Why You Shouldn't Choose A Variable Rate Mortgage In 2024

Many people are choosing variable rates with the expectation that interest rates are going to come down, but that might not be the best option.

The presenter has taken great care in preparing
this video, however makes no representations or warranties with
respect to the accuracy or completeness of its content. The contents
of this video should not be considered a substitute for
professional financial advice. Please consult a financial professional
before implementing any of the strategies described in
this video. The presenter shall not be held liable
for any loss of profit or any other financial damages, including
but not limited to special, consequential, incidental, or other
damages.

[jaayclyde]

Weren’t you the same person pushing variable back in 2021? Funny that your oldest videos are from 9 months ago.

[Jenomonix]

Great advice. Also, the BoC has said that when interest rates do go down they’ll go down at a much slower pace than the recent increases - taking longer to break even. Another reason to go fixed - subscribed!

[GreenBeanGreenBean]

You don't choose a variable because it'll save you money down in do it because you don't want that big IRD penalty you would have if you went long term fixed.

[pathofinspiration]

Can you do a video on CHIP mortgages? Thx.

[jeffotoole]

Going back to the well again Nolan. You took it pretty hard for the variable rate call in 2021 are you feeling lucky this time?? I had no problem with the variable call last go but I did notice a few upset commenters. Honestly it looks like the market can hold up with rates that are even 2-3-4% more than they are now.
The question that we need to ask is the central banks fearless enough to cut rates with economies that are treading water? I don’t think they are but that’s just me.