That's the Canadian system, have to renew your rate every 5 years. It's great for the banks. The tighter regulations helped Canada avoid the underwater mortgage

That's the Canadian system, have to renew your rate every 5 years. It's great for the banks. The tighter regulations helped Canada avoid the underwater mortgage fiasco of the US in 2008/2009, but mostly it's just a really good deal for the banks. :)