Best Mortgage Rates in British Columbia

Compare British Columbia mortgage interest rates from top lenders and brokers & save on your mortgage.

Why Homebuyers Look to British Columbia for Mortgages

Why Homebuyers Look to British Columbia for Mortgages

Many homeowners are looking to buy residential property in British Columbia because of appealing opportunities to live, work, and study. After all, British Columbia is the only province in Canada that features a “West Coast Special,” which means a person can ski and golf in the same day. Canada’s westernmost province has among the longest frost-free periods in the country largely due to mild temperatures and maritime climate, which often results in flowers blooming as early as February in its southern regions. Not surprisingly, British Columbia residents enjoy the hottest summers and the mildest winters in all of Canada.

In addition, British Columbia houses a diverse culture consisting of people from all over the world as well as indigenous peoples. British Columbia offers a high standard of living along with a low crime rate, making it a very desirable destination for many. If you're looking to purchase property in British Columbia, compare BC mortgage rates today.

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Snapshot of British Columbia Housing Market

Snapshot of British Columbia Housing Market

The outlook for British Columbia housing activity over the next two years remains upbeat, according to Canada Mortgage and Housing Corporation (CMHC). Lower transportation costs, due to low oil prices, as well as low interest-sensitive sectors of the economy add to British Columbia's overall economic growth. CMHC forecasts that job growth and population growth will support demand for both new and resale housing, as well as rental accommodation over the forecast horizon.

It is also forecasted that housing starts will remain above the five-year average level of just over 19,000 units. According the BC Real Estate Association, the 2019 average price for a home was $665,590.

Higher home prices in Vancouver may contribute to people moving to more affordable housing areas; generating demand and creating higher home prices in those markets. Thus, prospective buyers have a wide catchment of property choice.

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Plenty of Mortgage Competition in British Columbia

Plenty of Mortgage Competition in British Columbia

Homebuyers can consider both fixed rate mortgages and variable rate mortgages offered by the major banks such as Royal Bank of Canada, Bank of Montreal, TD Canada Trust, Scotiabank, CIBC and National Bank of Canada. The mortgage brokers in British Columbia have also been a reliable source of finding quality low rate mortgages for house hunters in B.C., which means the likes of Centum Home Lenders, Dominion Lending Centres, Verico Paragon Mortgage Group, The Mortgage Centre and others have seen volume business in the competitive market.

Mortgage shoppers in B.C., of course, have plenty of options in terms of home loans and must always conduct proper research to find the lowest rates and best mortgages in British Columbia. Rates.ca is not a broker and is not affiliated with any particular financial services company, though we have listed some for information purposes only. Remaining unbiased allows us to take an objective approach in helping you find the best mortgage rates in British Columbia and beyond.

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Frequently Asked Questions About BC Mortgages

What is the most popular type of mortgage in British Columbia?

Fixed-rate mortgages are the most popular in British Columbia, as is the case across Canada. A whopping 77 per cent of Canadians choose to get a fixed-rate mortgage, according to a CIBC survey. A fixed rate mortgage rate is one that is locked in for a period of years, most commonly five years, thereby the rates remain the unchanged (or fixed) throughout the term of the mortgage.

Read our informative Mortgage Guides to learn more about open and closed mortgages, fixed vs variable mortgage rates, and mortgage vs HELOC. This comprehensive list of resource guides will help you find important information on the best Canadian mortgage products.

What is the current forecast for residential sales in British Columbia?

According to the British Columbia Real Estate Association (BCREA) residential sales in BC are forecast at 80,000 units this year (a 2.1% increase). In 2018, there were 78,345 residential sales.

How is the economy in British Columbia?

The Province of British Columbia has enjoyed five consecutive years of economic growth; creating an environment where British Columbia has the lowest unemployment rate of Canada.

What is British Columbia’s First-Time Homebuyers program?

The Government of British Columbia has created a The First Time Home Buyers' Program that reduces or eliminates the amount of property transfer tax you pay when you purchase your first home.

This is a good incentive for first-time homebuyers to look at the mortgage competition in British Columbia, and may be especially of interest for anyone buying a property with someone. If you qualify but your partner is not eligible, you still qualify. For example, if you qualify and want to purchase your first home with a $400,000 value with a person who is not eligible for the First Time Home Buyers’ Program, you would still qualify.

Here’s how the program works. Say for example you owned 50% interest in the home, then under the First Time Home Buyers’ Program 50% of the tax amount would be eligible for the property transfer tax exemption. For more information read our Land Transfer Guide. With the growth of people looking for first-time mortgages, renewals, and refinancing B.C. mortgages are in high demand. The mortgage brokers in B.C., the big banks and other lenders have to keep mortgage rates in British Columbia quite competitive to win over the new business, which is good news for first-time homebuyers and repeat homebuyers alike.

What are the best neighbourhoods to buy homes in British Columbia?

According to a report on the best places to live in Canada, the best places to buy a home in British Columbia are:

  • Fort St. John
  • Whistler
  • Squamish
  • Delta
  • North Vancouver
  • West Vancouver
  • Vancouver
  • Oak Bay
  • North Vancouver
  • North Saanich

The report weighted these cities and neighbourhood based on a number of variables including wealth and economy, demographics, home affordability, low taxes, public transit, health accessibility, low crime, arts and community, weather, and amenities.

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