The Globe and Mail reports in its Monday, Nov. 2, edition that variable-rate mortgages were gaining popularity until the Bank of Canada raised interest rates recently due to high oil prices. The Globe's Mariya Postelnyak writes that Canadians had turned to variable rates as rising bond market turmoil pushed up fixed rates, making variable rates, tied to the BOC's rate, comparatively cheaper. In 2026, nearly half of consumers opted for variable mortgages, up from less than 10 per cent in 2024. Long-term fixed-rate mortgages reached record lows in October. But variable rates inched up a notch last week, after the BOC raised its interest rate for the first time in three years from 2.25 per cent to 2.5 per cent. The potential of a few more hikes in the coming months, has left mortgage shoppers wondering whether a variable rate is still worth it. The decision depends on variables like risk tolerance, financial buffer, and whether the borrowers are first-time or experienced homeowners. However, variable rates can be cheaper for many mortgage shoppers, particularly those opting for longer five-year terms, says Integrated Mortgage Planners' David Larock. Variable rates are still considerably lower than fixed rates.