When fixed and variable rates are close, there’s rarely a “perfect” answer.
Some people value knowing exactly what their payment will be every month. Others are comfortable riding out a few bumps if it might save them money over time. Neither choice is wrong — it just depends on how you budget, how you sleep at night, and how much flexibility you have.
The mistake I see most often isn’t choosing fixed or variable.
It’s choosing without understanding what you’re signing up for.
A Neighbourly Word Before You Decide
If you’re renewing soon or thinking about switching lenders, it’s worth slowing down and talking it through — especially when rates are this close and headlines are noisy.
A five-minute conversation can often:
The Borrower Decision Checklist
Use this list honestly. There are no “right” answers — just the right fit.
✅ You may be better suited for a Fixed Rate if:
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You want predictable payments and zero surprises
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Your budget is tight and even small increases would cause stress
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You prefer certainty over trying to save every possible dollar
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You don’t want to follow interest-rate news or Bank of Canada announcements
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You’d sleep better knowing your payment won’t change
In short: Stability matters more than potential savings.
✅ You may be better suited for a Variable Rate if:
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You can comfortably handle payment fluctuations
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You believe rates are more likely to fall than rise
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You have room in your budget if rates move up temporarily
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You’re financially disciplined and not stretched
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You’re comfortable with a bit of uncertainty
In short: Flexibility and long-term savings matter more than certainty.
Friendly Call To Action
If you’re weighing fixed vs variable and want a second set of eyes — no pressure, no jargon — I’m always happy to help you talk it through. Even if the answer is “you’re fine where you are.”
Think of it less like a sales call and more like a chat over the fence about your biggest monthly bill.