There is much talk about an increase in interest rates in Canada. If you are considering a purchase, your current mortgage is coming up for renewal, or you have an open variable mortgage you may want to investigate your options for locking in for the longer term.
I suspect a substantial increase over the next 2-4 years. It is possible, and some say even likely, that we will see a 5 year fixed mortgage rate greater than 7% and as high as 10% in that time frame. My personal opinion is that it is likely to be 7-8% but time will tell and we will be heavily influenced by other global market conditions and especially conditions in the United States.
Many people may benefit from locking in to a 10 year term at a rate that is historically better than what has been available for much shorter terms.
If you have questions about any of this and would like to discuss your specific situation please feel free to contact me.