Variable Rate Mortgage

The mortgage that moves.

Interest rate fluctuations can work in your favour with a Variable Rate Mortgage. It can be open or closed, and terms offered can range from 1 to 5 years. Please review our mortgage rates for our current offering.


  • An open Variable Rate Mortgage allows prepayment or payment in full at any time prior to the term expiry without penalty
  • A closed Variable Rate Mortgage provides the prepayment option of paying up to 20% of the principal on the anniversary date
  • Flexible payment options - weekly, biweekly, monthly, 10 months
  • Payment relief available during layoffs, strikes and leaves of absence (including parental)
  • Easy to refinance or convert to a fixed rate at any time
  • Regular statements issued
  • Life, disability, loss of income and critical illness insurance are available

This mortgage is right for you if:

  • You watch interest rates carefully 
  • You expect interest rates to stay stable or drop 
  • You can handle a higher payment should interest rates increase

Terms and conditions Expand/Collapse

  • Requires a minimum 20% down payment 
  • Maximum amortization period is 30 years  
  • Legal, appraisal and processing fees apply

Interest rates

Interest is calculated daily on the outstanding principal and compounds monthly.

It's easy to apply

You can start your mortgage application online, call our Member Solutions Centre at 1.800.598.2891 or visit your branch (an appointment is recommended).


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Variable Mortgages
Variable Rate 1 Year Open 5.10%
Variable Rate 5 Year Closed 4.10%