Best Variable Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 1.90%
Best Fixed Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.59%
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Closed
Rate 1.99%
CanWise Financial

CanWise Financial

Term 1 Year
Type Fixed Closed
Rate 2.34%
True North Mortgage

True North Mortgage

Term 1 Year
Type Fixed Closed
Rate 2.34%
True North Mortgage

True North Mortgage

Term 3 Year
Type Fixed Closed
Rate 2.39%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 2.64%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 2.99%
CMLS

CMLS

Term 5 Year
Type Fixed Closed
Rate 3.19%

BC mortgage rates

Trying to find the best mortgage rates in British Columbia? You’re in the right spot — LowestRates.ca brings BC borrowers the lowest rates from all the top mortgage brokers and banks in the province. Comparing rates on our site is free and takes just a few moments.

Check out the charts below to learn about how much you can save on your mortgage and to get an understanding about the state of BC housing.

Lower rates = huge savings

Have you compared mortgage rates in BC? Finding the lowest rate could save you a lot of money — our 5-year fixed rates in BC now average less than 2.5%, while bank-posted 5-year fixed rates average over 4.5%.

On a $400,000 mortgage, the average difference in rates would result in over $100,000 of savings over the life of your loan.

A comparison of LowestRates mortgage rates compared to rates offered by the bank

Variable or fixed: which is lower?

Many Canadians understand that they can reap huge savings by shopping around for a mortgage, but not everyone knows how the best variable rates compare to the best fixed rates. In the battle of variable vs. fixed, variable rates come out ahead in BC, as expected — 5-year variable rates on our site have been approximately half a percentage point lower than 5-year fixed rates since 2014 and through to 2016.

A comparison of variable rates and fixed rates

Variable or fixed: which is more popular?

With 5-year variable rates being consistently lower than 5-year fixed rates, it’s no surprise that the majority of BC borrowers on our site opt for variable.

A graph showing how many people are choosing variable or fixed rates

BC housing

It’s no secret that the housing market in British Columbia has been booming. Low interest rates and surging demand from buyers overseas have propelled average BC resale prices past $600,000 in 2015. Of course, the epicenter of the boom in BC housing remains Vancouver, where even modest bungalows sell for well over one million dollars.

A graph showing resale home prices in British Columbia over time

RBC’s latest housing report tells a story that many of us already knew: average prices for both homes and condominiums in BC are the highest in the nation.

A graph showing prices of two-storey homes and condos by province

Average home prices by province and territory

British Columbia vs. Canada
Province and territoryAverage home price (2016)*Year-over-year change
British Columbia$625,871-6.4%
Alberta$395,648+2.7%
Manitoba$282,511+4.2%
Newfoundland and Labrador$265,395-2.4%
New Brunswick$158,295+2.0%
Nova Scotia$218,332+1.7%
Northwest Territories$423,222-0.1%
Ontario$571,696+21.2%
Prince Edward Island$165,406+0.0%
Quebec$291,232+2.6%
Saskatchewan$292,303+0.4%
Yukon$289,312-15.9%

*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016

About British Columbia

As Canada's westernmost province and gateway to Asia and the Pacific, British Columbia is home to a vibrant, multicultural population and boasts a strong economy and jaw-dropping natural beauty. It's also a major tourist destination. Visitors from around the world are drawn to BC’s cities, which are consistently ranked at the top of livability indexes, and to BC’s outdoor environments renowned for their splendor. Approximately 20 million visitors travel to BC every year to take in the province's nearly 1,000 provincial parks and protected areas. Abundant natural resources make BC a major commodity exporter as well as the nation's third-largest generator of hydro electricity, providing some of the lowest power costs in North America.

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