Variable rates have been really scary for many Canadians over the last little bit. For many of my clients, we have counselled them as they go through this. While their rates are going up and their payments are increasing, we have recommended switching products to them, so a lot of people have actually moved away from variable products into fixed products over the last two years in order to help them with that payment pain.
When it comes to renewals, it's going to prove challenging for people at renewal. For many clients, unfortunately, we have done refinances over the last year or two to help them to consolidate some of the debt they have brought on during COVID.