The assumption is that mortgage rates will increase in canada over the next 12 months. The dates and amount of increase are the million dollar questions.
Are you currently in a variable and watching the market each day? At what point will you lock into a fixed rate?
The main penalty is the ird and if its cost is greater than your planned savings then beware of breaking the mortgage. The numbers show that a 1year mortgage is traditionally the most effective but the annual paperwork can be a pain in the bum.
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