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Compare mortgage rates in British Columbia.

Finding the best mortgage rate in British Columbia is no small task.

Luckily, British Columbia homebuyers can find cheaper mortgage rates on We get our rates from the province’s top brokers and banks and there’s no obligation to use the rate we offer you.

All you have to do is enter a few pieces of information about the home you’d like to buy and where you want to live, and we’ll show you the best current mortgage rates in British Columbia. Just like that.

Keep reading to learn more about how much you can save on your mortgage and to get up to speed on the current state of the B.C. housing market.

Lower mortgage rates = bigger savings.

We did the math so you don’t have to. Our current 5-year fixed rate mortgages in B.C. now average just above 2.5% while the bank-posted 5-year fixed rate mortgage rates now average over 5%. On a $400,000 mortgage, the average difference in rates would result in almost $170,000 in savings over the life of your loan.

The bottom line is, comparing B.C. mortgage rates on could save you a lot of money.

On average, are about two percentage points lower than the bank rate. On a $400,000 mortgage with a 25-year amortization period and a down payment of 20%, this would add up to savings of:

$566 per month
$6,792 per year
$169,800 in a lifetime

5-year fixed mortgage rate from in British Columbia vs 5-year bank rate

MonthOur average rateAverage bank rate

Bank of Canada and

Variable or Fixed: Which mortgage type is the best option in B.C.?

Comparing offers is one of the best ways to get the lowest mortgage rates in B.C. Homebuyers are constantly faced with the question of how the current best variable rates stack up compared to the best fixed rates.

To help speed up your mortgage search, we went back into the database to find the answer. We compared the 5-year fixed mortgage rates and the 5-year fixed variable rates that British Columbians have applied for on our site.

As of February 2020, our average 5-year fixed rate is just a fraction of a percentage point lower than our average 5-year variable rate. On a $400,000 mortgage with a 25-year amortization period and a down payment of 20%, selecting a fixed rate would save you:

$10 per month
$120 per year
$3,000 in a lifetime

Our 5-year fixed mortgage rate vs our 5-year variable mortgage rates in British Columbia.

MonthOur average 5-year fixed rateOur average 5-year variable rate


Focus On

British Columbia’s housing market.

The housing market in B.C. has been booming for years.

Between January 2019 and January 2020, the benchmark price of a home in B.C. increased from $664,633 to $728,044, compared to a national benchmark price of just over $500,000. Prices in the highly-populated areas of the province can reach even higher heights, with the benchmark price of a home in Greater Vancouver was surpassing $1 - million as of January 2020.

Single-detached family home prices by B.C. region

 Greater VancouverVancouver IslandFraser ValleyLower MainlandVictoria

Source: Canadian Real Estate Association MLS® HPI Tool

Single-detached family homes aren’t the only form of housing that has fluctuated in the B.C market over the past year.

Apartment prices by B.C. region

 Greater VancouverVancouver IslandFraser ValleyLower MainlandVictoria

Source: Canadian Real Estate Association MLS® HPI Tool

Townhouse prices by B.C. region

 Greater VancouverVancouver IslandFraser ValleyLower MainlandVictoria

Canadian Real Estate Association MLS® HPI Tool

Your British Columbia mortgage questions, answered.

Looking for more information about B.C. mortgages? Check out our Help Centre.

What’s the difference between a mortgage term and an amortization period?

Mortgage term: The mortgage term refers to the amount of time you’re locked into your mortgage contract. This includes the rate, lender and the contract’s terms and conditions. At the end of the term, you’ll be able to renew your mortgage contract at a new rate. Homeowners repeat this process until they pay off the principal of their mortgage. A mortgage term can vary in length from six months to 10 years, but the most popular term in Canada is 5 years.

Amortization period: The amortization period refers to the amount of time it takes to pay off the principal of your mortgage. In Canada, the maximum amortization period is 35 years. If your down payment is less than 20%, however, you’ll have been required to purchase mortgage insurance from the Canadian Mortgage and Housing Corporation. The maximum amortization period on insured mortgages is 25 years.

Variable or fixed: which one is best?

A major question you’ll face when searching for the best mortgage rate in B.C. is whether to go with a fixed or variable rate. But, what’s the difference? Essentially, a variable rate means that your rate is not fixed. Instead, the rate will be adjusted by your lender based on the market conditions. A fixed rate means that your interest rate doesn’t change until your mortgage term ends.

For just over a year (Jan. 2019 to Feb. 2020), B.C. fixed mortgage rates have tended to be lower than B.C. variable mortgage rates offered on This represents a shift from the previous year, when variable rates were generally lower than fixed rates. We’ll regularly update this information to ensure you’re knowledgeable about any shifts in the market.

What factors determine my B.C. mortgage rate?

Home prices in B.C. are among the highest in Canada. Depending on the size of your down payment, this will factor significantly into how large your mortgage will be.

It’s important to note that, while the size of your down payment may signal to lenders how capable you are of making your monthly payments, there are other factors that also contribute to determining your mortgage rate. Keep reading to learn about each of these factors and how they contribute to the mortgage rate lenders are willing to offer you:

Your down payment: B.C. lenders will ultimately look at your down payment as the primary indicator of whether you’ll be able to pay back your mortgage loan. When it comes to your down payment, the more you can put down, the better.

Your debt service ratios: In addition to your down payment, B.C. lenders will also look at your debt service ratios when deciding what mortgage rate to offer you. These can be grouped into two categories:

  • Gross Debt Service Ratio (GDS): Your GDS shows whether you earn enough money to afford your monthly housing costs. Housing costs include your mortgage, property taxes, heating and 50% of your condo fees (if applicable). The lender then divides the sum of these payments by your gross annual income. If the resulting percentage is less than 35%, your lender will feel confident that you can handle your monthly housing payments.
  • Total Debt Service Ratio (TDS): While your GDS ratio is calculated using your housing costs, your TDS is calculated using everything else. Your TDS ratio comprises your GDS ratio, plus any other monthly payments you have to make that are not related to housing. These could include credit card debt, loan payments and car payments. If the total, divided by your gross annual income, is more than 42%, your lender will be doubtful of your ability to make all your monthly payments.

How can I get the best mortgage rate in B.C.?

Shop around: While it can be tempting to take the first offer you receive, it’s important to shop around to get a sense of the mortgage market. You’d think the bank you’ve been with for 10 years would give you a great rate for being a loyal customer, but the opposite is sometimes true: they’re not worried about you leaving any time soon, so they don’t feel pressure to keep your business.

Reduce your other debts: B.C. lenders will often take other, non-housing debts into account when determining whether you’ll be able to pay off your mortgage. One way to show that you’re a safe bet (and secure a lower rate) is to lower your credit card and loan debt. These debts contribute to your total debt service ratio, as we explained above.

Use a broker: A mortgage broker will know the ins and outs of the local mortgage market better than the average bank employee. Plus, they’re not tied to one institution; they can show you rates from a bunch of different lenders. This also gives them a leg up when negotiating your mortgage contract with a lender. We’ll connect you to one when you compare quotes on our site.

How much does getting the best mortgage rate in B.C. matter?

The short answer to this question is, a lot. Getting a lower mortgage rate is a great way to save money on your mortgage. However, it’s not the only thing you can do to secure an optimal mortgage contract. There are other features to be on the lookout for that will help you get the most value out of your mortgage. Some of these features might include prepayment privileges and portability.

What if I want to pay off my mortgage early? Or break it?

Depending on the terms of your mortgage and the flexibility of your lender, you may or may not be able to pay off your mortgage ahead of schedule. Additionally, breaking your mortgage can be a real hassle. Here are a few factors that many people don’t consider when first signing the contract — an oversight which may wind up costing them a lot of money down the line.

  • Prepayment privileges: Before signing on the dotted line, prepayment privileges are something you should discuss with your lender. Not all banks and brokers offer the same prepayment terms, so it’s important to raise the issue.
  • Penalties: If, for whatever reason, you need to break your mortgage, you could pay thousands of dollars in penalties. Read the fine print. Breaking your mortgage because you found a lower rate may wind up costing more than you stand to gain.
  • Portability: One way to avoid these penalties is to negotiate a portable mortgage. This means that if you move, you can transfer your mortgage to a new home and combine it with an additional mortgage loan.

What else should I know about getting a mortgage in B.C.?

While many mortgage rules are consistent across Canada, there are some regulations determined at the provincial and municipal level.

Foreign Buyers Tax: Prospective homebuyers in B.C. should be aware of the foriegn buyer’s tax that was introduced in several regions in 2016, including Capital Regional District, Fraser Valley Regional District, Metro Vancouver Regional District, Regional District of Central Okanagan and Regional District of Nanaimo.

The tax, which is contained in the Property Transfer Tax Act, imposes an additional 20% levy on foreign buyers looking to purchase property in B.C. This will only apply to you if you’re interested in purchasing a property in B.C. but don’t currently pay income tax there. You may be able to apply for a rebate later on if you live, work or study in the region.

Speculation and Vacancy Tax: If you’re shopping for an investment property in B.C., beware. The Speculation and Vacancy tax was implemented in the following regions: Capital Regional District (CRD), Metro Vancouver Regional District, City of Abbotsford, District of Mission, City of Chilliwack, City of Kelowna, City of West Kelowna and the District of Lantzville in 2018.

This tax aims to discourage housing speculation and prevent people from investing in properties that are then left empty in metropolitan areas. 99% of British Columbians are exempt from this tax. Check out the B.C. government’s website to learn more about whether either of these, or other, taxes apply to you.

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