Canadian mortgage borrowers are overwhelmingly favoring fixed-rate mortgages as rate uncertainty and the 2026 renewal wave reshape borrowing decisions. New data from Rates.ca reveals that fixed-rate products commanded 71% of mortgage quotes in August, with five-year terms reaching their highest share in two years at 76% of all three- and five-year quotes. This marks a dramatic shift from August 2024, when five-year terms held just 55% of the market. While variable-rate mortgages have grown to 29% of quotes—up from 21% a year ago—payment predictability continues to outweigh short-term savings for most borrowers. For GTA homeowners approaching renewal from pandemic-era rates, the data signals a clear preference for certainty. Brokers report clients increasingly exploring extended amortizations and HELOCs as financial flexibility tools. The message is clear: Canadians are prioritizing stability over rate-chasing in an uncertain economic environment. Read the full analysis at the original source.
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