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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Nesto
3.60%
Interest Rate
3 Years • Variable
3 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,442
Interest (5yr) $47,994
Interest (3 Years) $29,632
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Commission-free mortgage experts providing honest advice and competitive rates through a 100% d... Show more
Butler Mortgage
3.85%
Interest Rate
3 Years • Variable
3 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,481
Interest (5yr) $51,437
Interest (3 Years) $31,730
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Rate Guarantee: We guarantee your rate is in the best 1% of all rates in Canada. Find a lower r... Show more
Nesto
3.95%
Interest Rate
3 Years • Variable
3 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,496
Interest (5yr) $52,817
Interest (3 Years) $32,570
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Commission-free mortgage experts providing honest advice and competitive rates through a 100% d... Show more
CIBC
Ratings
Google: 4.5
Trustpilot: 3.5
RateBuddy: 2
4.05%
Interest Rate
3 Years • Variable
3 Year Variable Flex Mortgage
Payment & Cost
Est. Monthly Payment $1,512
Interest (5yr) $54,200
Interest (3 Years) $33,411
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Take advantage of a cash back bonus directly from CIBC, available whether you are buying a home... Show more
Switch and save: Eligible switchers can get up to $5,500 cash back directly from CIBC.
Laurentian Bank of Canada
4.45%
Interest Rate
3 Years • Variable
3 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,576
Interest (5yr) $59,747
Interest (3 Years) $36,782
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Rates guaranteed for up to 120 days. Benefit from flexible conversion options on select variabl... Show more
B2B Bank
4.45%
Interest Rate
3 Years • Variable
3 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,576
Interest (5yr) $59,747
Interest (3 Years) $36,782
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B2B Bank provides comprehensive mortgage solutions exclusively through independent financial pr... Show more
Scotiabank
5.95%
Interest Rate
3 Years • Variable
Scotia Ultimate Variable Rate Mortgage - 3 Year Closed Term
Payment & Cost
Est. Monthly Payment $1,828
Interest (5yr) $80,776
Interest (3 Years) $49,502
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Unlock a preferred mortgage rate with the Scotia Mortgage+ Program when you bundle your eligibl... Show more
Cap Rate Protection: Fixed payments calculated using a Cap Rate that will not change for the fu... Show more
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Locking In: The Escape Hatch

Daily Insight

Most variable terms let you convert to Fixed at any time without penalty. BUT, you usually have to lock in for the remaining time left on your term. Check if your lender offers the best fixed rates before you sign.

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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Alberta
BC
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Ontario
QC
Quebec
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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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