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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 Chilliwack and Canada at large:
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. Though 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 remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Chilliwack and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local British Columbia credit unions like Valley First Credit Union — can often result in a better mortgage rate.
When you apply for a home loan, mortgage companies in Chilliwack (and across Canada) consider several factors in determining approval, the maximum amount they are willing to lend you and how they’ll set your interest rate.
Here are the main factors that banks and other lenders consider in setting your Chilliwack home mortgage rates:
1. Down payment
The size of your down payment plays a role in how your lender sets your mortgage rate. You’ll need to make a down payment of between 5%-20% of your home’s purchase price, depending on the price of the home. Higher down payment amounts typically earn lower interest rates from lenders because you’re seen as a safer borrower.
For homebuyers making a down payment of less than 20% of their home’s purchase price, you’ll need to buy the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance. It’s important to factor this cost into your budget as it’s mandatory.
Want to know if you’ll qualify for the lowest mortgage rates in Chilliwack? You’ll also need to understand how lenders evaluate your debt and income. They calculate two different debt service ratios to see if you meet certain standards.
Both these figures are a way for lenders to determine whether you can afford the mortgage payments if they approve you for a home loan.
Two other factors lenders look at in setting your interest rate include:
2. Credit score
Your credit score is a number ranging from 300-900, with higher numbers indicating greater creditworthiness, and usually earning lower interest rates on mortgage loans. Credit scores are based on your history of borrowing and repaying money and maintaining credit accounts. High credit scores typically indicate more experience using credit and doing so responsibly. This means moderating the amount of credit accounts you acquire and the amount of borrowing you do against your available credit, and maintaining a history of timely loan repayments. Most major Canadian lenders require a minimum score of 600 for mortgage loan approvals. To buy CMHC mortgage insurance, required if your down payment amount is below 20%, you’ll need a minimum credit score of 600.
3. Income
Lenders want to know about the type of amount of income you have, including employment paycheques, investment and rental income. Long-term, full-time employment is considered less risky than seasonal or temporary employment. If you are self-employed, you’ll need to provide extra documentation so lenders can get a picture of your business’s finances. Lenders may ask for three years of tax returns, your GST/HST account and business number, articles of incorporation, bank statements, balance sheet, cash flow statement and other items.
Are you feeling well-qualified to work with the best mortgage lenders in Chilliwack? If you’re ready to compare mortgage rates for your Chilliwack home purchase, go to the top of this page and tell us whether you’re buying, renewing or refinancing to get started on your personalized quote.
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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 |
|---|---|---|
| 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% |
| 08/26 | 4.18% | 4.02% |
Last Updated: September 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 4.13%. That’s 46 bps above the 5-year variable rate, which stands at 3.67%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.68% | 4.89% |
| 10/25 | 4.76% | 4.78% |
| 11/25 | 4.73% | 4.58% |
| 12/25 | 4.79% | 4.60% |
| 01/26 | 4.70% | 4.54% |
| 02/26 | 4.62% | 4.56% |
| 03/26 | 4.44% | 4.36% |
| 04/26 | 4.26% | 4.18% |
| 05/26 | 4.19% | 3.67% |
| 06/26 | 4.11% | 3.61% |
| 07/26 | 4.13% | 3.67% |
| 08/26 | 4.13% | 3.69% |
Last Updated: September 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 |
Closing costs are one-time fees that property buyers must pay upon purchase. These costs may include:
British Columbia, and by extension, Chilliwack, imposes its land transfer tax by applying a tax-bracket system to the property’s purchase price.
The amortization period is the estimated time period it will take for you to pay off your mortgage loan in full, including interest. The mortgage term is the time period you’ve agreed to work with a specific lender to service your loan. This timeframe is part of your mortgage contract. The most common mortgage term in Canada is five years, but lenders offer other options ranging from as short as six months to as long as 10 years. Most homebuyers have numerous short mortgage terms over a longer amortization period.
During the mortgage term, you make repayments according to rules spelled out in your contract. Your contract also explains how your interest rate is set, whether and how you can make extra payments, when penalty fees apply and so on. After your mortgage term ends, you can renew your mortgage with the same lender or switch to a new one.
Open and closed mortgages differ in the flexibility they allow in your loan repayment schedule. They typically come with different mortgage interest rates in Chilliwack and throughout Canada.
If you want to save on your mortgage, it’s wise to shop around for below-average mortgage rates in Chilliwack. But even if you score the cheapest available mortgage rates in Chilliwack, there are still a few other factors to be aware of that can impact the overall cost of your mortgage.
Open mortgages offer the most generous prepayment privileges, allowing accelerated payments with no prepayment penalties. However, they often have higher interest rates than closed mortgages.
Closed mortgages are more common. In exchange for agreeing to pay off your mortgage at a more predictable rate, lenders typically offer lower mortgage rates. Some closed mortgages offer limited prepayment privileges, such as the ability to double a mortgage payment once per year, or make a lump sum payment up to a certain percentage of your mortgage amount. Just be sure you understand what’s allowed, because if you don’t adhere to the rules of your contract’s prepayment privileges, you may end up with a penalty fee that far outweighs the savings on interest from paying down your principal faster.
Portability: If your mortgage is portable, it means you can transfer it to a new property if you decide to buy a new home before paying off your earlier mortgage. Often, your original mortgage can be added to a new home loan to make up the difference in sale price. If you think you may want to buy a new home before paying off your mortgage, ask about your lender’s portability options. This is also a term you may be able to negotiate as part of your mortgage contract.
LowestRates.ca works with top banks and brokers to bring you competitive mortgage rates from lenders in Canada. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
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 becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. 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.
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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