Variable Rate Explorer

Compare Variable Mortgage Terms

Ride the market. Select a term below to instantly find the lowest variable rates.

1 Year 2 Years 3 Years 4 Years 5 Years
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Yrs
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BMO Bank of Montreal
4.10%
Interest Rate
5 Years • Variable
5 Year Variable Closed
Payment & Cost
Est. Monthly Payment $1,520
Interest (5yr) $54,892
Inquire
Eligible borrowers can earn up to $4,900 cash back directly from BMO when opening a new mortgag... Show more
BMO Bank of Montreal
4.20%
Interest Rate
5 Years • Variable
5 Year Variable Closed (Over 25 Yrs)
Payment & Cost
Est. Monthly Payment $1,536
Interest (5yr) $56,277
Inquire
Eligible borrowers can earn up to $4,900 cash back directly from BMO when opening a new mortgag... Show more
TD Canada Trust
Ratings
Google: 4
Trustpilot: 4.5
RateBuddy: 4.8
4.29%
Interest Rate
5 Years • Variable
5 Year Variable Closed
Payment & Cost
Est. Monthly Payment $1,550
Interest (5yr) $57,525
Inquire
Eligible mortgages may qualify for up to $5,100 in cashback. Offer ends August 31, 2026.
First National Financial LP
4.39%
Interest Rate
5 Years • Variable
5 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,566
Interest (5yr) $58,913
Inquire
First National provides competitive rates, simplified management, and ongoing education to help... Show more
B2B Bank
4.45%
Interest Rate
5 Years • Variable
5 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,576
Interest (5yr) $59,747
Inquire
B2B Bank provides comprehensive mortgage solutions exclusively through independent financial pr... Show more
EQ Bank
4.49%
Interest Rate
5 Years • Variable
5 Year Adjustable Standard Mortgage
Payment & Cost
Est. Monthly Payment $1,583
Interest (5yr) $60,303
Inquire
Equitable Bank offers flexible mortgage solutions with competitive rates, designed to help you ... Show more
Scotiabank
4.90%
Interest Rate
5 Years • Variable
Scotia Flex Value Mortgage-Closed 5 Year Term
Payment & Cost
Est. Monthly Payment $1,650
Interest (5yr) $66,020
Inquire
Unlock a preferred mortgage rate with the Scotia Mortgage+ Program when you bundle your eligibl... Show more
Convert anytime to a fixed term product greater than the remaining term with no charges.
Updating rates...
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The "Trigger Rate" Trap

Daily Insight

Many variable mortgages have fixed payments. If Prime rises, your payment might not cover the interest. Ask your lender: "What is my exact trigger rate?" so you aren't hit with a surprise lump-sum payment.

Mortgage Rates by Lender

Compare rates from Canada's top banks and credit unions.

RBC
RBC Royal Bank Big 5 Bank
TD
TD Canada Trust Big 5 Bank
BNS
Scotiabank Big 5 Bank
BMO
BMO Bank of Montreal Big 5 Bank
CIBC
CIBC Big 5 Bank
NBC
National Bank Major Bank
ING
Tangerine Digital Bank
ATB
ATB Financial Alberta Focus
DES
Desjardins Credit Union
MER
Meridian Credit Union
SER
Servus Credit Union
VAN
Vancity Credit Union
1ST
Connect First Credit Union
FW
First West Credit Union

Choosing a Variable Term

Convertible to fixed Low Penalty (Usually)

With a variable rate, your interest rate moves with the lender's prime rate. The term you choose determines how long you are committed to that specific discount (e.g., Prime - 0.90%).

A 3-year variable is often chosen by those who want flexibility to break early, while the 5-year variable is the standard choice, offering the deepest discount from prime for a longer guaranteed period.

When it shines
  • Expecting rate cuts (Bank of Canada)
  • Prioritizing lower breakage penalties
  • Wanting the option to lock into Fixed later
Watch-outs
  • Payments may fluctuate with Prime
  • Budgeting requires comfort with risk
  • Discounts vary by lender & province
*Guidance only. Actual penalties (3 months interest vs IRD) and conversion options vary by lender.
Variable vs Fixed Snapshot
Rate Behavior
Moves
Locked
Payments
May Vary
Stable
Penalty Cost
Low (3mo Int)
High (IRD)
Flexibility
Convertible
Locked In
Variable Risk Profile
*Visual illustration of potential rate fluctuation over time.

Best Rates by Province

Compare regional lending criteria and exclusive local offers.

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AB
Alberta
BC
British Columbia
ON
Ontario
QC
Quebec
NS
Nova Scotia
SK
Saskatchewan
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Variable Rate Questions

A variable mortgage rate is quoted based on the lender's Prime Rate. For example, you might be offered a rate of "Prime - 0.50%". If the lender's Prime Rate is 6.95%, your actual interest rate would be 6.45%. If the Prime Rate goes up or down, your interest rate changes with it.

This depends on your mortgage type. With most variable-rate mortgages, your monthly payment stays the same, but more of it goes towards interest and less towards your principal. With an adjustable-rate mortgage (ARM), your actual monthly payment amount will increase or decrease with the Prime Rate.

Yes. Most variable-rate mortgages in Canada are "convertible," which means you can lock into a fixed rate with your current lender at any time during your term, usually without paying a penalty. This is a key feature that provides a safety net if you become concerned about rising rates.

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