5-Year Variable Mortgage Rates in Canada
A 5-year variable rate mortgage moves with your lender's prime rate, which tracks the Bank of Canada's overnight policy rate. Historically, variable rates have saved borrowers money over the long run — but they carry more risk when rates rise. Current best 5-year variable rates start from 5.45%.
Today's Best Rates
Best: 5.45%| Rate Type | Best Rate |
|---|---|
| 5-Year Fixed | 4.89% |
| 5-Year Variable | 5.45% |
| 3-Year Fixed | 4.74% |
| 2-Year Fixed | 5.10% |
| HELOC | 6.20% |
*Based on $500,000 home, 20% down, 25-yr amortization. Last updated: May 25, 2026. Rates updated daily.
Key Facts: 5 Year Variable Mortgages
- Rate adjusts as the Bank of Canada changes its policy rate
- Historically lower total interest cost vs fixed over long periods
- Penalty for breaking is typically just 3 months interest
- Some lenders offer variable rates with fixed payments (adjustable amortization)
- Best for borrowers comfortable with rate fluctuation and planning to break early
Not sure which term is right for you?
A licensed broker can compare options across 50+ lenders for free.
See Your Rate in 60 Seconds
No credit check. Licensed brokers only.