🏠 MORE CANADIANS ARE CHOOSING SHORTER MORTGAGES — BUT THERE’S A RISK TO CONSIDER

In Q1 2026:• 35.5% of new uninsured mortgages had variable rates• 49.5% had fixed terms of less than 5 years• Only 14.9% had fixed terms of 5 years or longer — down from 22.8% in 2022.What does this mean?Shorter terms and variable mortgages can offer flexibility and may make sense depending on where rates are heading. But they also mean greater exposure to future interest-rate changes and mortgage renewal risk.CMHC reports that 35% of borrowers who recently renewed a mortgage experienced increased financial pressure because of interest-rate changes.The key takeaway:The lowest rate today isn’t necessarily the best mortgage strategy for your long-term financial situation.Before choosing a mortgage, consider your income stability, financial comfort level, expected time in the home, renewal risk and how much payment increases you could handle.As a real estate professional, I believe buyers should look at the complete cost of homeownership — not just the purchase price.📩 DM me to understand more and make a better-informed real estate decision.#Mortgage, #MortgageRates, #CanadianRealEstate, #RealEstateCanada, #HomeBuying, #Homeownership, #MortgageRenewal, #VariableMortgage, #FixedMortgage, #InterestRates, #CMHC, #BramptonRealEstate, #MississaugaRealEstate, #CaledonRealEstate, #GTARealEstate, #OMAXE, #OMAXERealEstateTeam, #MandeepToor, #MandeepToorRealtor, #REMAX, This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit mandeeptoorrealtor.substack.com