoC to see by how much and then doing the math - either that, or you're surprised when your mortgage payment increases. But when interest rates go down, you're basically on a fixed mortgage.
The other one is Adjustable-Rate variable, and that one follows the interest rate up and down more closely. BoC raises, your payments rise. BoC drops, your payments drop.
Neither is long-term better than a fixed mortgage, which is why that's what 60-70% of mortgages in Canada are.