Latest Mortgage Rates Canada
Compare current rates from Canada's top lenders including Big 6 Banks and monoline lenders. Updated twice daily.
5-Year Variable Mortgage Rates Canada
Compare prime-based variable rates from 34+ Canadian lenders. Rates move with the Bank of Canada.
Best Uninsured
3.30%
Royal Bank of Canada
Best Insured
3.40%
nesto
Average Rate
4.18%
Across 55 rates
Compare all rate types
See fixed, variable, and all terms side by side.
Current Variable Rates
55 rates found| Lender | Type | Rate | Spread to Prime | Action |
|---|---|---|---|---|
| Royal Bank of Canada | Uninsured | 3.95% | N/A | View → |
| Royal Bank of Canada | Insured | 3.65% | N/A | View → |
| Royal Bank of Canada | Uninsured | 4.05% | N/A | View → |
| Royal Bank of Canada | Uninsured | 3.30% | N/A | View → |
| TD Bank | Uninsured | 4.94% | N/A | View → |
| TD Bank | Uninsured | 4.29% | N/A | View → |
| Bank of Montreal | Uninsured | 4.15% | N/A | View → |
| Bank of Montreal | Uninsured | 4.25% | N/A | View → |
| Scotiabank | Uninsured | 4.90% | N/A | View → |
| Scotiabank | Uninsured | 7.65% | N/A | View → |
| Canadian Imperial Bank of Commerce | Uninsured | 4.15% | N/A | View → |
| National Bank of Canada | Uninsured | 4.10% | N/A | View → |
| nesto | Insured | 3.40% | N/A | View → |
| nesto | Uninsured | 3.90% | N/A | View → |
| Tangerine | Uninsured | 4.25% | Prime - 0.45% | View → |
| EQ Bank | Uninsured | 4.20% | N/A | View → |
| EQ Bank | Insured | 4.00% | N/A | View → |
| Simplii Financial | Uninsured | 4.75% | N/A | View → |
| Simplii Financial | Insured | 4.55% | N/A | View → |
| Motive Financial | Uninsured | 4.75% | N/A | View → |
Frequently Asked Questions
What is a variable mortgage rate?
A variable rate mortgage has an interest rate that fluctuates with your lender's prime rate. When the Bank of Canada changes its overnight rate, lenders adjust their prime rate, which affects your mortgage rate. Your payment typically stays the same, but the amount going to principal vs. interest changes.
Should I choose variable or fixed in 2026?
Variable rates are currently competitive with fixed rates and offer potential savings if rates fall further. However, they carry risk if rates rise. Fixed rates provide payment certainty. The choice depends on your risk tolerance and financial stability.
What does 'Prime - 1.05%' mean?
It means your mortgage rate is 1.05 percentage points below the lender's prime rate. If prime is 5.45%, your rate would be 4.40%. The discount (or 'spread') is locked in for your term, but the actual rate moves with prime.
How often do variable rates change?
Variable rates change whenever the Bank of Canada adjusts its overnight target rate, which happens at 8 predetermined dates per year. Between these dates, rates typically stay stable. Lenders usually pass rate changes through within 1-2 business days.
What happens if I break a variable mortgage early?
Variable mortgages typically have lower penalties than fixed. The standard penalty is 3 months' interest (not the higher IRD calculation). This makes variable mortgages more flexible if you might sell, refinance, or move before the term ends.
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