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Fixed vs. Variable Mortgages in Canada: Which Should You Choose Right Now?

  Mortgages | Personal Finance | June 2026 Variable rates sit at 3.30% while fixed rates have climbed above 4%. The Bank of Canada is frozen between inflation and recession. Here's what that means for your mortgage decision today. By MoneySavings.ca Staff  |   June 26, 2026 📊 Today's Best Mortgage Rates — June 26, 2026 Type Term Lowest Rate (Broker) Big Bank Range Variable 5-Year ~3.30% ~3.50–4.00% Fixed (Insured) 5-Year ~4.04% ~4.50–5.20% Fixed (Conventional) 5-Year ~3.94% Higher Bank of Canada Policy Rate 2.25%  |  Prime Rate: 4.45% Sources: NerdWallet Canada, Ratehub.ca, WOWA.ca, bestrates.ca. Rates as of June 26, 2026. Broker rates require qualification; Big Bank rates are estimates. Your actual rate depends on your credit score, down payment, and mortgage type. If you're buying a home, renewing a mortgage, or simply trying to make sense of an unusually complex rate environment, you've arrived at the right question at a complicated moment. The Canadian...

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Ontario Braces for a Sloppy Winter Mix as Boxing Day Storm Rolls In

A pedestrian make their way through Toronto's downtown core as a winter storm starts to hit the city.

Ontario is facing a messy blend of winter weather today as a sprawling storm system sweeps across the province, bringing snow, ice pellets, and hazardous travel conditions during one of the busiest shopping days of the year.

The Greater Toronto Area is expected to see light snow develop through the afternoon before transitioning to ice pellets and freezing drizzle in the evening. While accumulations in the GTA may stay modest, the mix of precipitation is creating slick roads and reduced visibility, prompting caution for drivers heading to Boxing Day sales or returning from holiday gatherings.

Further north, communities across Central and Northern Ontario are dealing with heavier snowfall, with totals ranging from 5 to 20 centimetres depending on the region. Environment Canada has issued multiple weather advisories, warning of rapidly changing conditions and the potential for difficult travel on major highways.

Airports in Toronto, Ottawa, and Hamilton are also reporting delays as crews work to keep runways clear and manage the influx of holiday travelers.

With temperatures hovering around the freezing mark, forecasters say the precipitation type may continue to shift throughout the day, making conditions unpredictable. Residents are encouraged to monitor local alerts, allow extra time for travel, and prepare for a slippery evening commute.

Despite the storm, many Ontarians are still venturing out — but today, winter is reminding everyone who’s really in charge.


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