Best 5-year variable rates — 3 lowest in our network
Best-in-network4.04%APR 4.04%
Best-in-network4.04%APR 4.04%
Best-in-network4.04%APR 4.04%
Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See the full live board →
Best 5-year variable rates — FAQ
What is the best 5-year variable mortgage rate in Canada right now?
The best 5-year variable rate in our 50+ lender network is approximately 4.04% as of May 13, 2026. Your personalized rate depends on your file — income, credit, loan-to-value, and property type. We shop every lender on one application to find your lowest.
Is a 5-year variable rate a good idea?
A 5-year variable moves with the Bank of Canada's policy rate. It's typically priced below fixed and carries only a 3-months-interest penalty to break — but your payment can rise if rates climb. Best when you expect rates flat-to-down or value flexibility.
How is a Canadian 5-year variable rate compounded?
Fixed Canadian mortgage rates compound semi-annually (not monthly like the US); variable rates accrue on the daily balance. Our payment calculator uses the exact Canadian convention so your numbers match the lender's.
Can I lock this rate before I buy?
Yes — most lenders offer a 90-120 day rate hold on a pre-approval, so a rising market can't catch you, and many honour a lower rate if they drop. Start a pre-approval (no bureau pull to begin) and we'll hold your best 5-year variable rate.