Today's Top Deal


5yr Variable (Insured)

  • 3
  • 15
  • 10
  • 57
  • Days
  • HR
  • Min
  • Sec

Canada's best variable rate

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Lots to Love

For well-qualified borrowers with a financial cushion, an effective variable rate of prime - 1.41% offers tremendous risk/reward.

The Bank of Canada would likely need to hike rates at least 100 basis points for this mortgage to cost you more than a typical 5-year fixed, based on interest cost alone. And with Canada now seeing its first inverted yield curve since the financial crisis, odds of that happening seem to be shrinking by the day.

Who’s Right For This Deal

Consider this rate if you have:

  • The need for a new mortgage on a home purchase or renewal
  • A loan-to-value greater than 80% (or an already default insured mortgage)
  • At least 3-4 months of living expenses saved up
  • A better-than-average ability to handle higher payments
  • A desired amortization of 5 to 25 years
  • Good credit and provable income.
  • A home valued at $999,999.99 or less

The rate shown is based on a $300,000 mortgage. Higher loan amounts qualify for even better rates, and vice versa.

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)
  • The rate is guaranteed for 45 days (60 days may be possible on exception)
  • Enjoy flexible 20% annual lump sum prepayment privileges and 20% payment increase
  • This lender requires all documents and the signed approval to be returned within 7 days of approval
  • You can lock in to a 5-year fixed mortgage at any time with no penalty
  • Entails a fair penalty if you have to terminate the mortgage early
  • Full portability with a 90-day port gap, subject to re-qualification
  • The mortgage has a standard non-collateral charge to make switching lenders cheaper and easier at renewal
  • 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 Ontario, Alberta and B.C. But don’t take our word for it. Compare this deal to others using Canada’s most popular rate shopping tools.