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.
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.
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| Nov 2015 | 2.36% | 4.64% |
| Dec 2015 | 2.47% | 4.64% |
| Jan 2016 | 2.46% | 4.64% |
| Feb 2016 | 2.65% | 4.64% |
| Mar 2016 | 2.36% | 4.64% |
| Apr 2016 | 2.33% | 4.64% |
| May 2016 | 2.32% | 4.64% |
| June 2016 | 2.26% | 4.64% |
| July 2016 | 2.19% | 4.74% |
| Aug 2016 | 2.34% | 4.74% |
| Sept 2016 | 2.18% | 4.64% |
| Oct 2016 | 2.15% | 4.64% |
On a $400,000 mortgage, that's an average savings of:
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.
| Month | Average LR.ca 5-year fixed rate | Average LR.ca 5-year variable rate |
|---|---|---|
| Nov 2015 | 2.36% | 2.00% |
| Dec 2015 | 2.47% | 2.25% |
| Jan 2016 | 2.46% | 2.10% |
| Feb 2016 | 2.65% | 2.15% |
| Mar 2016 | 2.36% | 2.10% |
| Apr 2016 | 2.33% | 2.12% |
| May 2016 | 2.32% | 2.06% |
| June 2016 | 2.26% | 1.97% |
| July 2016 | 2.19% | 1.93% |
| Aug 2016 | 2.34% | 1.92% |
| Sept 2016 | 2.18% | 1.95% |
| Oct 2016 | 2.15% | 1.95% |
On a $400,000 mortgage, that's an average savings of:
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.
✝Based on borrowers in British Columbia who applied for a mortgage at LowestRates.ca since 2014.
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.
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.
| Province | Two-Storey | Condo |
|---|---|---|
| British Columbia | $749,500 | $319,400 |
| Alberta | $405,000 | $255,100 |
| Saskatchewan | $384,500 | $246,100 |
| Manitoba | $322,600 | $207,500 |
| Ontario | $528,900 | $280,800 |
| Québec | $323,700 | $201,400 |
| Canadian Average | $466,100 | $254,800 |
| Province and territory | Average home price (2016)* | Year- |
|---|---|---|
| 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
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