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Evaluate all of British Columbia's best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on a home value of $400,000
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 4.99% | 5.99% | 5.99% | 6.69% |
6.79%
|
| 2-year fixed rate | 5.71% | 5.49% | 5.49% | 6.04% |
6.39%
|
| 3-year fixed rate | 4.79% | 5.04% | 5.04% | 4.94% |
5.55%
|
| 4-year fixed rate | 4.99% | 4.94% | 4.94% | 5.09% |
5.29%
|
| 5-year fixed rate | 4.74% | 4.94% | 4.94% | 4.94% |
4.84%
|
| 7-year fixed rate | 5.59% | 5.59% | 5.59% | 5.59% |
5.90%
|
| 10-year fixed rate | 5.84% | 5.84% | 5.84% | 5.84% |
7.25%
|
| 3-year variable rate | 6.10% | 6.70% | 6.70% | N/A |
8.60%
|
| 5-year variable rate | 5.99% | 6.30% | 6.30% | 6.25% |
6.59%
|
| HELOC rate | 7.70% | 7.40% | 7.40% | 7.40% | N/A |
| Stress test | 6.74% | 6.79% | 6.79% | 5.25% | N/A |
Updated
British Columbia is a strong and robust contender in the Canadian real estate market, holding the second position after Ontario. Known the world over for its breathtaking natural landscapes and luxurious homes, the province attracts numerous homebuyers captivated by its beauty.
For those navigating the mortgage landscape in British Columbia, the province offers the second-most competitive market in Canada. This competitive environment often translates to mortgage shoppers securing some of the most favorable rates available from lenders across the country.
One of the key aspects of the BC mortgage scene is the higher concentration of mortgage brokers per capita, coupled with a robust presence of credit unions. This unique market dynamic sets the stage for intense competition, with both these segments challenging the dominance of major banks. The resulting competition plays a key role in driving down mortgage rates, offering borrowers a more advantageous lending environment.
Comparing mortgage rates from various lenders would give you a clearer picture of what’s the best rate for you. Lenders in British Columbia will check your financial situation and offer you a rate. No two lenders offer the same mortgage rate, so it is advisable to reach out to as many lenders as possible and seek quotes.
At RATESDOTCA, we help you get quotes from 50+ mortgage lenders in just a few minutes. Your quotes from 50+ lenders from across Canada are only a click away. All you have to do is answer a few questions and wait for your rates to appear.
The Bank of Canada’s consistent interest rate hikes have made it difficult to qualify for mortgage loan for many potential buyers.
After the recent rate hike in October 2023, the Bank of Canada’s policy interest rate stands at 5%. This has a direct impact on variable interest rate which is hovering above the 6% mark.
The Bank of Canada’s change in policy direction has also sparked a shift in expectation about when the rates would ease – from early next year to perhaps the end of 2024 or even mid-2025.
This has had a significant impact on long-term interest rates as well. Yields on 5-year Government of Canada bonds soared in August, surpassing the 4% mark for the first time in 15 years.
Consequently, the fixed rate mortgages have also hit annual highs. The impact of this interest rate is clearly visible in the housing markets across the country. With inflation rate not expected to return to target of 2% until 2025, households may be waiting longer than expected for relief on variable rates. The British Columbia Real Estate Association expects 5-year fixed rates may start to come down in early 2024 as bond markets price in slowing inflation and future rate cuts by the Bank.
According to the CMHC Average scheduled monthly payments for new mortgage loans ($) report, the monthly payments have seen almost $500 increase from Q1 2022 to Q2 2023.
This is mainly due to the increasing interest rates despite the housing market cooling down slightly in Q3-Q4 2022 to gaining momentum in Q1-Q2 2023.
| Geography | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 |
|---|---|---|---|---|---|---|
| Canada | $1,594 | $1,722 | $1,909 | $1,923 | $1,984 | $1,922 |
| British Columbia | $2,038 | $2,234 | $2,506 | $2,553 | $2,607 | $2,626 |
Source: CMHC
In October 2023, there were 5,373 residential unit sales in British Columbia, marking a 1.8% rise from October 2022. The average residential price reached $968,786, reflecting a 4.1% increase compared to the same month in 2022. The total sales dollar volume for October 2023 was $5.2-billion, indicating a 6% growth compared to the previous year.
The most expensive neighborhoods were Greater Vancouver (average MLS residential price was $1,300,637), Victoria (average price $958,161), Fraser Valley (average price $1,014,850), Vancouver Island ($711,957) and Chilliwack ($737,331).
British Columbia house prices were significantly impacted by the Bank of Canada rate hikes from Q2 2022 to now. The housing market gained some momentum in the spring of 2023, however that was short lived as BoC increased rates again in July. The momentum has slowed down again at the outset of winter 2023 due to the rate hike (rate stands at 5% as of October 2023) but that has not had an impact on the house prices which remain high.
Buying your first home can be challenging and you may find yourself overwhelmed with information out there. Here are a few tips to consider when stepping in the real estate market to find your perfect home.
Homeownership in Canada, especially in British Columbia, can be costly. Evaluate your income, estimate total homeownership expenses, and create a financial plan. Consider not only monthly mortgage payments but also other expenses like closing costs, land transfer taxes, insurance, property taxes, utility bills, broker payment, and maintenance. Anticipate big-ticket items like appliances or a new roof.
Before house hunting, seek pre-approval for a mortgage. This will give you a clear picture of your affordability, qualifying interest rates, and estimated monthly mortgage costs. Knowing this information is crucial for determining suitable neighborhoods and housing options.
Consider long-term needs when choosing a home. Anticipate potential lifestyle changes, such as a growing family or retirement. Ensure your chosen location aligns with your future plans, avoiding decisions solely based on your current circumstances.
If you are a first-time home buyer, research on the federal incentives, such as the First-Time Home Buyer Incentive. This program offers financial assistance for down payments, ranging from 5% to 10% of the home's purchase price. Understand the repayment terms and eligibility criteria, including a household income cap of $120,000.
Navigating the homebuying process can be daunting, so assemble a reliable team of real estate and mortgage professionals. This may include a real estate agent, insurance broker, home inspector, appraiser, land surveyor, contractor, and lawyer. Collaborate with trustworthy experts to ensure a smooth homebuying experience.
When searching for a mortgage broker or agent, consider applying for a quote with RATESDOTCA. In just three minutes, we can connect you with a mortgage provider offering the cheapest rate, simplifying the mortgage process for you!
British Columbia has a robust mortgage market comprised of mortgage brokers, credit unions, Canada’s big banks, and of course a small percentage of private and alternative lenders.
British Columbia’s mortgage market, like many other parts of Canada, also sees aggressive competition from international banks and financial institutions, such as HSBC, as well as Canada’s Big 5 banks. CIBC and BMO have tended to dominate the market for higher-end properties, which comprises a large part of the Vancouver and Victoria real estate markets
Mortgage brokers are a third and vital component of British Columbia's competitive landscape, and they are a major reason why the province has the second-best mortgage rates of any province in the country.
Some of the most competitive mortgage rates in Canada can be found in British Columbia. This can be attributed primarily to the province’s large population—compared to a majority of other Canadian provinces—and stable urban housing markets.
Workers in the Greater Vancouver Area also receive a higher income per capita due to the higher cost of living, which means buyers are not as rate-sensitive compared to other provinces
British Columbia’s population density is predominantly situated in and around the Greater Vancouver and Victoria areas, and in the southern part of the province’s interior, that allows for a greater concentration of mortgage providers in those markets. British Columbia mortgage brokers are often able to offer the lowest mortgage rates on the market. The largest brokerages operating in the province include:
Some of the top online discount brokers that are licensed in British Columbia include:
As mentioned earlier, British Columbia is home to a large and healthy contingent of credit unions operating in the province. In fact, three of the five biggest cooperative lenders in the country lend in British Columbia.
Some of the top British Columbia credit unions include:
Some of the lowest mortgage rates in British Columbia can often be found from credit unions, particularly through their mortgage promos during the busy spring homebuying season.
If you’re shopping for a home, don’t rule out a mortgage from one of British Columbia’s top credit unions.
If you’re able to grab a great mortgage deal, it could be worth making the switch from your big bank or existing financial institution.
Got more questions about British Columbia mortgages? We’ve got answers.
RATESDOTCA can help you save hundreds of dollars annually by simply comparing rates from 50+ lenders. You're making an informed decision based on all the choices rather than jumping on the first mortgage offer you see.
RATESDOTCA is one of the best places to compare mortgage rates. We have access to 50+ lenders across Canada, such as the Bank of Nova Scotia, TD Bank, National Bank, Desjardins, Home Trust, and many others, that are put side by side to find you the best deal possible.
When choosing a mortgage, you want to go into the situation with the most knowledge possible. When you compare current London mortgage rates on RATESDOTCA, you're doing important research ahead of a life-changing decision.
RATESDOTCA is constantly updated with the latest rates on the market, so check back frequently for new deals.
The minimum down payment required for a mortgage in British Columbia, is consistent with the national guidelines set by the Canada Mortgage and Housing Corporation (CMHC). Here are the standard down payment requirements based on the purchase price of the home:
For homes priced up to $500,000: The minimum down payment is 5% of the purchase price.
For homes priced between $500,000 and $999,999: The minimum down payment is 5% of the first $500,000 and 10% of the portion exceeding $500,000.
For homes priced $1 million or more: The minimum down payment is 20% of the purchase price.
It's important to note that these are general guidelines, and specific lenders or mortgage insurers may have their own requirements. Additionally, a larger down payment can sometimes be advantageous for securing better mortgage terms and reducing the overall cost of borrowing.
It doesn’t get simpler than this — RATESDOTCA has a range of mortgage calculators that you can use to determine your monthly mortgage payments. All you need to do is feed the mortgage tool with the required information and you’d get the mortgage amount that you’ll have to pay each month.
*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on RATESDOTCA, as of January 14, 2022.
Shivani is a Content Manager at RATESDOTCA, focusing on mortgages. She is an experienced communication and marketing professional who specializes in content strategy and SEO optimization. Shivani ensures that our written materials meet the highest standards of quality and relevance.
She holds a Digital Marketing Management certificate from the University of Toronto, a Business Communications certificate from the University of British Columbia, a Master’s degree in Mass Communication from Symbiosis Institute of Media and Communications and a Bachelor's degree in English from the University of Delhi.
Shivani has previously worked as a deputy digital productions editor with PMNA-The Canadian Press, and as an editor with The Globe and Mail, Toronto Star, and the Investor's Digest of Canada. She has also worked in reputed news media groups in India and the Middle East.
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