5-Year Variable Mortgage Rates

WOWA Trusted and Transparent
As of February 24th, 2021
Best 5-Year Variable Rate
1.39%result
Mortgage Term:

Number of Years

Fixed or Variable

Mortgage Reason:
Home Price:
Downpayment:
%
Mortgage Amount:
Click to Open Additional Options
LenderRateWeekly ChangeMonthly Payment
nuborrow
nuborrow
1.39%
5-YEAR VARIABLE
No change
$1,875
Peoples Bank
Peoples Bank
1.45%
5-YEAR VARIABLE
No change
$1,889
Equitable
Equitable
1.45%
5-YEAR VARIABLE
No change
$1,889
Coast Capital
Coast Capital
1.51%
5-YEAR VARIABLE
No change
$1,902
Investors Group
Investors Group
1.55%
5-YEAR VARIABLE
No change
$1,911
motusbank
motusbank
1.70%
5-YEAR VARIABLE
No change
$1,945
Simplii Financial
Simplii Financial
1.72%
5-YEAR VARIABLE
No change
$1,949
Canada Life
Canada Life
1.74%
5-YEAR VARIABLE
No change
$1,954
TD
TD
1.75%
5-YEAR VARIABLE
No change
$1,956
RBC
RBC
1.75%
5-YEAR VARIABLE
No change
$1,956
BMO
BMO
1.75%
5-YEAR VARIABLE
No change
$1,956
Scotiabank
Scotiabank
1.85%
5-YEAR VARIABLE
No change
$1,979
Desjardins
Desjardins
1.99%
5-YEAR VARIABLE
No change
$2,011
Tangerine
Tangerine
2.05%
5-YEAR VARIABLE
No change
$2,025
CIBC
CIBC
2.45%
5-YEAR VARIABLE
No change
$2,119
National
National
2.45%
5-YEAR VARIABLE
No change
$2,119
Alterna Savings
Alterna Savings
2.95%
5-YEAR VARIABLE
No change
$2,240
CMLS
CMLS
2.95%
5-YEAR VARIABLE
No change
$2,240
DUCA
DUCA
3.25%
5-YEAR VARIABLE
No change
$2,315

Notes

  • 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.

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.

ProvinceBest 5-Year Variable Rate
Alberta Alberta
British Columbia British Columbia
Ontario Ontario
Quebec Quebec
Saskatchewan Saskatchewan
Nova Scotia Nova Scotia
New Brunswick New Brunswick
Prince Edward Island Prince Edward Island

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.

This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.