5-Year Variable Mortgage Rates

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Mortgage Term:

Number of Years

Fixed or Variable

Mortgage Reason:
Home Price:
Down Payment:
%
Mortgage Amount:
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LenderRateMonthly Payment
HSBC
HSBC
1.29%
$1,853
Simplii Financial
Simplii Financial
1.45%
$1,889
Tangerine
Tangerine
1.45%
$1,889
Peoples Bank
Peoples Bank
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1.45%
$1,889
Equitable
Equitable
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1.45%
$1,889
First National
First National
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1.45%
$1,889
Canada Life
Canada Life
1.48%
$1,895
CIBC
CIBC
1.54%
$1,909
BMO
BMO
1.55%
$1,911
MCAP
MCAP
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1.55%
$1,911
TD
TD
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1.55%
$1,911
Laurentian
Laurentian
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1.55%
$1,911
nuborrow
nuborrow
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1.55%
$1,911
Alterna Savings
Alterna Savings
1.65%
$1,933
ATB
ATB
1.65%
$1,933
motusbank
motusbank
1.70%
$1,945
Scotiabank
Scotiabank
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1.75%
$1,956
Desjardins
Desjardins
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1.75%
$1,956
RBC
RBC
1.80%
$1,967
First Ontario
First Ontario
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2.25%
$2,072
National
National
2.45%
$2,119
Investors Group
Investors Group
2.45%
$2,119
ICICI
ICICI
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2.50%
$2,131
DUCA
DUCA
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2.95%
$2,240
CMLS
CMLS
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2.95%
$2,240

Notes

  • Rates above apply to high-ratio insured mortgages only. You can select other mortgage rates by changing your mortgage reason or down payment.
  • Terms and conditions may apply. Promotional rates may apply only to customers with an established credit and employment history. For alternative mortgages, see Private Mortgages in Canada.

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
Manitoba
Manitoba
Nova Scotia
Nova Scotia
Newfoundland & Labrador
Newfoundland & Labrador
The calculators and content on this page are 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.