How do variable rate loans change?

Variable rate mortgages go up and down with interest rates, based on the Bank of Canada's key lending rate and it's impact on your lending company's prime rate.

Newspapers usually published a chart of current increase rates and run stories when the Bank of Canada changes the key lending rate.

The interest rate and payment adjustments do not always coincide. There is usually a lag. There are a variety of consumer protections built into these loans. But consumers need to beware of advertising and other claims made by lenders.