If you have a mortgage in Canada today you are living in the best of times. Whether you have a variable or a fixed rate today you are living in the best of times. Please enjoy it and use it to your advantage.
How funny to read the other day that interest rates will stay low forever. I don’t think so, mortgage rates will be low for the foreseeable future and so again take stock in this, and it is a great time to pay down debt and your mortgage. But to think that national media outlets are calling for low rates to continue forever is silly and irresponsible.
After the 2009 Great Recession, our Canadian & American government pumped money into the economy to help it grow and inflate. Needless to say it is not working or rates would have headed higher. How long can it go? Well in Japan low rates have gone on for 13 years. In my humble opinion, this will not happen here in Canada. If we look at Japan or the USA as examples, these are the effects of having artificial low rates:
It makes money worthless as it dilutes with all the money in the economy.
It has actually created the opposite of what it intended to do, we now have low inflation.
Printing of economy distracts the real economy, just ask our neighbours to the south,
and Canada as well.

Low rates are telling the world that economies are on life support

I really do not believe mortgage rates will jump in the near future. Can you imagine if the rates go up several points? Our highly indebted Canadians would really feel the pinch. So what do we do? Enjoy the moment and take ownership of what you owe. What a great time to pay down high debt with cheap debt. What a fantastic time to borrow money to finally start your business. Low interest rates won’t last forever and I would not want you to have regrets during this once in a lifetime opportunity