Variable Mortgage Rates in Canada
Variable rates are set as the lender's prime rate plus or minus a margin. Prime moves with the Bank of Canada's policy rate.
These are official Bank of Canada figures, not offers from any lender.
Bank of Canada policy rate
2.50%
Nov 11, 2026 · Bank of Canada
Prime rate
4.70%
Nov 11, 2026 · Bank of Canada
Average new insured variable
3.74%
−0.01 pts since Jul 2026
Aug 2026 · Bank of Canada
Average new uninsured variable
3.90%
+0.04 pts since Jul 2026
Aug 2026 · Bank of Canada
How variable rates move
Prime is 4.70% (Nov 11, 2026) and the policy rate is 2.50% (Nov 11, 2026), a spread of 2.20 percentage points.
Stress test
Variable-rate borrowers qualify at the higher of their rate plus 2 percentage points or 5.25%. At the average new insured variable rate of 3.74%, that's 5.74%.
Sources
Rules are summarized in our own words from official publications. Check the source and talk to your lender or a licensed professional before making a decision.
Informational only, not financial advice. Data as of the release snapshot generated 2026-11-12.