Today’s Mortgage Rates updated as of December 26, 2024 1:29 am
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
A 5-year variable mortgage rate offers interest rates that fluctuate based on the lender’s prime lending rate over a five-year term. Unlike fixed rates, your monthly payments or interest allocation may change if the Bank of Canada adjusts its policy rate. This option is ideal for borrowers who are comfortable with some level of risk and want to benefit from potential rate decreases.
Whether you’re a first-time homebuyer, refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.
This guide focuses on helping you navigate the Ontario mortgage market, offering insights into current rates, strategies for securing the best deal, and regional trends.
Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.
For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).
Opting for a 5-year variable mortgage rate comes with distinct advantages:
Learn more about today’s best mortgage rates in Canada.
| Lender | 5-Year Variable Rate (%) | Features |
|---|---|---|
| Big 5 Banks (Average) | 5.10% – 5.40% | Standard variable-rate terms |
| Online Lenders | 5.00% – 5.30% | Competitive rates with lower fees |
| Credit Unions | 5.05% – 5.35% | Personalized service, flexible repayment terms |
Variable rates are tied to the lender’s prime rate, which changes based on the Bank of Canada’s policy rate decisions. Here’s how it works:
| Metric | 5-Year Variable | National Average |
|---|---|---|
| Average Rate (2024) | 5.25% | 5.50% – 6.50% |
| Typical Loan Size | $370,000 | $390,000 |
| Approval Time | 3–7 Business Days | 3–7 Business Days |
At Citadel Mortgages, we specialize in finding flexible and competitive mortgage solutions tailored to your needs.
Comprehensive Lender Network:
Personalized Guidance:
Custom Mortgage Plans:
Hassle-Free Process:
Using a mortgage broker that has access to some of the lowest mortgage rates in Canada, is key to ensure you have the best approval rate.
While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
To qualify for the best 5-year variable mortgage rates, borrowers should meet these requirements:
A 5-year variable mortgage is best suited for:
Market Watchers:
Long-Term Planners:
Flexible Borrowers:
Perfect for those who may want to convert to a fixed rate if needed.
We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!
At Citadel Mortgages, we recognize how important it is to stay informed about changing mortgage interest rates. Whether you’re purchasing your first home, refinancing, or renewing your mortgage, we’re here to guide you through the process with solutions that suit your financial needs, even in fluctuating rate environments.
From fixed to variable rates, we offer tailored solutions that help you secure the most competitive interest rates for your situation.
Our team monitors the Canadian mortgage market to provide insights on current rates, helping you make informed decisions.
We focus on finding solutions, even if you’ve faced credit challenges or financial setbacks.
Income constraints shouldn’t hold you back. We specialize in making homeownership accessible for Canadians in various financial situations.
Enjoy a smooth experience with quick approvals and clear communication every step of the way.
Secure today’s interest rates to avoid surprises if rates increase before your mortgage closes.
Consolidate high-interest debt into a single, lower-interest mortgage payment, saving you money and simplifying your finances.
Choose flexible payment terms that fit your budget, whether you prefer the stability of a fixed rate or the potential savings of a variable rate.
Refinance your mortgage to tap into your home’s equity for renovations, debt consolidation, or investment opportunities.
| Feature | 5-Year Variable | 5-Year Fixed | 3-Year Variable |
|---|---|---|---|
| Term Length | 5 Years | 5 Years | 3 Years |
| Interest Rate | Lower Potential | Stable | Lower Potential |
| Payment Stability | Fluctuates | Stable | Fluctuates |
| Flexibility | High | Moderate | Higher |
| Best For | Market Watchers | Long-Term Stability | Short-Term Planners |
Staying updated on the Bank of Canada’s target overnight rate helps homeowners and buyers:
The Bank of Canada schedules eight interest rate announcements annually, providing updates on monetary policy.
With the Bank of Canada targeting inflation control, many Canadians face the dilemma of choosing between fixed and variable mortgage rates.
| Feature | Fixed Rate | Variable Rate |
|---|---|---|
| Payment Stability | Consistent payments for the term | Payments fluctuate with the prime rate |
| Interest Costs | Slightly higher but predictable | Lower initially but may increase |
| Risk Tolerance | Ideal for risk-averse borrowers | Suitable for those comfortable with rate changes |
| Market Outlook | Best if rates are expected to rise | Best if rates are expected to fall |
Rates change based on adjustments to the Bank of Canada’s policy rate, typically a few times per year.
Yes, as payments or interest costs can increase if rates rise. However, they offer potential savings if rates drop or stay low.
Most lenders allow this option, though terms and conditions may apply.
It can be, particularly for those comfortable with potential payment fluctuations and aiming for lower initial rates.
Use our mortgage calculator to gain a clearer picture of what you can expect in terms of monthly payments, interest costs, and amortization schedules. Simply input your loan amount, interest rate, and amortization period to get started. This tool provides estimates to help you make informed decisions as you explore different mortgage options.
A 5-year variable mortgage rate offers an excellent combination of flexibility and potential savings, making it an appealing choice for Canadian homeowners and buyers who are comfortable with fluctuating interest rates. With a five-year term, you have the opportunity to benefit from lower initial rates while maintaining the option to switch to a fixed rate if market conditions change.
This option is particularly advantageous for market watchers, long-term planners, and those willing to take on some risk for the potential reward of lower payments. However, it’s essential to assess your financial goals, risk tolerance, and ability to handle possible rate increases before committing to a variable mortgage.
At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.
At Citadel Mortgages, we pride ourselves on offering expert, client-focused mortgage solutions that stand out in the industry. Here’s why you should choose us:
Our mortgage brokers are licensed and certified across multiple provinces, providing exceptional advice and service tailored to your unique needs. Our mortgage brokers are committed to delivering the highest standards of professionalism and expertise.
Unlike traditional commission-based models, our mortgage agents are evaluated based on client satisfaction and the quality of their advice. This ensures that you receive impartial guidance on the best mortgage options for your situation.
Citadel Mortgages offers competitive rates that help you save money over the life of your mortgage. Our team works diligently to find the most favorable terms to suit your financial goals.
We are dedicated to transforming the mortgage industry by offering a transparent, seamless process. Our 100% digital platform ensures that you can manage your mortgage application from start to finish with ease and confidence.
At Citadel Mortgages, our mission is to provide a positive, empowering, and transparent property financing experience. We simplify the mortgage process to make it as straightforward and stress-free as possible.
For personalized advice and the best mortgage rates in Toronto, contact our licensed and knowledgeable mortgage experts at Citadel Mortgages.
See how you can save and become mortgage-free sooner
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Montreal Office – 1155 Rue Metcalfe #1500, Montreal, QC, H3B 2V6
Disclaimer
Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.
Citadel Mortgages is licensed to operate in the following jurisdictions:
Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).
We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.
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