With the rise in interest rates, variable rate mortgages have been declining in popularity in Canada. Consumers are looking for increased stability during this period of high inflation and cost of living.
But, if you need the flexibility of a short-term open mortgage and you're willing to roll the dice on interest rates, the RBC open variable rate mortgage is likely on your comparison list. Of the similar mortgages we've looked at, the RBC option has an interest rate that falls in the middle of those available, and the range isn't that broad. Unfortunately there's only one term available for this mortgage, but that doesn't matter so much with open mortgages, since you can pay them off at any time with no added penalties.
RBC variable open mortgage features
You can see all the features of an RBC open variable mortgage here.Why You Want It
Apply for pre-approval online + Get a mortgage with a reputable lender.
Provinces
ALL
Mortgage Rates
Variable (Open)
5 Year
7.78%
Features
Rate Type
Variable Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
See Issuer for Details
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
100%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
RBC variable open mortgage product rating: 4.2 stars
The RBC open variable rate mortgage has an unimpressive interest rate and a single available term of 5 years. Beyond that, there's very little to talk about with this mortgage option. But, since this is a niche option with a pretty specific application, that's not really unexpected.
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 variable open mortgage
As you can see, there are some serious perks to getting your open variable mortgage through RBC.
Pros
Online pre-approval
It's quite simple to use the RBC website and apply for pre-approval. You'll be able to lock in your rate and find out exactly how much you can afford to spend on your property. And once you've begun the application, a mortgage specialist will contact you within 24 hours to either help you fill out the rest or discuss further details with you – these specialists will sometimes even meet you at your home if you so request. It's both timely and convenient.
Large presence means convenience and stability
RBC is a well established Canadian financial institution and they're one of the country's largest mortgage lenders. They have over 1,200 locations across Canada and offer access to a number of other banking services. If you want the dependability of working with a long-standing, brick-and-mortar lender, or if you simply want to keep all your financial dealings under one roof, RBC is a safe bet.
The cons of an RBC variable open mortgage
There are a few downsides to these RBC mortgages, though. Here are some examples.
Cons
Higher rate
RBC certainly isn't offering the lowest rate possible for its open variable mortgages. In fact, it's one of the highest options available right now.
Lack of term options
Other mortgage lenders offer more than one term option and you'd expect RBC to follow suit, but they remain firm with only their 5-year option. The fact that there's only one possible term to choose from can be frustrating.
Customer service
Because RBC is such a big presence and services millions of clients, the level of service you receive can be less personal than with smaller institutions. While their website is convenient, customers have reported long wait times on the phone, slow email responses, and other communication issues.
Your mortgage calculator
If you'd like to see what your monthly mortgage payments would look like if you went with an RBC variable open mortgage, you can check out our easy-to-use calculator below:Mortgage Information
RBC variable open mortgage alternatives
Here's how RBC's variable open mortgage stacks up against the alternatives.
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Variable Open Mortgage | nesto | Meridian Closed Fixed Mortgage | Tangerine Closed Variable Rate Mortgage |
| Genius Rating | ||||
| Why You Want It | Apply for pre-approval online + Get a mortgage with a reputable lender. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Get competitive mortgage rates + Flexible portability and prepayments. |
| Mortgage Rates | Variable (Open)
| Fixed Closed
| Fixed Closed
| Variable (Closed)
|
| Rate Type | Variable Open | Fixed Closed | Fixed Closed | Variable Closed |
| 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 | See Issuer for Details | See Issuer for Details | Unlimited | See Issuer for Details |
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 Tangerine products Compare |
FAQ
Is there an RBC 5 year variable open mortgage option?
Yes. Right now, this is the only term offered by RBC on this type of mortgage. If you require a different term length, you might consider looking at fixed rate mortgage options – there are 3 different term lengths available for these from RBC. You can read more details about the RBC variable open mortgage here.
How can I apply for an RBC variable open mortgage?
The best way to apply for this type of mortgage is to visit the RBC website. There, you'll be able to fill out an application and hopefully receive preapproval. You can read more about the benefits of applying online here.
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.
Hot Money Deals This Month
- Get even more cash back with exclusive offers only available on the GeniusCash app
- Explore bigger GeniusCash offers that you won't find anywhere else.
- Connect your credit cards and unlock bonus cash.
- Explore customized recommendations to level up your rewards.
- Refer your friends and family to earn bonus levels and extra cash back.
- Take control of your money with a full-featured chequing account$ + $100 GeniusCash GeniusCash
- Get up to $700 in cash when you open a new account and complete specified actions.
- Unlimited free transactions – including debit and Interac e-Transfers®.
- Earn Scene+ points on every debit transaction.
- $100 GeniusCash on approval – ends April 30, 2026.*.
- Get up to $800 when you open a BMO Performance Chequing and Savings Amplifier account + $160 GeniusCash
- Earn up to $800 in bonus cash when you complete a few actions.
- Unlimited debit, Interac e-Transfers®, and more.
- Special rates for students, newcomers, and Canadian Defense community members.
- $160 GeniusCash on approval – ends April 30, 2026.*.
- Earn up to 3%% on your balance + $50 GeniusCash
- Earn a minimum of 2.25%% on any balance.
- Earn 3%% interest when you maintain a balance of $20,000 or more.
- Move your money whenever you want.
- $50 GeniusCash on approval – ends April 30, 2026.*.
- Bonus: Get one of the lowest brokerage rates from an online broker from a Big 5 Bank →
