Canadians comparing mortgage options are watching posted rates closely, especially as lenders price fixed and variable loans very differently across terms. Using the latest posted figures shown, hereâs how Royal Bank of Canada (RBC) and Scotiabank compare on the most searched mortgage terms.
Official rate pages
Check the latest posted offers on the official RBC mortgage rates page and Scotiabankâs official mortgage rates page .
Variable mortgage rates comparison
Variable mortgages can change as prime moves, so the spread between closed and open terms matters. Scotiabankâs variable table shown is effective Feb 9, 2026.
| Product | RBC (posted) | Scotiabank (posted) |
|---|---|---|
| 5-Year Variable (Closed) | Prime â 0.50% (APR 3.980%) | Scotia Flex Value Variable Mortgage (Closed 5-Year) â 4.900% |
| 5-Year Variable (Open) | Prime + 3.30% (APR 7.780%) | Scotia Flex Value Variable Mortgage (Open 5-Year) â 7.650% |
| 3-Year Variable (Closed) | â | Scotia Ultimate Variable Rate Mortgage (Closed 3-Year) â 5.950% |
What stands out: RBCâs closed variable pricing shown is materially lower than Scotiabankâs closed 5-year variable offer, while Scotiabankâs open 5-year variable is slightly lower than RBCâs open 5-year pricing.
Fixed mortgage rates comparison
Fixed rates are best compared term-by-term. Below are the shared terms that appear in the posted tables shown.
| Term | RBC (posted) | Scotiabank (posted) |
|---|---|---|
| 3-Year Fixed | Special offer 4.390% (APR 4.430%) | 6.050% |
| 5-Year Fixed | Special offer 4.590% (APR 4.620%) | 6.090% |
Scotiabank publishes a wider fixed-rate ladder (including 1-, 2-, 4-, 7- and 10-year terms) in the table shown, while RBCâs most competitive pricing in the figures provided clusters around the 3- and 5-year fixed terms.
Short-term and flexible mortgages
Short-term products can suit buyers expecting near-term changes or a refinance, but open terms usually come with higher costs. The Scotiabank short-term fixed table shown lists:
| Scotiabank term | Rate |
|---|---|
| Open mortgage â 6 months | 9.750% |
| Open mortgage â 1 year | 9.750% |
| Flexible / Closed mortgage â 6 months | 6.090% |
Which looks more competitive right now
RBC appears more competitive on the fixed terms shown (3-year and 5-year) and on closed variable pricing shown, driven by prime-linked discounting.
Scotiabank prices flexibility at a premium in short-term open options, while offering a broader fixed-term ladder and structured variable products in its posted tables.
Rates shown match the posted tables in the screenshots provided and may vary by borrower profile, down payment, and mortgage conditions.
Make Swikblog your go-to source on Google for reliable updates, smart insights, and daily trends.
