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Compare mortgage rates in Prince George.

Prince George is the largest city in northern British Columbia. A hub city for the northern part of the province, Prince George has a population of 74,000 and is often referred to as the Northern Capital of British Columbia. Situated at the junction of the Fraser and Nechako rivers, Prince George is home to countless outdoor recreational activities, while also boasting an international airport and a bustling economy supported primarily by wholesale and retail, manufacturing, healthcare and social assistance, accommodation and food services, and construction.

Ready to do a comparison of mortgage rates in Prince George? makes it easy. To get started, scroll to the top of this page and tell us whether you’re buying a home, renewing or refinancing. In three minutes, you’ll be comparing mortgage rates from 50+ banks and brokers across Canada.

Conventional vs. high-ratio mortgages: which is cheaper?

If you’re on the lookout for mortgage rates in Prince George, your down payment amount will determine whether you qualify for a high-ratio mortgage or conventional mortgage.

With a high-ratio mortgage, a homebuyer puts down less than 20% of the home’s price as a down payment. This allows buyers to purchase a home with less money upfront, but results in higher mortgage payments, since the buyer is required to borrow more toward the home’s price. A high-ratio mortgage loan also requires mortgage default insurance, which adds to your monthly costs.

A conventional mortgage, on the other hand, requires a down payment of at least 20% of the home’s purchase price. Conventional mortgages require more upfront money than high-ratio mortgages, but they will also have lower mortgage payments due to the fact that a buyer will have a smaller mortgage balance.

You can access both bank and broker mortgage rates in Prince George regardless of whether your mortgage is conventional or high-ratio.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in British Columbia

DateAverage Conventional RateAverage High Ratio Rate
06/22 4.48%4.12%
07/22 4.97%4.59%
08/22 4.84%4.37%
09/22 4.79%4.36%
10/22 5.13%4.66%
11/22 5.46%5.18%
12/22 5.23%4.78%
01/23 5.18%4.73%
02/23 5.10%4.66%
03/23 5.12%4.71%
04/23 4.84%4.49%
05/23 4.78%4.43%

Last Updated: June 1, 2023

Fixed rate vs. variable rate mortgages: which is cheaper?

As of mid-2021, both fixed and variable mortgage rates in Prince George are at historic lows. The best mortgage lenders in Prince George offer both fixed and variable mortgage rates, so choosing one over the other is typically a matter of preference and risk tolerance.

With a fixed mortgage rate, the interest rate and payments remain the same over the entire mortgage term (the most common term is five years). Fixed rates allow peace of mind knowing your payments will remain the same for a period of time.

Variable mortgage rates, meanwhile, may fluctuate. Mortgage companies in Prince George (and all over Canada) set their variable rates based on their prime lending rate, which is tied to the Bank of Canada overnight rate. Variable rates might go up or down over the course of a mortgage term, based on economic factors, which result in changes to the amount of interest vs. principal paid toward a mortgage or the mortgage payment amount.

5-year fixed vs. 5-year variable mortgage rates in British Columbia

06/22 4.36%2.72%
07/22 4.82%3.24%
08/22 4.63%3.80%
09/22 4.62%4.26%
10/22 5.04%4.60%
11/22 5.28%5.08%
12/22 4.99%5.38%
01/23 4.90%5.67%
02/23 4.86%5.91%
03/23 4.94%5.95%
04/23 4.67%5.93%
05/23 4.62%5.80%

Last Updated: June 1, 2023

Factors that affect your Prince George mortgage rate

Your ability to qualify for the cheapest mortgage rates in Prince George is determined by several factors, including your down payment amount, debt service ratios, credit score and income. Let’s dig into how each of these factors play a role in how lenders determine whether you qualify for the lowest mortgage interest rates in Prince George.

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Typical mortgage amounts in Prince George

Using’s mortgage payment calculator, let’s play around with some numbers to calculate mortgages in Prince George and give a sense of what a borrower might pay in the region.

The size of your mortgage will depend on a few things, such as where you choose to live, the size of your down payment, and the mortgage interest rate you agree to pay. The median home price of all single-family homes sold in Prince George so far this year is $427,250, according to the BC Northern Real Estate Board. Using that benchmark price, we’ll calculate what a homebuyer might expect to pay in monthly mortgage costs.

For our purposes, we’ll assume a 5% down payment ($21,363), a fixed mortgage rate of 2%, and an amortization period of 25 years.

The monthly mortgage costs, including the required mortgage default insurance ($17,090), would be $1,791 per month.

However, increasing the down payment to 20.2% ($86,262) would result in a monthly mortgage cost of $1,444.

You can use to help you compare the best mortgage interest rates in Prince George, which will help you lower your monthly mortgage costs.

Prince George’s housing market and home prices

Prince George’s housing market has been on an upswing over the past few years, similar to most other Canadian real estate markets. Still, it’s considerably more affordable than other real estate markets in British Columbia.

The median home price for single-family homes sold in Prince George in June was $455,842, according to the BC Northern Real Estate Board. That’s an increase of 16.9% year over year. The median price in June 2020 was $389,985.

However, home prices vary across the city. The median price for single-family homes sold in the western part of this city is $414,000; the median price for single-family homes sold in the eastern part of the city is $340,000; the median price for single-family homes sold in the northern part of the city is $450,000; and the median single-family home price in the southwestern part of the city is $505,000.

Prince George closing costs and land transfer tax

Closing costs are something to consider when purchasing a home. Closing costs are expenses a homebuyer must put forth before they can close on their home and take possession. Closing costs in Canada typically range from 1.5% to 5%. Below is a list of common closing costs:

Taxes are another major closing cost. Land transfer tax in B.C. is based on the price of the home. You can use’s land transfer tax calculator to calculate exactly how much you’ll pay, but here’s a basic breakdown:

One thing to note about purchasing a home in Prince George: While many regions in B.C. charge foreign nationals, foreign corporations and taxable trustees additional 20% tax on properties, Prince George does not.


Information for first-time home buyers in Prince George

There are some things to take into consideration if you’re a first-time homebuyer researching home mortgage rates in Prince George.

Down payment: The minimum down payment for homes that cost $500,000 or less in Canada is 5%. The minimum down payment increases as the price of the house increases. Refer to the section above for a detailed breakdown of minimum down payment requirements.

Home Buyers’ Amount: Formerly known as the First-Time Home Buyers’ Tax Credit, the Home Buyers’ Amount is a tax credit of up to $750 offered to first-time homebuyers. The tax credit is available to buyers who have not owned a home prior to their purchase. If purchasing a home with a spouse or common law partner, both parties must be first-time homebuyers.

The tax credit is available for existing homes or homes under construction and can be applied to various housing types, such as single-family houses, semi-detached houses, townhouses, mobile homes, condos, apartments in duplexes, triplexes, fourplexes, and apartment buildings.

GST New Housing Rebate: First-time buyers who purchase a new or substantially renovated home may qualify for this housing rebate. Speak to your lender or broker to see if you qualify.

Federal Home Accessibility Tax Credit (HATC): If you qualify as a senior or person with a disability, this is another tax credit you may qualify for. Again, speak to your broker or lender to find out if you qualify.

​​Prince George's County Purchase Assistance Program (PGCPAP): Finally, this is an assistance program that provides down payment, mortgage principal reduction and/or closing cost assistance to those who qualify. It’s funded by the Housing Investment Trust Fund in Prince George and is offered in the form of an interest-free $15,000 loan. It’s available for homes with a purchase price of $462,000 or less. To learn more and to find out if you might be eligible, read more here.

Your questions about Prince George mortgages, answered.

What’s the difference between a mortgage term and an amortization period?

You might be surprised to find out that mortgage terms and amortization periods are different. It’s important to know the difference between the two.

A mortgage term is the amount of time — typically between one and 10 years — a borrower agrees to a particular mortgage contract and rate. An amortization period is the entire life of the mortgage — typically 25 to 30 years. A mortgage amortization period comprises several mortgage terms.

What’s the difference between an open mortgage vs. a closed mortgage?

Getting a great interest rate is only one aspect of negotiating house mortgage rates in Prince George. There are other considerations in a mortgage contract a borrower should consider as well, including whether or not you want an open or a closed mortgage.

An open mortgage is one that allows additional payments (called prepayments), in addition to the agreed upon weekly, bi-weekly, or monthly payments. Open mortgages are a good option for borrowers who would like to pay their mortgage off before the end of their amortization period, since they won’t be penalized for making additional payments.

Closed mortgages, meanwhile, have a set amount of prepayments that are allowed. Any additional prepayments may result in penalty fees. Since closed mortgages are less flexible, lenders typically offer lower rates than they do with open mortgages.

All of the best mortgage lenders in Prince George offer both open and closed mortgages — the one you choose is a matter of preference.

How much does it cost to live in Prince George?

Your housing costs, whether you rent or purchase a home, are just one factor to consider when calculating the cost of living in Prince George. Purchasing a home will result in additional costs, such as utility payments, property taxes, and home insurance, among others. Renting also has additional costs, such as renter’s insurance.

However, in addition to housing costs, you might also have car costs, if you choose to live in Prince George.

British Columbia has the highest car insurance rates in Canada, according to the Insurance Bureau of Canada. The average cost of car insurance in B.C. is $1,832 per year. That’s quite expensive, even when compared to what Ontario drivers pay, which is the second highest average in the country at $1,505 per year.

How much does getting a lower interest rate matter in Prince George?

When you compare mortgage rates in Prince George, a low rate is probably one very important factor. However, there are some other factors that are also important when evaluating a mortgage.

Prepayment penalties are one thing to consider. If you desire the freedom to pay your mortgage off before the end of your amortization period, you probably want an open mortgage that doesn’t charge prepayment penalties.

Speaking of penalties, make sure to understand what penalties you might incur. Breaking your mortgage before the end of the mortgage term, for example, might result in penalties, depending on the mortgage you choose.

If you think you might want to sell your home before the end of the mortgage term, you might want to opt for a portable mortgage. Portable mortgages allow you to transfer a mortgage from one home to another while keeping the same interest rate. This means you won’t have to break your existing mortgage contract and face financial penalties.

Your questions about, answered.

How are mortgage rates determined on works with 50+ banks and brokers to bring you competitive mortgage rates from lenders in Canada. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates for Prince George. 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.

Is it safe to get a mortgage online?

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. 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.

How do I know if I’m getting the lowest rate?

We have a strong selection of lenders on 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.

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