With mortgage rates hitting record highs, you may be wondering if a variable rate mortgage is right for you. If rates stay high, you could end up paying more...but if rates go down, you save money on payments. If you're willing to roll those dice, a variable rate mortgage might be right for you.
RBC offers a basic variable rate mortgage with pretty average rates, few options, and unimpressive special offer rates. If you're looking to save the most money on your mortgage, you're likely to find a better deal at another bank.
RBC closed variable rate mortgage features
Here's what you'll find RBC has to offer for variable mortgages.
Why You Want It
Lock in your rate for 120 days + Get flexible repayment options.
Provinces
ALL
Mortgage
Fixed Closed
1 Year
5.84%
2 Years
5.14%
3 Years
6.05%
10 Years
6.8%
5 Years
6.09%
Features
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
10%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
See Issuer for Details
Promotion Available
N/A
Promotion End Date
See Issuer for Details
RBC closed variable rate mortgage product rating: 4.6 stars
RBC's variable rate mortgage offerings earned a 4.6 star rating. While their rates are low, they're not as low as you can find elsewhere. And their special offer rates aren't even as low as some banks' regular variable mortgage rates. Top that off with no special features, and you're looking at a pretty lacklustre offering from one of Canada's largest banks.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of an RBC closed variable rate mortgage
While RBC variable mortgages aren't much to get excited about, there are a few upsides.
Pros
You can save money compared to a fixed rate mortgage
Variable rate mortgages could give you a way to save on your mortgage if rates stay low, but you run the risk of those rates going up unexpectedly in the future. If you're comfortable with that idea, a variable rate mortgage might be a good choice for you.
RBC offers a 120 day rate guarantee
RBC will guarantee their mortgage rates for 120 days once you're approved. This gives you plenty of time to look around and buy a house without having to worry about whether rates go up in the meantime. And the nice part? If rates actually go down before you purchase a home, you'll get the lower rate when you do.
Flexible mortgage repayment options
RBC offers a number of ways you can pay your mortgage, including accelerated payments, double-up payments, and prepayments. Anything you can do to pay off your mortgage more quickly will save you money in the long term, so having a number of flexible payment options available is a nice thing.
The cons of an RBC closed variable rate mortgage
Of course, there are some downsides to RBC's variable mortgages.
Cons
RBC rates are average at best
While RBC has low variable mortgage rates, they're not as low as some of their competitors. Even RBC's special rates are higher than other banks. And if you're going with a variable rate mortgage in order to save some money, you'll find better deals elsewhere.
Variable rate mortgages are slightly risky
Mortgage rates are currently at a record high and they've been that way for awhile. You may be able to save some money by getting a fixed rate mortgage now, so if rates go up, you’re locked in at a lower rate for 5 or 10 years.
RBC closed variable rate mortgage alternatives
We compared RBC variable rate mortgages to those offered by 2 other big banks, plus one online bank.
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Closed Variable Rate Mortgage | nesto | Meridian Closed Fixed Mortgage | Scotiabank Open Fixed Mortgage |
| Genius Rating | ||||
| Why You Want It | Lock in your rate for 120 days + Get flexible repayment options. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Get flexible prepayment options + Choose from 6 and 12 month terms. |
| Mortgage | Fixed Closed
| Fixed Closed
| Fixed Closed
| Fixed Open
|
| Rate Type | Variable Closed | Fixed Closed | Fixed Closed | Fixed Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | 1 | See Issuer for Details | Unlimited | N/A |
Show More | ||||
| See rates & details See more RBC products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more Scotiabank products Compare |
FAQ
What is the RBC variable mortgage rate?
RBC offers variable rate mortgages with a number of options. Their variable mortgage rates are posted on their website, alongside their fixed mortgage rates, so you can quickly see how these compare. As mortgage rates tend to change often, we recommend you always check the banks' websites to see what the current posted mortgage rates are on any given day.
Are variable rate mortgages a good idea?
Variable rate mortgages can save you some money if mortgage rates stay low. With mortgage rates being as high as they are right now, however, you may consider a fixed rate mortgage so you can lock in before rates get higher. There's no guarantee that rates are going to go down, which is why there's some risk with variable rate mortgages.
What is the best variable rate mortgage in Canada?
The best variable rate mortgage in Canada really depends on what you're looking for, and which banks are posting the lowest rates. If you're more comfortable going with a big bank for your mortgage, you should take a look at the various big bank websites to see who's offering what rates. If you're comfortable having your mortgage with an online-only bank, you should take a look at what Tangerine is currently offering. You might also see what your local credit unions are offering for mortgages – they often have competitive rates that might be of interest.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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