Canadians saved $2.7billion on their mortgage by refinancing or renewing this year.

Variable rate mortgages have been extremely popular.   A study by the Canadian Association of Accredited Mortgage Professionals (CAAMP) showed that 37% of Canadians took a Variable rate last year, compared 31% from the year prior.

And Canadians saved almost $2.7billion by renewing or refinancing their mortgages this year.   Wow, that’s a lot of money… maybe too much?   The banks have put a lot of pressure on borrowers NOT to take Variable… they’ve made it harder to qualify by getting the govt involved and having them qualify all new Variable rate clients with posted 5 year fixed rates…. And most recently, the Banks have jacked up their Variable rate pricing from Prime less 0.75%, 0.80% and even 0.90%, to Prime less 0.00% and even Prime PLUS 0.10%.

Watch for the Banks to hike fixed rates as they aren’t earning enough… or so they tell us…