Best Variable Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Variable Closed
Rate 2.60%
Best Fixed Rate
Sigma Mortgage

Sigma Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.33%
Sigma Mortgage

Sigma Mortgage

Term 5 Year
Type Variable Closed
Rate 2.64%
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Closed
Rate 2.65%
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.65%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Variable Closed
Rate 4.10%
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.34%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 3.39%
True North Mortgage

True North Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.39%

Vancouver mortgage rates

Vancouver may have the priciest real estate in BC (and all of Canada, for that matter), but it also boasts some of the lowest mortgage rates anywhere in the country. And with a little help from LowestRates.ca, you can quickly compare those rates from over 30 brokers and banks — just like that.

Variable or fixed: which is lower?

That’s an easy answer. Especially if you do what we did — closely compare our 5-year fixed rates and our 5-year variable rates from the past two years. Our variable rates are trending almost 0.5% lower than our fixed rates. With a variable mortgage, you get a lower rate but have less security if rates do rise.

Mortgage Interest Savings in Vancouver:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2015 2.40% 1.93%
Dec 2015 2.47% 2.18%
Jan 2016 2.47% 2.10%
Feb 2016 2.44% 2.10%
Mar 2016 2.36% 2.10%
Apr 2016 2.34% 2.10%
May 2016 2.33% 2.04%
June 2016 2.24% 1.97%
July 2016 2.24% 1.94%
Aug 2016 2.17% 1.93%
Sept 2016 2.17% 1.95%
Oct 2016 2.12% 1.94%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5%
  • Nov 2015
  • Dec 2015
  • Jan 2016
  • Feb 2016
  • Mar 2016
  • Apr 2016
  • May 2016
  • June 2016
  • July 2016
  • Aug 2016
  • Sept 2016
  • Oct 2016
Our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage, that's an average savings of:

$93
Per month
$1,112
Per year
$27,809
Per lifetime
5-Year Fixed Rates vs. 5-Year Variable Rates in Vancouver: Who Takes What?✝
67.29%
of Vancouver borrowers apply for 5-year variable mortgages
32.71%
of Vancouver borrowers apply for 5-year fixed mortgages

✝Based on borrowers in Vancouver who applied for a mortgage at LowestRates.ca since 2014.

Variable or fixed: which is more popular?

Interestingly enough, variable rates are more popular in Vancouver than in any other major Canadian city. Could Vancouver’s high home prices be pushing borrowers away from fixed rates and towards variable rates?

Vancouver housing

With the average detached home still going for well over $1 million, for many Vancouver families, purchasing even a modest home is still difficult. Condos are also expensive in Vancouver, although they have not appreciated at quite the same pace as detached houses have.

Single-Detached Home and Condo Prices by City
CitySingle-DetachedCondo
Canada $523,900 $358,900
Vancouver $1,380,300 $493,100
Calgary $513,900 $307,000
Edmonton $418,500 $247,400
Toronto $768,500 $371,800
Ottawa $402,000 $300,600
Montreal $355,800 $286,200
Single-Detached
Condo
$0k $200k $400k $600k $800k $1,000k $1,200k $1,400k
Canada
Vancouver
Calgary
Edmonton
Toronto
Ottawa
Montreal

Vancouver’s home prices used to tower over those in other Canadian cities. However, government policy and taxes caused housing activity to take a major dive in the latter half of 2016, helping to bring the average price down from record highs of $1 million and above to just over $900,000.

Average Home Prices in Vancouver
Source: CMHC
$700k $800k $900k $1,000k $1,100k Jan-14Mar-14May-14Jul-14Sep-14Nov-14Jan-15Mar-15May-15Jul-15Sep-15Nov-15Jan-16Mar-16May-16Jul-16Sep-16 $900,000

If there’s one Vancouver real estate category that isn’t soaring, it’s newly built homes. Don’t get us wrong — at over $1.5 million, the average price of a new home in Vancouver is still steep. It’s just that asking prices for new homes have been steady for the past several years, rather than exploding higher.

New Home Prices in Vancouver, Single-Detached
Source: CMHC
$0k $200k $400k $600k $800k $1,000k $1,200k $1,400k $1,600k 2011 2012 2013 2014 2015 2016 (F)

About Vancouver

Nestled between the mountains and the sea, Vancouver is considered one of the most livable cities in the world, ranking third in the Economist Intelligence Unit's Global Livability Survey in 2014.

Diverse and cosmopolitan, the city's attractions include Stanley Park, the Vancouver Aquarium, gorgeous coastal waterways and a rich urban fabric with superb dining, walkable neighborhoods, and many cultural amenities.

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