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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 Nanaimo 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 Nanaimo and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local British Columbia credit unions like Coastal Community Credit Union and Island Savings Credit Union — can often result in a better mortgage rate.
When searching for a home, there are a number of factors that will determine whether or not you will qualify for the cheapest mortgage rates in Nanaimo. Lenders have a number of different ways to help them determine the size of the mortgage they offer a borrower, as well as the rate they will qualify for. Let’s take a closer look at some of these factors.
1. Down payment
The down payment is the amount of money a home buyer will put toward the home upfront. The minimum down payment in Canada is 5% of the home’s purchase price. So, if a home costs $500,000, the minimum down payment for that home would be $25,000.
A down payment can be as large as you’d like. However, the government has established minimum down payments based on property price.
Buyers who provide a down payment of less than 20% are required to have mortgage default insurance. Three companies offer mortgage default insurance in Canada: Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty and Sagen.
2. Debt service ratios
Debt service ratios are maximum debt thresholds lenders set for borrowers. These percentages help lenders determine whether or not a borrower can afford the mortgage on a home. Home buyers are required to fall below set debt service ratios, which comprise two different ratios: gross debt service ratio and total debt service ratio.
3. Credit score
A borrower’s credit score is a major factor lenders use when determining what mortgage rate they qualify for. A good credit score will help you qualify for the lowest mortgage interest rates in Nanaimo. Credit scores in Canada range from 300-900. A credit score between 660 and 724 is considered good by Equifax Canada. A score between 725 and 759 is considered very good. And a score between 760 and 900 is considered excellent. The higher your score, the better your chances of qualifying for the best home mortgage in Nanaimo.
4. Employment and income
A borrower’s income is another major determining factor when it comes to qualifying for home mortgage rates in Nanaimo.
Lenders need to verify that a borrower has a history of making enough income to afford the mortgage on their home. They’ll also want to determine whether a buyer is a salaried employee, self-employed, and whether they have additional investment income or income from a rental property.
Borrowers typically provide two years’ worth of proof of income. This can be provided in the form of T4s and other tax documents. Your broker or lender will work with you to ensure all the necessary documents are provided to help you qualify for a mortgage, whether you’re applying for broker mortgage rates in Nanaimo or are working with your existing financial provider and are looking at bank mortgage rates in Nanaimo.
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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 September 2026, the average conventional 5-year fixed rate is 4.18%. That’s 16 bps above the average high-ratio 5-year fixed rate, which stands at 4.02%.
| 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 September 2026, the 5-year fixed rate is 4.13%. That’s 44 bps above the 5-year variable rate, which stands at 3.69%.
| 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, Nanaimo, imposes its land transfer tax by applying a tax-bracket system to the property’s purchase price.
Mortgage term and amortization period are two important time periods for all mortgages. While many may confuse the two, they are both different but are equally important to understand.
A mortgage term is the contracted amount of time a home buyer agrees to pay a specific mortgage rate. Mortgage terms in Canada range from six months to as long as 10 years. The most common term, however, is five years. Every home buyer will pay off the entirety of their mortgage over the course of a number of different mortgage terms.
The amortization period, meanwhile, is the entire life of the mortgage, as agreed upon by the home buyer and the lender. Mortgages are paid off over the course of the amortization period, which commonly range from 25-30 years. Mortgages that require mortgage default insurance can have a maximum amortization period of 25 years.
The best mortgage lenders serving the Nanaimo area offer both open and closed mortgages. There are a few differences you should understand before choosing one over the other.
An open mortgage is one where the lender allows the borrower to make additional mortgage payments, known as prepayments, to the payments already agreed upon. So, say your monthly mortgage payment is $1,500. Open mortgages allow you to make more payments toward your mortgage than the set payment amount. This allows borrowers to pay off their mortgages quicker.
Closed mortgages lack the same flexibility. These mortgages have rules about the amount of additional payments that can be made. The tradeoff, though, is that closed mortgages typically come with a lower mortgage rate.
So, when doing a mortgage rates comparison in Nanaimo, consider which one might be a better fit.
A low rate is only one, albeit important, factor a borrower should consider when searching for the best mortgage rates in Nanaimo, Canada. A low rate ensures your payments will be more affordable, but there are some other factors in a mortgage that should also be taken into account.
We mentioned open and closed mortgages as well as prepayment privileges. If you’re someone who wants payment flexibility — particularly if you want to pay off your mortgage as quickly as possible — you might want to consider a mortgage that offers flexible prepayment privileges.
Penalties are another factor. Some lenders will charge penalties for breaking the mortgage early or for making additional payments. Have a look at the fine print in the contract to better understand penalties and how they might impact you.
Finally, portability is another factor you might want to consider. A portable mortgage is one that can be transferred from one home to another. Say you’re unsure how long you’d like to live in a certain property or area. A portable mortgage would allow you to take that mortgage with you to your next home, should you decide to make a move.
If you keep these additional factors in mind when you compare mortgage rates in Nanaimo, you’ll be prepared to choose the best possible mortgage for your situation.
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 for Nanaimo. 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.
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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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