Best 5-year variable mortgage rates in Canada.
Today’s best 5-year variable rate in our network is 3.60%. We compare 5-year variable rates across 100+ Canadian lenders and lock your best on one application — no bureau pull to start.
The best 5-year variable mortgage rate in Canada today is approximately 3.60% — about $2,826/month on a $700,000 home with 20% down over 25 years. A 5-year variable is the term for borrowers who expect rates flat-to-lower and want the cheapest exit. The most popular variable term; its share swings with the rate cycle.
Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See the full live board →
Mortgage payment by term
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 3.94% | $2,928/mo |
| 5-Year VariableLowest | 3.60% | $2,826/mo |
| 3-Year Fixed | 3.84% | $2,897/mo |
| 3-Year Variable | 3.65% | $2,840/mo |
| 2-Year Fixed | 4.14% | $2,988/mo |
| 1-Year Fixed | 4.19% | $3,004/mo |
| 4-Year Fixed | 3.89% | $2,912/mo |
| 7-Year Fixed | 4.44% | $3,081/mo |
| 10-Year Fixed | 5.14% | $3,302/mo |
Is a 5-year variable right for you?
Who it suits. Borrowers comfortable with some payment movement in exchange for a usually-lower starting rate and a far cheaper break cost. It suits people who might move, refinance, or sell within the term, and those who believe the Bank of Canada's next moves are cuts rather than hikes.
What drives the rate. A 5-year variable moves with your lender's prime rate, which tracks the Bank of Canada's overnight policy rate. When the Bank cuts, your rate (and often your payment) falls within weeks; when it hikes, it rises. The variable-versus-fixed gap — the 'spread' — widens and narrows with the market's rate outlook.
Breaking it early. The break penalty is only three months' interest — typically a fraction of a fixed mortgage's IRD — which is the single biggest reason mobile or uncertain borrowers choose variable.
Canadian variable rates accrue interest on your declining balance daily and move with your lender's prime rate. The rate you’re offered is then set by your credit, your down payment / loan-to-value, whether the mortgage is insured, and the property. We compare 5-year variable pricing across 100+ lenders on one application, then hold your best rate for 90-120 days. Run the numbers in our payment calculator and check the rate forecast.
A worked example
On a $700,000 home with 20% down, the mortgage is $560,000. At today’s best 5-year variable rate of 3.60% over a 25-year amortization, the payment is about $2,826/month using Canadian semi-annual compounding. That payment moves with prime over the term.
Whatever your situation
First home, renewal, refinance, self-employed or bruised credit — there's a 5-year variable path for your file.
First-time buyers
5% down with FHSA + RRSP HBP optimization.
Refinancing
Unlock equity for renovations, debt consolidation, or investing.
Renewing
Don't auto-renew — most clients beat their bank's first offer by 30-60 bps.
Self-employed
Business-for-self files priced right — A-lender, alt-A and private.
Bruised credit
B-lender and private paths now, with a mapped exit to A-pricing.
New to Canada
Newcomer programs at the big banks; international credit accepted.
6 reasons to lock your 5-year variable rate through a broker
Why Canadians shop the whole market instead of signing their bank's first 5-year variable offer.
100+ lenders compete — not one
A bank shows you one 5-year variable rate sheet. We put your file in front of 100+ lenders who bid for it, then pass on the volume pricing we hold.
Broker-channel pricing
The wholesale rate we access is typically 15-30 bps below a bank's posted rate — only a brokerage can reach it.
Flexible by design
You accept payment uncertainty in exchange for a cheaper exit and upside if rates fall.
Your rate held 90-120 days
A pre-approval locks today's 5-year variable rate while you shop, and many lenders honour a drop if rates fall before closing.
No bureau pull to start
We shop your 5-year variable rate and pre-qualify with no hard credit check, so comparing costs nothing.
Best-rate guarantee
We'll beat any comparable Big-6 5-year variable offer or pay you $500 — and our advice is free, paid by the funding lender.
Why shop your 5-year variable rate with us
- 100+ lenders on one application — banks, monolines, and credit unions.
- Broker-channel rates 15-30 bps below posted.
- Fixed and variable modelled on your numbers before you commit.
- FSRA-licensed advice, no bureau pull to start, best-rate guarantee or $500.