Again what is true in the States is not how it works up here. A variable rate mortgage is exactly like a fixed, with the same terms offered. The only difference is you get a lower interest rate and there is the possibility of it going up. Again this happens slowly and not overnight, and you can lock in at any time. Don't let the Americans confuse you Speedy. Talk to a mortgage broker or your personal banker they should clear it all up for you.

oh, and ps the day real estate values go down significantly in the GTA I am will start snatching it up! (ya like that will happen) The only thing I have seen kill the value of property around here are ungodly condo fees (usually caused by some special assessment not covered by the reserve fund). Other than that in my market the values are soaring.