Canadians Flock to Fixed-Rate Mortgages Seeking Stability Amid Rising Rates
• More Canadian homeowners taking fixed-rate mortgages for stability amid rate hikes
• Shift away from variable rates after Bank of Canada's 2020 rate forecast was wrong
• Nearly 80% chose fixed rates in early Nov compared to 32% a year before
• Borrowers want stability after being "stung" by inaccurate prediction of low rates
• Banks may benefit from higher long-term profits as rates normalize