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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 Prince George 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 Prince George and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local British Columbia credit unions like Integris Credit Union — can often result in a better mortgage rate.
Your ability to qualify for the cheapest mortgage rates in Prince George is determined by several factors. Let’s dig into how each of these factors affect mortgage rates in Prince George.
1. Down payment
The down payment is the amount of money a homebuyer puts toward the purchase of a home up-front. The minimum down payment in Canada is 5% of the home’s purchase price, and any down payment less than 20% of the home’s purchase price requires mortgage default insurance.
Across Canada, minimum down payment requirements are determined by the cost of the home:
2. Debt service ratio
A debt service ratio is the amount of monthly debt repayments a borrower has compared to their income. A buyer’s debt service ratio must fall below a certain threshold to qualify for a mortgage loan in Prince George. Lenders use two types of debt service ratios to help them determine whether or not a buyer can afford the mortgage on a home.
3. Credit score
A credit score is another factor lenders use to determine who qualifies for the best mortgage rates in Prince George. Canada credit scores range from 300-900, and fluctuate based on how a borrower manages their credit. A credit score between 660 and 724 is considered good by Equifax Canada; a score between 725 and 759 is considered very good; a score between 760 and 900 is considered excellent. The higher your score, the better your chances of getting the best mortgage rates in Prince George Canada.
4. Employment and income
A borrower’s income will also determine mortgage qualification. Generally, the higher a homebuyer’s income, the larger the mortgage they can qualify for. Lenders want to see proof that a borrower has a history of steady employment and earns an income that would allow them to afford their mortgage payments.
Buyers are asked to provide income statements, usually in the form of tax documents, to prove their income when applying for a mortgage. Your broker or lender will let you know exactly what documents are required as you go through the qualification process.
The average mortgage rate in Prince George depends on several individual factors. When combined, all of these factors will determine whether a mortgage borrower qualifies for a lower rate.
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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, Prince George, imposes its land transfer tax by applying a tax-bracket system to the property’s purchase price.
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.
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 pre-payments), 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 pre-payments that are allowed. Any additional pre-payments 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.
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.
Pre-payment 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 pre-payment 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.
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 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.
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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