HomebuyingTwo of the world’s least affordable housing markets are in Canada
Two Canadian cities rank among the world's severely unaffordable cities according to a global survey by Demographia.
The best mortgage rates in British Columbia? Get ‘em right here!
Find the best rate in just seconds.
Compare mortgage rates in British Columbia.
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 = bigger 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.
On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.On a $400,000 mortgage that’s an average savings of:
$465 Per Month
$5,578 Per Year
$139,441 In a Lifetime
5-year fixed mortgage rate from LowestRates.ca in British Columbia vs 5-year bank rate
| Month | Our average rate | Average bank rate |
|---|---|---|
| 02/18 | 2.99% | 5.14% |
| 03/18 | 3.00% | 5.14% |
| 04/18 | 3.11% | 5.14% |
| 05/18 | 3.11% | 5.34% |
| 06/18 | 3.09% | 5.34% |
| 07/18 | 3.05% | 5.34% |
| 08/18 | 3.31% | 5.34% |
| 09/18 | 3.13% | 5.34% |
| 10/18 | 3.27% | 5.34% |
| 11/18 | 3.33% | 5.34% |
| 12/18 | 3.34% | 5.34% |
| 01/19 | 3.31% | 5.34% |
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.
On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:
$140 Per Month
$1,679 Per Year
$41,972 In a Lifetime
5-year fixed mortgage rate in British Columbia vs 5-year variable rate from LowestRates.ca
| Month | Our average 5-year fixed rate | Our average 5-year variable rate |
|---|---|---|
| 02/18 | 2.99% | 2.21% |
| 03/18 | 3.00% | 2.21% |
| 04/18 | 3.11% | 2.21% |
| 05/18 | 3.11% | 2.19% |
| 06/18 | 3.11% | 2.16% |
| 08/18 | 3.11% | 2.41% |
| 09/18 | 3.13% | 2.41% |
| 10/18 | 3.27% | 2.49% |
| 11/18 | 3.33% | 2.65% |
| 12/18 | 3.34% | 2.62% |
| 01/19 | 3.31% | 2.62% |
Focus On
British Columbia 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.
Resale Home Prices in British Columbia
| Quarter | British Columbia | Canada |
|---|---|---|
| Q1/13 | $514,618 | $367,382 |
| Q2/13 | $520,123 | $372,775 |
| Q3/13 | $550,019 | $388,651 |
| Q4/13 | $535,000 | $381,900 |
| Q1/14 | $567,215 | $399,945 |
| Q2/14 | $553,867 | $402,605 |
| Q3/14 | $576,674 | $409,388 |
| Q4/14 | $582,651 | $416,410 |
| Q1/15 | $610,538 | $425,062 |
| Q2/15 | $626,725 | $438,866 |
| Q3/15 | $633,000 | $445,000 |
| Q4/15 | $625,000 | $438,200 |
| Q1/16 | $629,000 | $440,800 |
| Q2/16 | $632,000 | $441,800 |
Despite recent declines, prices for single-detached homes and condominiums in Alberta are roughly in line with the national average.
Two-Storey Home and Condo Prices by Province
| 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 |
Your British Columbia mortgage questions, answered.
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.
5-Year Fixed Rates vs. 5-Year Variable Rates in Canada: Who Takes What?✝
- of British Columbia borrowers apply for 5-year variable mortgages
- 56%
- of British Columbia borrowers apply for 5-year fixed mortgages
- 44%
✝Based on borrowers in British Columbia who applied for a mortgage at LowestRates.ca since 2014.
About British Columbia
From the world-class city of Vancouver to the rugged beauty of the north, British Columbia is one of the most desirable places to live in Canada — and arguably, the world. British Columbia’s population has exploded in recent years, passing the five million mark in 2018, according to a Statistics Canada estimate. A lot of that has to do with a large influx of international migrants. British Columbia’s popularity has also led to an insatiable demand for housing. It’s no surprise that British Columbia’s housing market is also one of the country’s most expensive. According to RBC, buying a home in Vancouver in 2019 now takes a salary of approximately $200,000.
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