Variable vs Fixed Rate Mortgages

There's a lot to learn about when you're buying a new home, so we're making it a bit easier here by explaining the differences and benefits of both variable and fixed rate mortgages.

Variable Rate Open Mortgage

Perfect for you if you want:

  • the freedom to pay off part or all of your mortgage at any time, without interest penalties or service fees
  • the flexibility to convert anytime to a Fixed Rate Closed Mortgage if interest rates rise
  • to have a flexible interest rate together with a set mortgage payment, as long as the amount is sufficient to cover your interest cost
Variable Rate Open Mortgage Rates
1-Year 3.70%

Variable Rate Closed Mortgage

Perfect for you if you want:

  • our lowest mortgage rate and monthly payments
  • predictable mortgage payments; while the rate is variable and based on prime, your payments are fixed for the five year term (based on the variable rate closed pricing when you apply)
  • to be able to pre-pay up to 20% of your original or renewed mortgage balance each year, with no interest penalty or service fees
Variable Rate Closed Mortgage Rates
5-Year 2.70%

Fixed Rate Closed Mortgage 

Perfect for you if you want:

  • a guaranteed and protected interest rate; if rates go up, you're protected for the duration of your term

  • predictable mortgage payments every month; you'll know exactly what you'll be paying toward your principal and interest for the entire length of the mortgage term, making it easier to budget

  • the flexibility of terms that range from six months to five years

  • to be able to prepay up to 20% of your original or renewed mortgage balance each year with no interest penalty or service fees; you can set up a payment schedule of your choice, as long as you don't exceed 20% annually

Best Rate Fixed Closed Mortgages Rates
6-Months 2.69%
1-Year 2.79%
2-Year 2.89%
3-Year 2.99%
4-Year 3.09%
5-Year 3.19%
 

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