5-Year Variable Mortgage Rates
Our lowest 5-year variable is 3.93% with Strive Capital on an insured file. That is prime minus 1.02%, with prime at 4.95%.
npm run rates <file> to replace it.Which shelf are you actually shopping? Enter the numbers and we will filter the board to the rates you can really get.
Loan-to-value 80.0% · insurable
| Lender | Term | Category | Rate | APR | |
|---|---|---|---|---|---|
| Strive Capital Monoline | 5 yr variablePrime − 1.02% | Insured | 3.93% | 3.98% | Get this rate |
| MCAP Monoline | 5 yr variablePrime − 1.01% | Insured | 3.94% | 3.99% | Get this rate |
| First National Monoline | 5 yr variablePrime − 1.00% | Insured | 3.95% | 4.00% | Get this rate |
| Merix Financial Monoline | 5 yr variablePrime − 0.99% | Insured | 3.96% | 4.01% | Get this rate |
| RFA Mortgage Corporation Monoline | 5 yr variablePrime − 0.98% | Insured | 3.97% | 4.02% | Get this rate |
| CMLS Financial Monoline | 5 yr variablePrime − 0.97% | Insured | 3.98% | 4.03% | Get this rate |
| Strive Capital Monoline | 5 yr variablePrime − 0.92% | Insurable ≤80% | 4.03% | 4.08% | Get this rate |
| MCAP Monoline | 5 yr variablePrime − 0.91% | Insurable ≤80% | 4.04% | 4.09% | Get this rate |
| First National Monoline | 5 yr variablePrime − 0.90% | Insurable ≤80% | 4.05% | 4.10% | Get this rate |
| Equitable Bank Schedule I bank | 5 yr variablePrime − 0.89% | Insured | 4.06% | 4.11% | Get this rate |
| Merix Financial Monoline | 5 yr variablePrime − 0.89% | Insurable ≤80% | 4.06% | 4.11% | Get this rate |
| RFA Mortgage Corporation Monoline | 5 yr variablePrime − 0.88% | Insurable ≤80% | 4.07% | 4.12% | Get this rate |
| CMLS Financial Monoline | 5 yr variablePrime − 0.87% | Insurable ≤80% | 4.08% | 4.13% | Get this rate |
| DUCA Credit Union Credit union | 5 yr variablePrime − 0.87% | Insured | 4.08% | 4.13% | Get this rate |
| Meridian Credit Union Credit union | 5 yr variablePrime − 0.86% | Insured | 4.09% | 4.14% | Get this rate |
| Home Trust Trust company | 5 yr variablePrime − 0.85% | Insured | 4.10% | 4.15% | Get this rate |
| National Bank Schedule I bank | 5 yr variablePrime − 0.81% | Insured | 4.14% | 4.19% | Get this rate |
| Equitable Bank Schedule I bank | 5 yr variablePrime − 0.79% | Insurable ≤80% | 4.16% | 4.21% | Get this rate |
| Community Trust Trust company | 5 yr variablePrime − 0.79% | Insured | 4.16% | 4.21% | Get this rate |
| Strive Capital Monoline | 5 yr variablePrime − 0.77% | Uninsured | 4.18% | 4.23% | Get this rate |
| DUCA Credit Union Credit union | 5 yr variablePrime − 0.77% | Insurable ≤80% | 4.18% | 4.23% | Get this rate |
| MCAP Monoline | 5 yr variablePrime − 0.76% | Uninsured | 4.19% | 4.24% | Get this rate |
| Meridian Credit Union Credit union | 5 yr variablePrime − 0.76% | Insurable ≤80% | 4.19% | 4.24% | Get this rate |
| Scotiabank Big Six bank | 5 yr variablePrime − 0.75% | Insured | 4.20% | 4.25% | Get this rate |
| Home Trust Trust company | 5 yr variablePrime − 0.75% | Insurable ≤80% | 4.20% | 4.25% | Get this rate |
| First National Monoline | 5 yr variablePrime − 0.75% | Uninsured | 4.20% | 4.25% | Get this rate |
| BMO Big Six bank | 5 yr variablePrime − 0.74% | Insured | 4.21% | 4.26% | Get this rate |
| Merix Financial Monoline | 5 yr variablePrime − 0.74% | Uninsured | 4.21% | 4.26% | Get this rate |
| TD Bank Big Six bank | 5 yr variablePrime − 0.73% | Insured | 4.22% | 4.27% | Get this rate |
| RFA Mortgage Corporation Monoline | 5 yr variablePrime − 0.73% | Uninsured | 4.22% | 4.27% | Get this rate |
| CIBC Big Six bank | 5 yr variablePrime − 0.72% | Insured | 4.23% | 4.28% | Get this rate |
| CMLS Financial Monoline | 5 yr variablePrime − 0.72% | Uninsured | 4.23% | 4.28% | Get this rate |
| National Bank Schedule I bank | 5 yr variablePrime − 0.71% | Insurable ≤80% | 4.24% | 4.29% | Get this rate |
| Community Trust Trust company | 5 yr variablePrime − 0.69% | Insurable ≤80% | 4.26% | 4.31% | Get this rate |
| Scotiabank Big Six bank | 5 yr variablePrime − 0.65% | Insurable ≤80% | 4.30% | 4.35% | Get this rate |
| BMO Big Six bank | 5 yr variablePrime − 0.64% | Insurable ≤80% | 4.31% | 4.36% | Get this rate |
| Equitable Bank Schedule I bank | 5 yr variablePrime − 0.64% | Uninsured | 4.31% | 4.36% | Get this rate |
| TD Bank Big Six bank | 5 yr variablePrime − 0.63% | Insurable ≤80% | 4.32% | 4.37% | Get this rate |
| CIBC Big Six bank | 5 yr variablePrime − 0.62% | Insurable ≤80% | 4.33% | 4.38% | Get this rate |
| DUCA Credit Union Credit union | 5 yr variablePrime − 0.62% | Uninsured | 4.33% | 4.38% | Get this rate |
| Meridian Credit Union Credit union | 5 yr variablePrime − 0.61% | Uninsured | 4.34% | 4.39% | Get this rate |
| Home Trust Trust company | 5 yr variablePrime − 0.60% | Uninsured | 4.35% | 4.40% | Get this rate |
| National Bank Schedule I bank | 5 yr variablePrime − 0.56% | Uninsured | 4.39% | 4.44% | Get this rate |
| Community Trust Trust company | 5 yr variablePrime − 0.54% | Uninsured | 4.41% | 4.46% | Get this rate |
| Scotiabank Big Six bank | 5 yr variablePrime − 0.50% | Uninsured | 4.45% | 4.50% | Get this rate |
| BMO Big Six bank | 5 yr variablePrime − 0.49% | Uninsured | 4.46% | 4.51% | Get this rate |
| TD Bank Big Six bank | 5 yr variablePrime − 0.48% | Uninsured | 4.47% | 4.52% | Get this rate |
| CIBC Big Six bank | 5 yr variablePrime − 0.47% | Uninsured | 4.48% | 4.53% | Get this rate |
No rates match that combination. Widen the filters — and remember the board is what we could verify this week, not every rate that exists.
Rates are the lowest we have collected for each combination and are not an offer or a commitment to lend by anyone. Every payment on this site uses semi-annual compounding, the Canadian standard.
What you are really buying with a variable
A variable rate is priced as a discount off prime. When the Bank of Canada moves, prime moves, and your rate moves with it — usually within a few days. What you get for that uncertainty is the cheapest exit in the market: three months' interest to break, no matter when.
Five years is where the deepest discounting sits, because it is where lenders make their money and where the market is most competitive.
Under 20% down
You put less than 20% down and default insurance is on the file. The lender carries no loss exposure, so these are the lowest rates on the board — but the premium is added to your mortgage.
20%+ down, under $1M, 25-year amortization
You put 20% or more down but the file still fits portfolio-insurance rules, so the lender can insure it in bulk at its own cost. Priced between insured and uninsured, and tiered by loan-to-value.
Refinances, $1M+, 30-year amortization, rentals
The lender keeps the full risk: refinances, properties at or above $1M, amortizations past 25 years, and rentals. Rates sit highest here, typically 20 to 40 basis points above insured.
Get notified 90 days before your renewal
Your lender contacts you at 30 days, when you have no time to shop. We reach you at 90 — early enough to lock a hold and personalize your offers.
Questions
Is a 5-year variable mortgage right for me?
A variable makes sense if you can absorb a payment increase without stress and you may break the term early — variable penalties are three months' interest, versus an interest rate differential on a fixed that can run to five figures. It is a worse idea if a rate rise would genuinely hurt.
How is a 5-year term different from a 5-year amortization?
The term is how long this contract lasts — 5 years. The amortization is how long it would take to pay the mortgage off entirely, usually 25 or 30 years. At the end of the term you renew whatever is left. Almost nobody pays off a mortgage in one term.
What happens to my payment when prime moves?
It depends on the lender. Some adjust your payment; others keep the payment fixed and change how much of it goes to interest, which means a rate rise silently extends your amortization. Ask which kind you have — it matters a great deal in a rising market.
What is the penalty if I break it?
Three months' interest, on almost every variable in the market. On a $400,000 balance at 4.5% that is roughly $4,500.
The math is free. Acting on it is the point.
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
Get matched with a broker