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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 Surrey 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 Surrey and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local British Columbia credit unions like Coast Capital Savings — can often result in a better mortgage rate.
When deciding whether or not to approve your mortgage application (and the interest rate they’ll offer), lenders look at a few different factors.
1. Down payment
When you buy a home, you’ll need to pay a percentage of the purchase price up front. In an expensive city, the down payment amount is very important: it determines the size of your Surrey mortgage loan, and factors significantly into determining your mortgage rate. The more you can afford to put down, the better—a larger down payment means you present less risk to lenders, and will likely be able to make your mortgage payments on time.
In Canada, federal mortgage rules require homebuyers to put down 5% to 20% of the home’s total sales price, depending on the price of the home. Here’s how it works:
If your down payment is less than 20% of the total price of the home, you’ll need to purchase mortgage insurance from the Canadian Mortgage and Housing Corporation (CMHC).
2. Debt service ratio
Besides your down payment, mortgage lenders also consider how much money you owe. They look at two different types of debt ratios:
3. Credit score
Your credit score is a numerical representation of your financial trustworthiness, and is used by lenders to decide how likely it is that you’ll repay your debts on time. In Canada, credit scores range from 300 to 900. Your credit score is calculated by looking at factors including payment history, number of open accounts, length of credit history and total debt levels. Your score directly affects whether you’ll be approved for a mortgage and the interest rates lenders will offer. The higher your credit score, the more likely it is that lenders across Canada can offer the best mortgage rates for Surrey.
4. Income
Lenders want to see stable employment and a reliable source of income, whether it’s from a salaried job, rental income or investments. They’ll look at the type of employment (full-time, casual, temporary or seasonal) and how long you’ve been employed for.
If you’re self-employed, you’ll need to show lenders three years of tax returns, your personal and business credit score, business articles of incorporation, proof of ownership, business or GST licence and other supporting documents for your business such as an income statement, cash flow statement and balance sheet.
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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:
Surrey imposes its land transfer tax by applying a tax-bracket system to the property’s purchase price.
Mortgage term and amortization period may seem like the same thing, but they are decidedly not. Here's the difference:
Mortgage term: The term is the amount of time certain conditions are locked in, such as your interest rate. Terms usually run from six months to 10 years, but five years is the most common mortgage term in Canada. By the end of the term, the mortgage must either be fully paid off or you must get a new term, with new conditions.
Amortization period: Amortization is the total amount of time it takes to pay off your mortgage in full. In Canada, an amortization period can be up to 30 years. If your down payment is less than 20%, the maximum amortization period allowed by the Canada Mortgage and Housing Corporation (CMHC) is generally 25 years.
However, first-time buyers and buyers of newly built homes can qualify for a 30-year amortization on an insured mortgage. A shorter amortization period means your monthly payments will be higher, but you’ll pay less interest. A longer amortization period means your payments will be lower, but you’ll pay more toward interest charges over the life of your mortgage.
In addition to choosing a mortgage term, amortization period and between a fixed or variable rate mortgage, Surrey buyers will also need to decide between two types of mortgage payment structures: open or closed.
If you’re house hunting in B.C., securing a low Surrey mortgage rate is one great way to save money on your mortgage. However, it’s one of many things you can do to increase the overall affordability of your mortgage. Some of these features might include prepayment privileges and portability.
LowestRates.ca works to bring you Surrey's best mortgage rates from top Canadian banks and brokers. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates for Surrey. 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 not only in Surrey, but across 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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