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Find the best 5-year variable open mortgage rate

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Best 5-year variable open mortgage rates

As of:


TD Bank




Meridian Credit Union






RBC Royal Bank


5-year variable open mortgage rates: FAQ

What are 5-year variable mortgage rates?

Why are fixed rates different to variable rates?

What are open mortgages?

How much can I save comparing 5-year variable rates?

Why compare 5-year variable rates with

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Guide to 5-year variable open mortgage rates

5-year variable open mortgage rates are not common in Canada, but they do have their uses. Open mortgages are a special kind of product, offering lots of flexibility in your pre-payments. This flexibility comes at a price, however, as open mortgages come with higher rates.

A variable mortgage rate is also a specialized product. With a variable rate, your rate will change alongside prime rates. That means your regular mortgage payments can also change. Be sure to make enough room in your budget for this eventuality.

Should you get an open or closed mortgage?

If you’re thinking of moving soon, or if you’re expecting a lump sum of money from an inheritance or bonus, you may want to consider an open mortgage. With an open mortgage, you're able to pay off the entire balance of your mortgage at any time throughout your term, without penalty. The downside is you will pay a premium for this flexibility, in the form of a higher interest rate.

Closed mortgages, on the other hand, are the more popular option chosen by Canadian homebuyers, because their interest rates are much lower. With a closed mortgage, you’re only allowed to pay down a certain amount of your principal each year, as defined in the pre-payment options of your mortgage contract. If you pay off the entire balance before your term is up, you’ll be hit with a pre-payment penalty.

Eligibility for advertised rates

It's important to remember that the rates advertised on the rate tables on this page may not be the rates that you are offered when you make a mortgage application. Your personal mortgage rate will be based on your individual financial situation, and will take into account your credit score, income, level of debt and many other factors.

The best way to get more certainty about what mortgage rates you'll actually qualify for is to speak to a mortgage broker, who can give you expert advice about your personal financial situation at no cost to you. 

The bottom line

As with all mortgages, the best thing you can do is to compare multiple lenders against each other. This lets you find a great rate, as well as decide which mortgage features you need. Use the tools at the top of this page to get personalized mortgage quotes from multiple lenders in less than a few minutes.

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

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