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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 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 ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in British Columbia and Canada as a whole:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Thought inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remained uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers, and during competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders can often result in a better mortgage rate.
Mortgage rates, as mentioned, are set by the lending institutions, which in turn are influenced by the Bank of Canada's overnight target rate. However, other factors can affect your mortgage rate in British Columbia, such as:
1. Down payment
The most important factor to consider is how much cash you have to put toward your down payment. Your B.C. mortgage loan will be determined by the size of your down payment, which ultimately cascades into how you acquire the best possible mortgage rate for your situation. In B.C. and across Canada, there are minimum down payment rules based on the price of the home.
Remember, if your down payment is less than 20% of the home’s price, you’ll need to get mortgage default insurance.
2. Debt service ratios
Besides your down payment, another factor affecting your B.C. mortgage rate is your debt service ratio. Lenders will look at the gross debt service ratio and total debt service ratio.
3. Credit score
Your credit score and credit history are used by lenders to identify the likelihood that you will pay your bills on time. A high credit score is a layer of protection that allows you to secure the lowest mortgage rates in B.C. Your credit score is created when you borrow money or apply for credit for the first time.
The score is measured as a three-digit number ranging from 300 to 900. The lower your score, the more risky you are considered to be to lenders. The higher your score, the less risk you are deemed to be. Credit scores can fluctuate over time based on your credit management choices. Missing payments, a higher number of credit applications, a record of bankruptcy, and consistently carrying a high balance on your credit cards, along with a host of other elements, can negatively affect your credit score.
Each mortgage lender will have their own minimum score requirements. Still, most major Canadian financial institutions want to see a credit score of at least 600.
4. Employment and income
B.C. mortgage lenders want homebuyers who have a stable and predictable income. They will assess your primary sources of employment and income, such as a salaried job and income from investments or rental properties.
Length of employment and the type of employment will be looked at very closely by lenders. Seasonal or casual workers may need help to acquire cheap mortgage rates or any loan approved, given the variability of their income. Self-employed workers will be required to provide tax returns for the last three years of operation and other financial disclosures such as income statements, balance sheets and/or business or GST or PST licenses.
5. What you use your property for
Mortgage rates in British Columbia can be influenced by many things, including the decisions of the Bank of Canada, your individual credit rating, mortgage type and how often you negotiate your mortgage rate, interest rate risk and credit risk, to name a few.
However, some homeowners in British Columbia can see a change in their mortgage rate depending on how they use their homes. Second, investment or vacation homes often have higher mortgage rates. Banks may view the second home as a greater risk given that your financial obligations are spread to more than just one mortgage. Risk increases, and subsequently, so does the cost of borrowing.
Renting a room in your home may not affect your mortgage like a second home would. Why? Often the banks see rentals within your home to earn extra income to help pay off that current mortgage rate in British Columbia.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of August 2026, the average conventional 5-year fixed rate is 4.17%. That’s 17 bps above the average high-ratio 5-year fixed rate, which stands at 4.00%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 08/25 | 4.59% | 4.60% |
| 09/25 | 4.53% | 4.49% |
| 10/25 | 4.50% | 4.42% |
| 11/25 | 4.45% | 4.44% |
| 12/25 | 4.58% | 4.45% |
| 01/26 | 4.58% | 4.46% |
| 02/26 | 4.57% | 4.63% |
| 03/26 | 4.38% | 4.30% |
| 04/26 | 4.31% | 4.10% |
| 05/26 | 4.26% | 4.13% |
| 06/26 | 4.15% | 3.95% |
| 07/26 | 4.17% | 4.00% |
Last Updated: August 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of August 2026, the 5-year fixed rate is 4.73%. That’s 15 bps above the 5-year variable rate, which stands at 4.58%.
| Month | Fixed | Variable |
|---|---|---|
| 12/24 | 4.74% | 5.23% |
| 01/25 | 4.82% | 5.06% |
| 02/25 | 4.65% | 4.92% |
| 03/25 | 4.52% | 4.68% |
| 04/25 | 4.37% | 4.52% |
| 05/25 | 4.72% | 4.80% |
| 06/25 | 4.74% | 4.87% |
| 07/25 | 4.77% | 5.34% |
| 08/25 | 4.65% | 5.16% |
| 09/25 | 4.68% | 4.89% |
| 10/25 | 4.76% | 4.78% |
| 11/25 | 4.73% | 4.58% |
Last Updated: August 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $482,618 in British Columbia and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in British Columbia from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| British Columbia | $498,614 | $500,434 | $487,366 | $439,719 | $429,370 | $439,584 | $465,279 | $454,516 | $440,223 | $456,344 | $471,545 | $461,077 | $475,182 | $468,925 | $483,750 | $482,618 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $2,625 in British Columbia by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $2,091 | $2,272 | $2,506 | $2,553 | $2,607 | $2,623 | $2,793 | $2,913 | $2,847 | $2,836 | $2,847 | $2,700 | $2,721 | $2,617 | $2,686 | $2,625 |
British Columbia imposes its land transfer tax by applying a tax-bracket system to the property’s purchase price.
The best way to find the lowest mortgage rate in British Columbia is by comparing rates from different mortgage providers. Lowestrates.ca helps you compare quotes from 50+ mortgage providers across Canada. The rates depend on the Bank of Canada’s overnight rate, your choice of mortgage type and some other factors as well. A rate comparison site like Lowestrates.ca or a mortgage broker can help you identify the rate best suited for your financial situation.
Having a good credit score is critical. The Canada Mortgage and Housing Corporation says the credit score requirement on insured mortgages should be 680.
Other factors you should have in order can include:
Paying down debt: This can accomplish a few things. Paying debt frees up resources to put toward your downpayment or mortgage. It also indicates to lenders that you are a "good risk" and have the ability (and desire) to pay loans responsibly.
Calculating assets and liabilities: If knowledge is power, understanding your economic situation will help you obtain the mortgage you need. By having a complete picture of assets and liabilities, you will be better prepared to provide the information lenders require to decide on your mortgage application. This can be done with an accountant if you have one or on your own.
Having a consistent employment history: Lenders want to see elements of your financial life that reduce risk. Being employed consistently indicates your ability to be financially responsible. This will show lenders that you can pay your debts with little to no chance of default.
Having a large downpayment: The more you save towards the purchase of a house, the better you will be in the long run in terms of debt burdens. However, lenders also see this as a lower-risk proposition. The less you need to borrow, the quicker they can get their money back if you default on the loan. Monthly costs are reduced for you, and you look more attractive to lenders who are about reducing risk.
Having good ratios: Most importantly, you must prove you can carry the mortgage. This is calculated by your broker or mortgage agent using a debt service ratio analysis.
Unlike a bank, a mortgage broker can only offer mortgages from their line of products. They can access many lenders and help you choose the right product for your circumstance. The good news is that mortgage brokers are free to use and are paid by the lender while also having access to a variety of lender interest rates. LowestRates.ca can help you navigate and compare rates and direct you to the broker that best suits your B.C. mortgage rate needs.
Purchasing a home in B.C. comes with a myriad of decisions. Once the location has been selected, and the choice between fixed or variable mortgages has been decided, buyers will want to consider their options between an open or closed mortgage.
Open mortgage: An open mortgage allows you to pre-pay any amount of your mortgage at any time without penalty. Interest rates are typically higher than closed mortgage rates in B.C. These mortgages provide flexibility and freedom to pay what they want, and terms are generally shorter.
Closed mortgage: Closed mortgages usually have lower interest rates than open ones. This is mainly because closed ones limit the number of extra payments you can make each year.
Both have pros and cons. While open mortgages are more flexible in terms of prepayment, they usually have higher interest rates.
Closed mortgages, on the other hand, have lower interest rates because you are paying regularly but have high prepayment penalties and have fees if you need to move your mortgage before the term is up.
It’s up to you to decide which option works best.
The cost of living in British Columbia can be as diverse as the many regions within the province. Expenses will fluctuate depending on whether you rent or own your home, drive or commute to work, and which part of the province you settle in.
For example, Vancouver is one of the most expensive cities in Canada to live in, and it is difficult for new homebuyers to break into the city's housing market. However, outside city limits and into more rural areas, homebuyers may find they can buy more with less and keep living costs of living down within less populated areas.
One of the most significant expenses in B.C. is the cost of car insurance. The Insurance Bureau of Canada says that B.C. has the highest rates in Canada, second only to Ontario.
B.C. is also very attractive for its temporal climate and boasts a healthy retirement population, especially in Victoria. Tourism and trade are also essential to B.C.'s economy, making it a relatively expensive destination for residents and visitors.
B.C. is an expensive destination for both first-time and seasoned homebuyers. Larger cities have seen substantial increases in home prices in just one year. Finding the best mortgage rates in B.C. is paramount, but it’s not the only way to ensure the affordability of your mortgage. Other features can help, including:
From a basis point calculation, there is a big difference in your mortgage depending on they are charged to you. One basis point is one one-hundredth of a percentage point. This is equal to 0.01% or 0.0001. For example, a 25 basis points increase is equal to 0.25%.
So, say you have a mortgage with an interest rate of 5%, and there is a 25-basis point increase; your new interest rate will be 5.25% (5 + 0.25 = 5.25). If the rate were to decrease by 25 basis points, your new interest rate would be 4.75% (5 – 0.25 = 4.75).
For instance, considering the average mortgage loan in B.C. for Q4 2023 was $450,000, and based on 3-year fixed insured mortgage rate (as of August 8, 2024) of 4.59% the monthly morgtage payment would be $2,666. This amounts to $95,976 mortgage payed in 3 years. If the bank posted 3-year fixed mortgage rate (RBC rate as of August 8, 2024) of 5.19% is applied to the same mortgage amount, the monthly payment would be $2,513, amounting to $90,468 in three years. That would be a total difference of $5,508 in three years duration.
Prepayment privileges: Some lenders will offer prepayment privileges, giving the homebuyer the right to pay off part or all of their mortgage balance before maturity (ahead of schedule) without penalties. Substantial savings can be had by saving on future interest payments.
Penalties for breaking a mortgage: Some lenders will charge a fee if you pay more than the allowed additional amount on your mortgage, break your contract, transfer your mortgage to another lender before the end of your term, and pay back your entire mortgage before the end of the term. Avoiding these events will prevent extra fees, but homeowners should calculate the pros of breaking a contract to get a better rate or paying the mortgage in full.
Porting your mortgage: People often move house before the mortgage is paid off. Porting your mortgage means taking your existing mortgage, with its current rate and terms, and attaching it to your new home. Porting can generally occur if you are purchasing a new home at the same time you are selling your current home. This can help save on penalties and fees in the future.
Yes, it's safe — you no longer need to visit a bank branch or mortgage broker's office in person to apply for a mortgage. It's also becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca takes care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in British Columbia and across the country.
We only work with reputable, trustworthy financial institutions. Your credit score won’t be affected, and your information is secure.
We have a robust selection of lenders on LowestRates.ca, including big banks and many independent brokers, and we’re always adding more lenders. This ensures we consistently deliver competitive rates to you. Even if you're not ready to commit to anything, you can use our site as a starting point for research. It’s totally free, and you’re under no obligation.
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
Mortgage rates in B.C. can fluctuate depending on population size, home styles, neighborhood values and other reasons. Simply put, greater competitive pressure in Canada's hottest real estate markets (especially Vancouver and Toronto) translates into cheaper mortgage rates. Ontario is the most competitive by a long shot, with 113 lenders publicly advertising mortgage rates (not including brokers).
Also, different lenders have different overhead costs they have to consider. They also have to consider the borrower's financial situation, including their debt-to-income ratio, credit score and down payment. To find the best mortgage rate, you need to find the right lender through sites like LowestRates.ca.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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