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Majority of mortgages in Canada are fixed rate and do not float month to month.

> 73%: Percentage of mortgage holders with fixed-rate mortgages in 2020 Down from 74% in 2019

> 22%: Percentage of mortgages that have variable or adjustable rates Down from 21% in 2019

If you’re American, this statistic can be very deceiving.

America is used to things like 30 year term, 30 year amortization. This is an American fixed product.

I’m Canada, that doesn’t exist.

In Canada, you have things like 5 year term, 25 year amortization. That’s a fixed product (and it’s expensive).

After many years of locking terms, I just use floating rates for financing all my Canadian real estate. Huge savings.

However that fixed rate is only for normally 5 years. Not like the USA's 30 year fixed rate.