5-Year Variable Mortgage Rates

Updated September 25th, 2020

Best 5-Year Variable Rate
1.58%
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Mortgage Term:

Number of Years

Fixed or Variable

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Downpayment:
%
Mortgage Amount:
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LenderRateWeekly ChangeMonthly Payment
Best 5-Year variable Rate
Citadel Mortgages
Citadel Mortgages
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1.58%
5-YEAR VARIABLE
Gold Medal
No change
$1,918
Gold Medal
Dominion Lending
Dominion Lending
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1.65%
5-YEAR VARIABLE
No change
$1,918
+$16
MtgAlliance
MtgAlliance
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1.75%
5-YEAR VARIABLE
-0.05%
$1,918
+$38
Peoples Bank
Peoples Bank
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1.75%
5-YEAR VARIABLE
No change
$1,918
+$38
Coast Capital
Coast Capital
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1.78%
5-YEAR VARIABLE
No change
$1,918
+$45
HSBC
HSBC
1.79%
5-YEAR VARIABLE
No change
$1,918
+$47
Equitable
Equitable
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1.80%
5-YEAR VARIABLE
No change
$1,918
+$50
Simplii Financial
Simplii Financial
1.80%
5-YEAR VARIABLE
0.10%
$1,918
+$50
TD
TD
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1.97%
5-YEAR VARIABLE
-0.18%
$1,918
+$89
motusbank
motusbank
1.99%
5-YEAR VARIABLE
No change
$1,918
+$93
Tangerine
Tangerine
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2.05%
5-YEAR VARIABLE
No change
$1,918
+$107
RBC
RBC
2.10%
5-YEAR VARIABLE
No change
$1,918
+$119
BMO
BMO
2.15%
5-YEAR VARIABLE
-0.30%
$1,918
+$131
CIBC
CIBC
2.45%
5-YEAR VARIABLE
No change
$1,918
+$201
Desjardins
Desjardins
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2.45%
5-YEAR VARIABLE
No change
$1,918
+$201
National
National
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2.45%
5-YEAR VARIABLE
No change
$1,918
+$201
CMLS
CMLS
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2.95%
5-YEAR VARIABLE
No change
$1,918
+$323
Alterna Savings
Alterna Savings
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2.95%
5-YEAR VARIABLE
No change
$1,918
+$323
DUCA
DUCA
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3.25%
5-YEAR VARIABLE
0.30%
$1,918
+$397
Scotiabank
Scotiabank
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5.75%
5-YEAR VARIABLE
3.10%
$1,918
+$1,071

Notes

  • Weekly rate changes based on data from September 2nd 2020.
  • These rates are for Prime customers. To qualify, you generally need a good credit score and a steady job.
  • The following rates may not be valid for uninsured mortgages.

Canada's Top Mortgage: the 5-Year Fixed

In Canada, out of the $1.1 trillion CAD in outstanding residential mortgages in May 2020, the 5-year fixed rate mortgage takes the crown with over $570 billion, or almost 50%, of all mortgages in Canada. There are more 5-year fixed rate mortgages than all variable rate mortgages combined. The 5-year fixed rate mortgage is so popular that the CMHC uses the Bank of Canada's 5-Year Benchmark Posted Rate for its mortgage stress test.

Comparison of Fixed-Rate Mortgages in Canada

Data From Statistics Canada (May 2020)

While we try our best to get your 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.