4 ms·

I am not sure but another reason could be the mortgage duration. In US 30-year is very common, according to my quick google search in Canada most mortgages are

• rpeden 3y ago
  25 year amortization period, but even most "fixed rate" mortgages are only fixed for a 5 year term, at which point you have to renew at the prevailing rate. You can get a 10 year fixed rate but you'll pay a substantially higher interest. So many people with a fixed rate are still forced to renew for another term at a much higher rate right now. But as you mentioned, the shorter total duration probably explains part of the differential as well. That, and very high property prices in many parts of the country.
• 3vidence 3y ago
  Maybe you know but just wanted to add even with the 25 year amortization period the interest rate only stays fixed for 5 years (for most people). The people on variable vs fixed change over time but I think on average it is around 70% 5 year fixed, 30% variable rate