Fixed or variable? One wrong pick costs $4,176

Fixed or variable? One wrong pick costs $4,176. 1. Right now, 3-year fixed rates start around 3.89%–3.99% at competitive insured lenders — that locks in your payment through 2029 while the Bank of Canada figures out its next move. → 3.89%–3.99% 2. RBC posts a variable rate of 4.45% — but that’s the high end; competitive lenders and brokers are offering variable rates across a 3.45%–4.45% range, so shop beyond your existing bank before deciding. → 3.45%–4.45% 3. The break-even math is clear: variable rates generally need to drop by roughly 0.50% within 12–18 months just to outperform a 3-year fixed at current pricing — that’s a real bet, not a certainty. → 0.50% 4. On a $400K mortgage, choosing the wrong rate structure means a $116 monthly difference — adding up to $4,176 over the 3-year term, so running the numbers before you sign matters. → $4,176 Full breakdown 🌐 getwealthy.blog #CanadaFinance #PersonalFinance #CanadianMoney #MoneyTips #Canada