Today's Top Deal


5yr Variable (insured only)

  • 1
  • 19
  • 26
  • 47
  • Days
  • HR
  • Min
  • Sec

Canada's best variable rate

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Lots to Love

While the Bank of Canada recently hiked its overnight lending rate, the maximum likely increase for rates is less than it has been in previous rate cycles. 

The Bank of Canada would have to hike its policy rate a full percentage point—and maintain rates at that level or higher—in order for a 5-year fixed to beat this 1.83% offer, based on interest cost alone.

That's why, for well-qualified borrowers with a financial cushion, this effective prime - 1.37% variable is a sound option.

Who’s Right For This Deal

The rate shown is based on a $300,000 mortgage, fully provable income and a closing date within 90 days

Consider this rate if you have:

  • An insured mortgage or less than 20% equity
  • At least 3-4 months of living expenses saved up
  • A better-than-average ability to handle higher payments
  • An amortization of 5 to 25 years
  • Good credit and provable income.

Rate Specifics

  • This rate is for default insured purchases and switches only (i.e. your mortgage must be more than 80% of your home value, or you must have default insurance already)
  • Flexible 20% annual lump sum prepayment privileges and 20% payment increase
  • As with most insured mortgages, appraisals are free.
  • Note that while this is a full-featured mortgage, refinances with other lenders are not permitted before maturity.
  • You can lock in to a 5-year fixed mortgage at any time, at the lender's then-current rates and terms.
  • A standard non-collateral charge makes switching lenders cheaper and easier at renewal
  • Early discharge entails a 3-month interest penalty at the contract rate or prime rate, whichever is greater. 
  • Full portability with a 90-day port gap, subject to re-qualification
  • This offer is available to brand new clients who have not submitted an application in the last 6 months. It is based on approved credit and subject to change without notice.
  • Other conditions may apply. E&OE. O.A.C.

Got a question? Live chat with our friendly mortgage concierges, or call 800-280-2460 from 9 a.m. to 8 p.m. ET (5 p.m. PT).

How It Stacks Up

Today’s top deal should be the best value in Alberta, BC, Ontario, New Brunswick, Newfoundland and PEI. But don’t take our word for it. Compare this deal to others using Canada’s most popular rate shopping tools.