New data from Rates.ca reveals a shifting landscape in the GTA mortgage market. While fixed-rate mortgages remain the dominant choice, variable-rate interest is showing renewed appeal among borrowers. This trend follows the Bank of Canada’s rate reductions throughout 2025, which totaled 75 basis points.
Rates.ca reports variable-rate mortgage quotes climbed from 11-18% in 2024 to nearly 30% in 2025, settling at just over 26% in January 2026. Despite this increase, fixed-rate mortgages continue to account for over 70% of quotes, highlighting the ongoing preference for payment predictability amidst economic uncertainty. Experts suggest borrowers are weighing stability carefully, with fixed rates offering long-term security. Approximately 60% of Canadian mortgages are up for renewal in 2025 and 2026.
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