IK Financial Metarials
Mortgage Glossary

Mortgage 101 - Variable Rate Mortgage

What is a “Variable Rate Mortgage”?
It is an interest rate that will fluctuate in accordance with the prevailing market prime rate during the mortgage term. The prime rate is linked to the Bank of Canada rate and is also commonly referred to as the “Overnight Rate.”
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🔹21% to 29% of all Canadians opt for Variable rate on their mortgage
🔹Variable rate fluctuates with the market interest rate (BoC)
🔹Variable Rate may be less expensive over time (but depends on many conditions)
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IK Financial is here to find the best deal on the mortgage market. To see what suit you better, contact our mortgage agents:
Inna Bogdanov 416.268.0004 | Inna@ikfinancial.com
Katerina Markevich 416.388.8153 | Katerina@ikfinancial.com