There is now talk that the fixed and variable rates might go down instead of up. One lender has already dropped their 5 year fixed rate in to the low 3% area. Others may follow. The Bank of Canada may actually decrease the prime rate on September 7th instead of increasing it. Economists seem to be split on this, but it appears to be a growing theory.
Read more here: http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/08/180-degree-change-in-rate-views.html
IT'S TIME TO OWN INC.