Mortgage rates 5-year variable
Best 5-year variable mortgage rates
Every lender's advertised 5-year variable rate, lowest first. Collected from each lender's own website every hour, or three times a day for a few lenders.
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Greyed-out rates couldn't be refreshed in the latest update, so they may be out of date.
/ shows how much a rate has moved in the last 7 days. Click a lender to see all its rates. Where a lender lists both posted and special-offer rates, this page shows the special-offer rate.
What is a 5-year variable mortgage?
Your interest rate moves with your lender's prime rate during the five-year term. Lenders usually quote it as prime minus (or plus) a set amount, and that difference stays the same for the term. When the Bank of Canada changes its policy rate, banks usually change their prime rate, and your rate moves with it.
What happens to your payment
With some variable mortgages your payment stays the same when rates change, and only the share going to interest changes. With others, often called adjustable-rate mortgages, your payment goes up or down with the rate. Ask the lender which kind you're being offered.
Breaking a variable mortgage
The prepayment penalty for breaking a variable-rate mortgage is usually three months' interest, which is often less than for a fixed rate. Many lenders also let you switch to a fixed rate during the term. To compare the two over a full term, try Renewal: fixed vs variable.