Why these recommendations?
The Rate Wizard gives a quick directional answer based on the simplest version of the question: what are you trying to do with this mortgage? The reasoning behind each path:
If you’re planting roots (long-term homeowner)
You want certainty over years, not months. A 5-year fixed mortgage locks in your rate and payment for the whole term — predictable, set-and-forget. The variable alternative is for borrowers comfortable trading some of that certainty for the historical edge variable rates have given (most years, not all years).
If you’ve got cash coming
The product needs to come due (or be flexibly prepayable) when your money lands. A 1-year fixed open mortgage lets you pay it off any time without penalty. A HELOC gives you maximum flexibility but at variable rates. For longer waits (3 or 5 years), matching your mortgage term to when the cash arrives prevents an early-payout penalty when you actually go to pay it off.
If you’re moving
The big question is whether you stay in Canada (in which case porting your mortgage to the new property is usually possible — most national lenders allow this), or you leave the country (in which case you need a term that lines up with your departure so there’s no big penalty when you pay out the mortgage to sell).
What this tool doesn’t cover
This is a starting framework. Real situations always layer in: your credit profile, income type (T4/self-employed/commission), down payment size, the specific property, your tolerance for prepayment penalties, whether you might refinance mid-term, and dozens of other factors. Use the wizard to point yourself in the right direction, then talk to a specialist who can build a complete picture.