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Today’s lowest 5-year variable
mortgage rate in:

5.70%

5-Year Variable

Rates updated: June 12, 2024 at 7:30 AM

0.00%

5-Year Fixed

Rates updated: June 12, 2024 at 7:30 AM

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Source: Posted mortgage rates by Canada’s six major banks (RBC, TD, Scotiabank, BMO, CIBC and National Bank)

The best current mortgage rates in Canada

Check out today's best mortgage rates in Canada by type and term.

Rates are based on an average mortgage of $300,000
 Insured ?

The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.

80% LTV ?

The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.

65% LTV ?

The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.

Uninsured ?

The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.

Bank Rate ?

Bank Rate is the mortgage interest rate posted by the big banks in Canada.

 
1-year fixed rate
Insured
4.99%
80% LTV
5.6%
65% LTV
5.6%
Uninsured
6.69%
7.09%
 
2-year fixed rate
Insured
5.59%
80% LTV
5.14%
65% LTV
5.14%
Uninsured
6.04%
6.39%
 
3-year fixed rate
Insured
4.79%
80% LTV
4.94%
65% LTV
4.94%
Uninsured
4.94%
5.64%
 
4-year fixed rate
Insured
4.89%
80% LTV
4.89%
65% LTV
4.89%
Uninsured
4.94%
5.49%
 
5-year fixed rate
Insured
4.59%
80% LTV
4.79%
65% LTV
4.79%
Uninsured
4.79%
5.04%
 
7-year fixed rate
Insured
4.89%
80% LTV
5.29%
65% LTV
5.29%
Uninsured
5.09%
5.9%
 
10-year fixed rate
Insured
5.74%
80% LTV
5.84%
65% LTV
5.84%
Uninsured
5.84%
7.25%
 
3-year variable rate
Insured
6.1%
80% LTV
6.45%
65% LTV
6.45%
Uninsured
N/A
8.35%
 
5-year variable rate
Insured
5.65%
80% LTV
5.9%
65% LTV
5.9%
Uninsured
5.9%
6.34%
 
HELOC rate
Insured
7.2%
80% LTV
7.2%
65% LTV
7.2%
Uninsured
7.2%
N/A
 
Stress test
Insured
6.59%
80% LTV
6.79%
65% LTV
6.79%
Uninsured
5.25%
N/A

5-year variable-rate mortgage: What you need to know.

When signing a mortgage contract in Canada, homebuyers have many term and amortization options to choose from. One of the most popular options in Canada is the 5-year, variable interest rate mortgage term with a 25-year amortization period. This is just one of many potential mortgage structures Canadians can arrange with their mortgage lender. This page will review the different mortgage terms available to Canadians as well as the different rate structures they can select. We’ll also dive into the difference between fixed and variable rates, open and closed mortgages, and how to secure the best mortgage rate possible in Canada. If you’re ready to start looking for a home and a 5-year variable-rate mortgage, you can start your search by filling out the form above. If you’re looking to refinance or or renew your mortgage, don’t despair. We’ve got you covered. Just select the “Refinance” or “Remortgage” options in the form above.

Your questions about 5-year variable mortgages, answered.

When should you consider a 5-year variable-rate loan?

When selecting a mortgage term and rate structure, it’s important to take several things into consideration. For instance, your financial situation and personal tolerance for risk will come into play when you’re deciding how long you want your term and amortization periods to last. Furthermore, a variable rate tends to be riskier than a fixed rate; more risk averse homebuyers may choose to go with the latter. However, variable rates have been proven to save Canadians money in the long run. So, if you’re looking for the best deal, a 5-year variable-rate mortgage may be the way to go.

Are 5-year mortgages better than other mortgage terms?

Most homebuyers in Canada choose a five-year term. It’s popular because five years is a sweet spot for homebuyers within the range of six months to 10 years, but interest rates on five year-terms are still affordable compared to longer terms. The fact that the five-year term is so ubiquitous also means rates are competitive. However, that doesn’t necessarily make a five-year term “better” than other terms, or the best option for everyone. The best mortgage term depends on a few factors, such as how long you plan to stay in your home, how many years you have left to pay off your mortgage, and what rate you can get.

What is a good 5-year variable mortgage rate?

Mortgage rates are always subject to change. A “good” rate is relative to two things: what lenders are currently offering in the marketplace, and what you qualify for based on your financial profile (down payment amount, credit score, income, etc.). LowestRates.ca allows you to compare 5-year variable mortgage rates (as well as 5-year fixed mortgage rates) from banks and brokers across the country, so you can get an idea of what you qualify for.

How is the 5-year variable mortgage rate set?

Variable mortgage rates are based on the lender’s prime rate. The prime rate is the interest rate that lenders offer their most creditworthy customers. Every lender sets its own prime rate, but prime rates are related to the Bank of Canada’s overnight lending rate. Also known as the policy interest rate, it is used as a benchmark by big banks and other lenders for setting rates on variable mortgages, lines of credit and interest paid on deposits. If the Bank of Canada adjusts its overnight lending rate based on economic conditions, your mortgage lender may adjust its prime rate accordingly, and your variable mortgage rate will change.

How much can you save comparing 5-year variable rates in Canada with LowestRates.ca?

So far, LowestRates.ca has helped our users save $1 billion in interest and fees. When it comes to mortgage rates, even a decimal point or two can save you thousands of dollars in interest payments over the life of your mortgage. Most lenders don’t offer their best rates up front, but LowestRates.ca aggregates the best rates from banks and brokers across Canada and lets them compete for your business. Mortgage rates vary in different housing markets across Canada, so it’s best to get a personalized quote.

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