5-Year Variable Mortgage Rates

WOWA Trusted and Transparent

Best 5-Year Variable Rate

1.39%

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

5-Year Variable Mortgage Rates

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.

Overview of the 5-Year Variable Mortgage Rate

1. Mortgage rate is based on a lender's Prime rate for a 5-year term
2. Generally has the best mortgage rate compared to other variable mortgage terms
3. Offered by almost all lenders

Mortgages Rates Between Different Provinces

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
Alberta	1.25% Find more Alberta mortgage rates
British Columbia	1.45% Find more British Columbia mortgage rates
Ontario	1.39% Find more Ontario mortgage rates
Quebec	1.45% Find more Quebec mortgage rates
Saskatchewan	1.45% Find more Saskatchewan mortgage rates
Nova Scotia	1.45% Find more Nova Scotia mortgage rates
New Brunswick	1.45% Find more New Brunswick mortgage rates
Prince Edward Island	1.45% Find more Prince Edward Island mortgage rates

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.