Every rate conversation in Halifax this year eventually lands on the same question: fixed or variable? There's no single right answer — it depends on your risk tolerance, how long you plan to keep the property, and where you think rates are headed.
A fixed rate locks in your payment for the full term, which makes budgeting simple and protects you if rates rise. A variable rate moves with the lender's prime rate, so your payment (or the amount going to principal) can shift during your term — but variable rates have historically cost less over the long run in many periods.
If you're risk-averse, or you're stretching to qualify and a payment increase would be uncomfortable, a fixed rate is usually the safer starting point. If you have room in your budget to absorb some rate movement and want the flexibility that often comes with variable products, it's worth comparing both side by side before you commit.
The right call is specific to your numbers — book a free call and I'll walk through both scenarios with you.