Number of Years
Fixed or Variable
Lender | Rate | Weekly Change | Monthly Payment |
---|---|---|---|
nuborrow | 1.39% 5-YEAR VARIABLE | No change | $1,875 |
Peoples Bank | 1.45% 5-YEAR VARIABLE | No change | $1,889 |
Equitable | 1.45% 5-YEAR VARIABLE | No change | $1,889 |
Coast Capital | 1.51% 5-YEAR VARIABLE | No change | $1,902 |
Investors Group | 1.55% 5-YEAR VARIABLE | No change | $1,911 |
motusbank | 1.70% 5-YEAR VARIABLE | No change | $1,945 |
Simplii Financial | 1.72% 5-YEAR VARIABLE | No change | $1,949 |
Canada Life | 1.74% 5-YEAR VARIABLE | No change | $1,954 |
TD | 1.75% 5-YEAR VARIABLE | No change | $1,956 |
RBC | 1.75% 5-YEAR VARIABLE | No change | $1,956 |
BMO | 1.75% 5-YEAR VARIABLE | No change | $1,956 |
Scotiabank | 1.85% 5-YEAR VARIABLE | No change | $1,979 |
Desjardins | 1.99% 5-YEAR VARIABLE | No change | $2,011 |
Tangerine | 2.05% 5-YEAR VARIABLE | No change | $2,025 |
CIBC | 2.45% 5-YEAR VARIABLE | No change | $2,119 |
National | 2.45% 5-YEAR VARIABLE | No change | $2,119 |
Alterna Savings | 2.95% 5-YEAR VARIABLE | No change | $2,240 |
CMLS | 2.95% 5-YEAR VARIABLE | No change | $2,240 |
DUCA | 3.25% 5-YEAR VARIABLE | No change | $2,315 |
The 5-year variable mortgage is Canada's most popular variable-rate mortgage. It is called a variable-rate mortgage because the rate is based on a lender's Prime rate, and can go up or down throughout the 5 years of the mortgage. While the 5-year variable rate and the 5-year fixed rate are usually similar, homeowners with variable rate mortgages in 2020 have seen a dramatic drop in their mortgage rates due to Bank of Canada lowering their interest rate due to COVID-19.
Mortgage rates in Canada can differ from province to province depending on the availability of lenders, local housing market and mortgage conditions, and provincial regulations. While the Big 5 Banks offer mortgages in every province, many smaller lenders including credit unions, B lenders, and private mortgage lenders often operate in a single province only. A lender offering the best rate in Ontario may not be available in Saskatchewan, for example. Similarly, a smaller number of lenders in a province could mean less competition, leading to higher rates in general.
Province | Best 5-Year Variable Rate |
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While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.