5-Year Variable Mortgage Rates

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Lender	Rate	Weekly Change	Monthly Payment
HSBC	1.29% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,853
Simplii Financial	1.45% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,889
Tangerine	1.45% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,889
Peoples Bank Get This Rate	1.45% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,889
Equitable Get This Rate	1.45% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,889
First National Get This Rate	1.45% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,889
Canada Life	1.48% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,895
CIBC	1.54% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,909
BMO	1.55% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,911
MCAP Get This Rate	1.55% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,911
TD Get This Rate	1.55% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,911
Laurentian Get This Rate	1.55% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,911
nuborrow Get This Rate	1.55% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,911
Alterna Savings	1.65% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,933
ATB	1.65% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,933
motusbank	1.70% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,945
Scotiabank Get This Rate	1.75% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,956
Desjardins Get This Rate	1.75% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,956
RBC	1.80% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$1,967
First Ontario Get This Rate	2.25% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$2,072
National	2.45% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$2,119
Investors Group	2.45% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$2,119
ICICI Get This Rate	2.50% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$2,131
DUCA Get This Rate	2.95% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$2,240
CMLS Get This Rate	2.95% 5-YEAR VARIABLE HIGH-RATIO INSURED	No change	$2,240

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	1.15% Find more Alberta mortgage rates
British Columbia	1.29% Find more British Columbia mortgage rates
Ontario	1.29% Find more Ontario mortgage rates
Quebec	1.29% Find more Quebec mortgage rates
Manitoba	1.29% Find more Manitoba mortgage rates
Nova Scotia	1.15% Find more Nova Scotia mortgage rates
Newfoundland & Labrador	1.29% Find more Newfoundland & Labrador mortgage rates