Does the latest Bank of Canada announcement mean it’s go time again for variable-rate mortgages?

The comeback of the variable-rate mortgage began Wednesday when the Bank of Canada passed on its third straight opportunity to raise interest rates.

Such a long pause on raising rates suggests cuts are coming. Lower rates would mean it’s go time for variable-rate mortgages, where your cost of borrowing rises and falls in line with the central bank’s overnight rate.

“If I was coming up for renewal, I would choose variable,” said Victor Tran, a mortgage agent with True North Mortgage. “Based on what Bank of Canada Governor Tiff Macklem has presented to the people in Canada, it seems like we pretty much peaked on rates, and I personally think rates will start dropping around summer of next year.”