5-Year Variable Mortgage Rates

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Amortization:

Lender	Rate	Monthly Payment
Peoples Bank	1.30% 5 YEARS VARIABLE	$1,855
Simplii Financial	1.34% 5 YEARS VARIABLE	$1,864
Tangerine	1.35% 5 YEARS VARIABLE	$1,866
First National	1.35% 5 YEARS VARIABLE	$1,866
HSBC	1.39% 5 YEARS VARIABLE	$1,875
Canada Life	1.45% 5 YEARS VARIABLE	$1,889
Equitable	1.45% 5 YEARS VARIABLE	$1,889
CIBC	1.54% 5 YEARS VARIABLE	$1,909
BMO	1.55% 5 YEARS VARIABLE	$1,911
TD	1.55% 5 YEARS VARIABLE	$1,911
Laurentian	1.55% 5 YEARS VARIABLE	$1,911
MCAP	1.55% 5 YEARS VARIABLE	$1,911
motusbank	1.55% 5 YEARS VARIABLE	$1,911
RBC	1.60% 5 YEARS VARIABLE	$1,922
Meridian	1.60% 5 YEARS VARIABLE	$1,922
Alterna Savings	1.65% 5 YEARS VARIABLE	$1,933
ATB	1.65% 5 YEARS VARIABLE	$1,933
Scotiabank	1.75% 5 YEARS VARIABLE	$1,956
Desjardins	1.75% 5 YEARS VARIABLE	$1,956
First Ontario	2.25% 5 YEARS VARIABLE	$2,072
National Bank	2.45% 5 YEARS VARIABLE	$2,119
Investors Group	2.45% 5 YEARS VARIABLE	$2,119
ICICI	2.50% 5 YEARS VARIABLE	$2,131
DUCA	2.95% 5 YEARS VARIABLE	$2,240
CMLS	2.95% 5 YEARS VARIABLE	$2,240

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 insured mortgages. Rates updated on 2021-07-29

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

Mortgage rate is based on a lender's Prime rate for a 5-year term
Generally has the best mortgage rate compared to other variable mortgage terms
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	1.14% Find more British Columbia mortgage rates
Ontario	1.35% Find more Ontario mortgage rates
Quebec	1.35% Find more Quebec mortgage rates
Manitoba	1.30% Find more Manitoba mortgage rates
Saskatchewan	1.30% Find more Saskatchewan mortgage rates
Nova Scotia	1.15% Find more Nova Scotia mortgage rates
New Brunswick	1.30% Find more New Brunswick mortgage rates
Prince Edward Island	1.30% Find more Prince Edward Island mortgage rates
Newfoundland & Labrador	1.15% Find more Newfoundland & Labrador mortgage rates

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.