5-Year Variable Mortgage Rates Canada — November 2026
What are 5 year variable mortgage rates in Canada?
As of November 5, 2026, the lowest tracked 5-year variable is 3.74% (insured and uninsured are not split on this card), the big-bank average is 4.18%, and big-bank 5-year variable rates run from 3.95% to 4.37%. Prime is 4.70%, and the stress-test qualifying rate on that 5-year variable is 5.74% (the greater of the rate plus 2 percentage points or 5.25%).
| Figure | Rate |
|---|---|
| Lowest tracked 5-year variable | 3.74% |
| Big-bank 5-year variable average | 4.18% |
| Big-bank 5-year variable range | 3.95–4.37% |
| Prime rate | 4.70% |
| Stress-test qualifying rate | 5.74% |
Last reviewed November 2026
Live Rates by LenderLast updated 2026-11-05
| Lender | 5-Year Variable |
|---|---|
Lender 1 | 3.74% |
Bank 3 | 3.95% |
Bank 1 | 4.1% |
Bank 2 | 4.19% |
Bank 4 | 4.3% |
Bank 5 | 4.37% |
Rates are posted or discounted offers sourced directly from each lender. Your actual rate depends on credit profile, down payment, property type, and whether the mortgage is insured.
5-year fixed mortgage rates live on the 5-year fixed mortgage rates page. This page is the 5-year variable sheet.
Calculators
A 5-year variable mortgage ties your interest rate to each lender’s Prime Rate, which moves in lockstep with the Bank of Canada’s overnight target. Your rate is expressed as "Prime minus X%" — the discount you negotiate at origination stays the same for the full 5 years, even as Prime rises or falls. Below you’ll find live 5-year variable rates from Canada’s Big 5 and major challenger lenders, alongside the current Prime Rate and the overnight target that sets it.
Related Rates
How 5-Year Variable Rates and Trigger Points Work
Variable-rate mortgages in Canada fall into two subtypes: adjustable (the payment moves with every Bank of Canada decision) and constant-payment variable (the dollar payment stays the same while the interest/principal split shifts). The Big 5 banks mostly sell the constant-payment variant — which introduces trigger-rate risk.
Your trigger rate is the rate at which that constant payment no longer covers the interest portion of the loan. Once hit, your lender will either raise your payment, recast the amortization, or allow negative amortization until a trigger point (typically 105% of original principal) forces action. Ratellow’s variable-trigger-points guide walks through the math.
The quote on this page is a discount to Prime, not a coupon that stays put. Each 25 basis-point move in the overnight target typically resets Prime, and the 5-year variable moves by the same amount. The discount you negotiated does not change mid-term.
At renewal, OSFI’s straight-switch rule applies to uninsured variable mortgages: you can move to a new lender without re-qualifying at the stress test if your amount, amortization, and payment schedule are unchanged.
Frequently Asked Questions
How do 5-year variable mortgage rates move when prime changes?+
A 5-year variable is priced as prime minus a discount. The discount stays the same for the term. When the Bank of Canada changes the overnight target, lenders reset prime, and the variable rate on this page moves by the same number of basis points. Figures come from the live national sheet, not a forecast.
What is the 2026 outlook for prime rates and variable discounts?+
As of 2026-10-29 the Bank of Canada overnight target is 2.50% (announced 2026-10-28, effective 2026-10-29). Big-bank prime is 4.70%, the overnight target plus 2.20, unless a fresher bank prime print disagrees. The next scheduled decision is December 9, 2026. Checked again on November 3, 2026: the overnight target was still 2.50% and big-bank prime was still 4.70%.
These are dated observations, not a rate path. A variable discount is the spread a lender posts below prime. It is not a forecast of the policy rate. Current lender pricing is the live street card at /data/rates.json. Last verified 2026-10-29. Checked again on November 3, 2026: the overnight target was still 2.50% and big-bank prime was still 4.70%.
Read full answer →How do I calculate the 2026 'Trigger Rate' for you?+
The Trigger Rate is the point where the monthly interest equals the monthly payment.
Read full answer →How do 2024 reforms impact insured variable products?+
Insured variables on homes up to $1.5M now allow for 30-year amortizations (for FTHB/New Builds).
Section Summary - Strategy: Use 30-year variable to maximize cash flow while keeping the '3-Month Interest' penalty benefit. - Goal: Advise borrowers to manually increase their VRM payment by 5% to create a principal buffer.
Read full answer →Related Guides
5-Year Variable Mortgage Rates
Loading live lender rates…
Market Indicators
Analyze Your Mortgage Scenario
Use our interactive tools to calculate how different scenarios and rates affect your mortgage payments.