Best Variable Rate
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.05%
Best Fixed Rate
The Mortgage Group

The Mortgage Group

Term 5 Year
Type Fixed Closed
Rate 2.84%
Sigma Mortgage

Sigma Mortgage

Term 5 Year
Type Variable Closed
Rate 2.11%
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Closed
Rate 2.15%
True North Mortgage

True North Mortgage

Term 2 Year
Type Fixed Closed
Rate 2.44%
True North Mortgage

True North Mortgage

Term 1 Year
Type Fixed Closed
Rate 2.49%
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.84%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 2.84%
Sigma Mortgage

Sigma Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.99%

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.

Mortgage Interest Savings in British Columbia:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate
MonthAverage LR.ca 5-year fixed rateAverage 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%
Average LR.ca 5-year fixed rate Average bank 5-year fixed rate 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%
  • Nov 2015
  • Dec 2015
  • Jan 2016
  • Feb 2016
  • Mar 2016
  • Apr 2016
  • May 2016
  • June 2016
  • July 2016
  • Aug 2016
  • Sept 2016
  • Oct 2016
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:

$467
Per month
$5,610
Per year
$139,845
Per lifetime

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.

Mortgage Interest Savings in British Columbia:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage 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%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0%
  • Nov 2015
  • Dec 2015
  • Jan 2016
  • Feb 2016
  • Mar 2016
  • Apr 2016
  • May 2016
  • June 2016
  • July 2016
  • Aug 2016
  • Sept 2016
  • Oct 2016
Our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage, that's an average savings of:

$90
Per month
$1,081
Per year
$27,017
Per lifetime

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 British Columbia: Who Takes What?✝
56%
of British Columbia borrowers apply for 5-year variable mortgages
44%
of British Columbia borrowers apply for 5-year fixed mortgages

✝Based on borrowers in British Columbia who applied for a mortgage at LowestRates.ca since 2014.

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.

Resale Home Prices in British Columbia
British Columbia
Canada
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 $0k $200k $400k $600k $632,000 $441,800

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.

Two-Storey Home and Condo Prices by Province
ProvinceTwo-StoreyCondo
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
Two-Storey
Condo
$0k $200k $400k $600k $800k
British Columbia
Alberta
Saskatchewan
Manitoba
Ontario
Québec
Canadian Average

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 Alberta

Jagged mountain peaks, vast parks, rolling grasslands, rodeos, oil — it's hard not to love Alberta. Arguably Canada's richest province, Alberta is home to more than three and a half million people and boasts a strong economy along with sunny weather, low taxes and great scenery. It offers a wide variety of physical landscapes for visitors and residents to explore and is the only place in North America where prairie, northern forest and mountain regions meet. Alberta's two largest cities, Calgary and Edmonton, are both vibrant yet laid-back urban centres with superb cultural institutions and much to see and do.

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