The Best Current Mortgage Rates in Vancouver

Compare mortgage rates from Vancouver's top banks, credit unions and brokers.

Today's Best Mortgage Rates in Vancouver, British Columbia

Evaluate Vancouver's best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across British Columbia.

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Province

Rate Type

Term

Mortgage Amount

Amortization

Purpose

Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Lender	Insured	Insurable	Uninsured
nesto inc.	3.40% $2,470.03 / month	3.50% $2,496.35 / month	3.45% $2,483.17 / month
West Capital Mortgage Ltd	3.55% $2,509.57 / month	3.70% $2,549.42 / month	3.65% $2,536.10 / month
City Wide Financial Corp	3.84% $2,586.91 / month	3.84% $2,586.91 / month	3.84% $2,586.91 / month
DLC Mortgage Evolution	3.9% $2,603.07 / month	3.9% $2,603.07 / month	3.9% $2,603.07 / month
Dominion Lending Centres	3.9% $2,603.07 / month	3.9% $2,603.07 / month	3.9% $2,603.07 / month
Envision Financial	3.903% $2,603.88 / month	3.903% $2,603.88 / month	3.903% $2,603.88 / month
Island Savings Credit Union	3.903% $2,603.88 / month	3.903% $2,603.88 / month	3.903% $2,603.88 / month
Alterna Savings	3.94% $2,613.86 / month	3.94% $2,613.86 / month	3.94% $2,613.86 / month
Mortgage Centre	3.94% $2,613.86 / month	3.94% $2,613.86 / month	3.94% $2,613.86 / month
First Credit Union	4.04% $2,640.95 / month	4.04% $2,640.95 / month	4.04% $2,640.95 / month
First Foundation	4.09% $2,654.55 / month	4.09% $2,654.55 / month	4.09% $2,654.55 / month
Laurentian Bank Canada	4.09% $2,654.55 / month	4.09% $2,654.55 / month	4.09% $2,654.55 / month
Interior Savings	4.14% $2,668.19 / month	4.14% $2,668.19 / month	4.14% $2,668.19 / month
CIBC	4.19% $2,681.85 / month	4.19% $2,681.85 / month	4.19% $2,681.85 / month
Mortgage Alliance	4.19% $2,681.85 / month	4.19% $2,681.85 / month	4.19% $2,681.85 / month
Columbia Valley Credit Union	4.2% $2,684.59 / month	4.2% $2,684.59 / month	4.2% $2,684.59 / month
First National Financial	4.3% $2,712.04 / month	4.3% $2,712.04 / month	4.3% $2,712.04 / month
CMLS	6.99% $3,498.99 / month	6.99% $3,498.99 / month	6.99% $3,498.99 / month
Nesto	3.5% $2,496.35 / month	3.5% $2,496.35 / month	3.5% $2,496.35 / month
Royal Bank of Canada	4.45% $2,753.48 / month	4.45% $2,753.48 / month	4.45% $2,753.48 / month
True North Mortgage	4.84% $2,862.65 / month	4.84% $2,862.65 / month	4.84% $2,862.65 / month
Motusbank	6.69% $3,406.91 / month	6.69% $3,406.91 / month	6.69% $3,406.91 / month

Written By Joel Kranc

Freelance writer

Updated October 20, 2026

How much down payment do you need to buy a home in Vancouver?

For a $1,000,000 home in Vancouver, the minimum down payment would be $75,000: 5% on the first $500,000 and 10% on the remaining $500,000. The example below uses an illustrative purchase price to help you compare your options.

Under Canadian minimum down payment requirements, homes priced at $500,000 or less require at least 5% down. For homes above $500,000 and below $1.5 million, you need 5% on the first $500,000 and 10% on the remaining amount. Homes priced at $1.5 million or more require at least 20% down.

Minimum down payment calculation: $25,000 on the first $500,000 + $50,000 on the remaining $500,000 = $75,000.

Down payment options on a $1,000,000 Vancouver home

Here’s how putting down the minimum, 10% or 20% would affect the amount you need to borrow.

Down payment option	Down payment amount	Mortgage amount*	Mortgage default insurance
Minimum required (7.5%)	$75,000	$925,000	Typically required
10%	$100,000	$900,000	Typically required
20%	$200,000	$800,000	Typically not required

Choosing a 20% down payment instead of the minimum means saving an additional $125,000 upfront, while reducing your mortgage before insurance from $925,000 to $800,000.

*Mortgage amounts shown before any mortgage default insurance premium is added.

With a down payment below 20%, you’ll typically need mortgage default insurance. The coverage protects your lender if you cannot repay the mortgage. You can usually add the premium to your mortgage balance, but doing so means paying interest on it as well.

Before deciding how much to put down, think about the savings you’ll have left after the purchase. Set aside money for closing costs, moving expenses and unexpected repairs so your down payment doesn’t use your entire budget.

Saving the minimum down payment is one part of qualifying for a mortgage. Your lender will also review your income, debts and credit history to determine how much you can borrow.

What should you know before getting a mortgage in Vancouver?

Beyond your down payment, budget for closing costs such as B.C. property transfer tax, legal fees and adjustments for prepaid property expenses. Keeping money aside for these costs can help you work out how much of your savings you can comfortably put toward your Vancouver home.

Property transfer tax: B.C. generally charges a one-time tax based on the property's fair market value when ownership is registered. Your tax bill may be lower if you qualify for an exemption.
Legal or notary fees: A lawyer or notary handles the ownership transfer and mortgage registration. Ask for a quote that includes disbursements, such as searches and registration charges.
Home inspection: Budget for an inspection based on the property's size and type. An inspection can help identify repairs you may need to plan for after moving in.
Appraisal and title insurance: Ask your lender and legal professional whether these are needed and which costs you will be responsible for paying.
Closing adjustments: You may need to reimburse the seller for prepaid expenses, such as property taxes or strata fees, that cover the period after you take ownership.
Mortgage default insurance: With a down payment below 20%, you'll typically need mortgage default insurance. The premium can usually be added to your mortgage, so include it when estimating your borrowing amount.
Fixed vs. variable rate: Consider whether you prefer a rate that stays the same throughout your mortgage term or one that can change. Compare payment arrangements, prepayment options and penalties alongside the interest rate.
Learn more: Fixed vs. Variable Mortgage Rates

Estimated B.C. property transfer tax on a $1,000,000 Vancouver home

Assuming the home's fair market value is $1,000,000, the example below shows the general property transfer tax before any exemptions or additional taxes.

Property value portion	Rate	Tax
First $200,000	1%	$2,000
Remaining $800,000	2%	$16,000
Total		$18,000

For this example, you would need to budget $18,000 for general property transfer tax in addition to your down payment and other closing costs, unless an exemption applies.

B.C.'s general property transfer tax rates are 1% on the first $200,000 of fair market value, 2% on the portion above $200,000 up to $2 million, and 3% on the portion above $2 million. A further 2% applies to residential value above $3 million.

Can Vancouver buyers qualify for a property transfer tax exemption?

Eligible buyers under B.C.'s first time home buyers' program can receive an exemption on the first $500,000 of a qualifying property's value when its total fair market value is $835,000 or less. A reduced exemption may apply above $835,000 and below $860,000. A $1,000,000 home would be above this program's price limit.

A separate newly built home exemption may eliminate property transfer tax on a qualifying new home valued at $1.1 million or less. Eligibility depends on the buyer, property and occupancy requirements, so ask your lawyer or notary to confirm whether you qualify before including the savings in your budget.

Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Updated 23:11 on Oct 26, 2026

Placeholder	Insured The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.	80% LTV The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.	65% LTV The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.	Uninsured The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.	Bank Rate Bank Rate is the mortgage interest rate posted by the big banks in Canada.
1-year fixed rate	4.64%	4.19%	4.19%	4.99%	4.99%
2-years fixed rate	3.99%	3.89%	3.89%	4.44%	4.53%
3-years fixed rate	3.89%	3.94%	3.90%	3.90%	4.39%
4-years fixed rate	3.99%	3.99%	3.99%	4.39%	4.44%
5-years fixed rate	3.69%	3.94%	3.69%	3.69%	4.19%
7-years fixed rate	4.89%	4.24%	4.24%	4.89%	5.00%
10-years fixed rate	5.24%	4.34%	4.34%	5.24%	6.09%
3-years variable rate	3.90%	3.95%	3.90%	3.90%	5.95%
5-years variable rate	3.45%	3.55%	3.50%	3.50%	4.24%
HELOC rate	N/A	N/A	N/A	N/A	N/A
Stress Test	5.45%	5.45%	5.45%	5.50%	N/A

Should you choose a fixed or variable mortgage rate?

A fixed-rate mortgage keeps the same interest rate for the length of your term. A variable-rate mortgage changes when your lender's prime rate changes. Fixed gives you payment certainty. Variable can start lower, but your costs can rise.

The Bank of Canada's policy rate is 2.25%, unchanged at its September 2, 2026 announcement. Lenders use their prime rate, currently 4.45% at major banks, as the benchmark for variable-rate mortgages. Your actual rate is set as a discount or premium to prime, so it won't match the Bank of Canada rate. The next announcement is scheduled for October 28, 2026 and could affect prime and variable mortgage pricing.

For example, using the lowest 5-year insured rates in the Rate Matrix above:

Comparison	Fixed mortgage	Variable mortgage
Starting mortgage rate	3.69%	3.45%
How the rate is set	Locked in when you sign	Prime (4.45%) minus 1.00%
What happens if the Bank of Canada raises rates?	Fixed rate stays at 3.69% for the term	Variable rate may increase
What happens if the Bank of Canada lowers rates?	Fixed rate stays at 3.69% for the term	Variable rate may decrease

Rate change example

What if rates rise by 0.50%?

If the Bank of Canada raised its policy rate by 0.50 percentage points and lenders raised prime by the same amount, prime would go from 4.45% to 4.95%. A variable rate set at prime minus 1.00% would rise from 3.45% to about 3.95%.

The example below assumes a variable-rate mortgage with payments that adjust when the interest rate changes. With a fixed-payment variable mortgage, a rate increase may instead mean more of your payment goes toward interest and less toward paying down your mortgage.

On a $500,000 mortgage with a 25-year amortization, that is roughly $2,483 per month at 3.45% and $2,617 per month at 3.95%, about $134 more each month. The 3.69% fixed rate would stay at about $2,547 per month.

The variable-rate borrower could pay more if rates rise, but could also save money if rates stay low or fall. Fixed rates don't change during the term, but you may face a different rate at renewal.

Which one suits you?

Fixed may suit you if you want predictable payments and have a tight monthly budget.
Variable may suit you if you can handle payment changes and want to benefit if rates fall.

Learn more: Fixed vs. variable mortgages. Compare today's 5-year fixed and 5-year variable rates.

This example is for illustration only. Payments are estimates. Mortgage rates vary by lender, borrower, mortgage type and eligibility.

What is the average mortgage amount in Vancouver?

In 2025Q4, the average new mortgage in Vancouver was $536,226. The Canadian average was $360,597 during the same period. The local average changed by -0.10% from the previous quarter.

The average mortgage amount in Vancouver was 48.71% higher than the national average and 3.03% higher than in the same quarter a year earlier.

The local average shows what borrowers financed on average, but your mortgage amount will depend on the home’s price, your down payment and how much you qualify to borrow. It isn’t an amount you need to aim for.

Use the local average as a reference point, then work out what fits your budget:

Estimate how much you may need to borrow: Subtract your planned down payment from the price of homes you’re considering.
Check the monthly cost: Calculate payments at a few mortgage amounts and include property taxes, insurance, utilities and other homeownership costs in your budget.
Compare mortgage options: Look at rates, terms, payment flexibility and prepayment options before choosing an offer.

Average loan amount in Vancouver

Period	Canada average mortgage loan	Vancouver average mortgage loan	Changes from previous quarter	Change from same quarter last year
2025Q4	$360,597	$536,226	-0.10%	+3.03%
2025Q3	$360,986	$536,766	+2.07%	+0.44%
2025Q2	$350,281	$525,882	-1.46%	+1.97%
2025Q1	$356,831	$533,659	+2.54%	+6.93%
2024Q4	$343,271	$520,454	-2.61%	+0.49%
2024Q3	$349,364	$534,421	+3.62%	+2.46%
2024Q2	$332,825	$515,747	+3.34%	+3.44%
2024Q1	$323,537	$499,090	-3.64%	+2.47%
2023Q4	$327,899	$517,938	-0.70%	+1.67%
2023Q3	$338,522	$521,614	+4.62%	-7.32%
2023Q2	$314,540	$498,595	+2.37%	-13.60%
2023Q1	$320,298	$487,045	-4.39%	-14.35%
2022Q4	$325,612	$509,407	-9.49%	-8.34%
2022Q3	$363,654	$562,827	-2.47%	-
2022Q2	$371,063	$577,067	+1.48%	-
2022Q1	$368,936	$568,674	+2.32%	-
2021Q4	$355,907	$555,768	-	-

What is the average mortgage payment in Vancouver?

In 2025Q4, the average mortgage payment in Vancouver was $2,943, compared with the Canadian average of $2,009. The local average was 46.49% higher than the national average.

The average mortgage payment in Vancouver changed by -2.61% from the previous quarter and by -3.60% compared with the same quarter a year earlier.

The table below compares average mortgage payments in Vancouver with the Canadian average over time.

Period	Canada	Vancouver	Quarter VS Quarter Changes	YoY Changes
2025Q4	$2,009	$2,943	-2.61%	-3.60%
2025Q3	$2,039	$3,022	2.09%	-7.41%
2025Q2	$2,006	$2,960	-3.58%	-8.95%
2025Q1	$2,086	$3,070	0.56%	-5.63%
2024Q4	$2,042	$3,053	-6.46%	-9.16%
2024Q3	$2,141	$3,264	0.4%	3.55%
2024Q2	$2,099	$3,251	-0.06%	8.66%
2024Q1	$2,135	$3,253	-3.21%	9.23%
2023Q4	$2,143	$3,361	6.63%
2023Q3	$2,074	$3,152	5.35%
2023Q2	$1,920	$2,992	0.47%
2023Q1	$1,984	$2,978	-

What happens when you renew your mortgage in Vancouver?

When your mortgage term ends, you can renew with your current lender or apply to switch to another lender. Renewal is a chance to compare rates, review your monthly payment and choose terms that fit your plans.

Renew with your current lender: Review the offer and ask whether they can provide a better rate or terms.
Switch to another lender: Compare available offers, including any fees involved in transferring your mortgage.
Review your mortgage features: Consider your payment frequency, prepayment options and whether a fixed or variable rate suits your budget.

You're not required to accept your lender's first renewal offer. Start comparing a few months before your Vancouver mortgage renews so you have time to explore your options. If you receive a competitive offer elsewhere, you can ask your current lender whether they can match or improve it.

Look beyond the interest rate when comparing offers. Prepayment privileges may matter if you want to make extra payments, while penalties and portability may be important if you expect to sell or move before the next term ends. Ask for an estimate of your new payment so you can see how it fits your household budget.

Do you need to pass the stress test when switching lenders at renewal?

Since November 21, 2024, OSFI has no longer required its prescribed mortgage stress test for eligible uninsured mortgage transfers at renewal between federally regulated lenders. The exemption applies to a qualifying straight switch of a stand-alone mortgage, without extending the remaining amortization or borrowing additional money against your home.

The rule allows up to $3,000 to be added to the mortgage balance to cover eligible transaction costs. Your new lender must still approve your application and assess your ability to repay, so ask whether your mortgage qualifies and which documents you need to provide.

Read more: Mortgage Renewal Guide

How does mortgage refinancing work in Vancouver?

Mortgage refinancing replaces your existing mortgage with a new one, often to access home equity, pay for renovations, consolidate debt or change your mortgage terms. For a typical refinance, you can generally borrow up to 80% of your home's appraised value, subject to lender approval. Your loan-to-value (LTV) ratio helps determine how much you could borrow.

Refinancing involves a new mortgage application. Your lender will review your income, debts and credit history, and may require an appraisal to confirm your Vancouver home's current value. Having equity available doesn't guarantee you'll qualify to borrow the full amount.

How much equity could you access from a Vancouver home?

For illustration, consider a Vancouver home appraised at $1,000,000 with an existing mortgage balance of $500,000. At an 80% loan-to-value limit, the new mortgage could be up to $800,000.

Example	Amount
Current appraised home value	$1,000,000
80% of home value	$800,000
Existing mortgage balance	$500,000
Potential additional borrowing before costs	Up to $300,000

In this example, refinancing could provide up to $300,000 in additional borrowing before fees and any applicable penalties. The amount you actually receive will depend on your approved mortgage amount, the balance being paid off and the costs of completing the refinance.

What should you consider before refinancing?

Before deciding, ask for a breakdown of the costs and an estimate of your new payment. Refinancing may involve an appraisal, legal fees and mortgage registration or discharge charges. If you break your mortgage before the term ends, a prepayment penalty may also apply.

Borrowing more or extending your repayment period can increase your total interest costs, even if the new monthly payment feels more manageable. If you're consolidating debt, compare the total repayment cost as well as the interest rate, since those debts would become secured against your home.

You don't have to borrow the maximum available. Start with the amount you need, then compare mortgage options based on the payment, fees and flexibility that fit your budget.

Considering refinancing? Compare mortgage rates in Vancouver to see what rates are available.

Read more: Mortgage Refinancing Guide

Frequently asked questions about mortgages in Vancouver

These are some of the most-asked mortgage questions on finding the cheapest mortgage rates in Vancouver.

What is Vancouver’s Empty Homes Tax?

The City of Vancouver charges an annual tax on homes it considers empty. It’s 3.0% of assessed value. Every Vancouver homeowner must submit a declaration each year, even if they live in the home.

What is B.C.’s Speculation and Vacancy Tax?

It’s a separate provincial annual tax on vacant or underused homes in designated areas, with higher rates for non-residents and foreign owners. It is not the same as the City of Vancouver’s tax, and an owner can be subject to both. The rates are 0.5% for B.C. residents, 1.0% for Canadian citizens and permanent residents living outside B.C., and 2.0% for foreign owners.

Do foreign buyers pay extra tax in Vancouver?

Yes. B.C. charges an additional 20% property transfer tax on residential property bought by foreign entities. It applies in Metro Vancouver and other designated regions. A separate federal ban on purchases by non-Canadians has also been in effect, reported to run until January 1, 2027, so confirm its status.

Is there a tax if I sell my Vancouver home soon after buying it?

B.C. has a Home Flipping Tax that can apply to profit from selling within a short holding period, reported as two years. Principal-residence and other exemptions exist, so confirm the current rules with the Government of B.C.

Joel Kranc, Freelance writer

Joel Kranc is a freelance writer and content provider who has worked with Rates.ca since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.

He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.

He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."