Compare the best mortgage rates in Vancouver. Show off your savvy.

Find the best rate in just seconds.

Best Variable Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Variable Closed
Rate 2.64%
Best Fixed Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.42%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 2.44%
Dash Mortgage

Dash Mortgage

Term 3 Year
Type Fixed Closed
Rate 2.69%
Dash Mortgage

Dash Mortgage

Term 2 Year
Type Fixed Closed
Rate 2.69%
CanWise Financial

CanWise Financial

Term 4 Year
Type Fixed Closed
Rate 2.69%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 2.87%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 2.89%
CMLS

CMLS

Term 5 Year
Type Fixed Closed
Rate 3.19%

Compare mortgage rates in Vancouver.

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.

On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:

$93 Per Month
$1,112 Per Year
$27,809 In a Lifetime

5-year fixed mortgage rate in Vancouver vs 5-year variable rate from LowestRates.ca

MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 20152.40%1.93%
Dec 20152.47%2.18%
Jan 20162.47%2.1%
Feb 20162.44%2.1%
Mar 20162.36%2.1%
Apr 20162.34%2.1%
May 20162.33%2.04%
June 20162.24%1.97%
July 20162.24%1.94%
Aug 20162.17%1.93%
Sept 20162.17%1.95%
Oct 20162.12%1.94%

Focus On

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

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.

DateHome Prices
Jan-14$809,125
Mar-14$791,405
May-14$797,818
Jul-14$822,430
Sep-14$833,455
Nov-14$829,610
Jan-15$826,388
Mar-15$872,904
May-15$890,986
Jul-15$889,861
Sep-15$862,613
Nov-15$970,368
Jan-16$1,050,646
Mar-16$1,051,771
May-16$1,040,884
Jul-16$1,050,000
Sep-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

YearPrice
2011$1,074,379
2012$1,224,974
2013$1,456,875
2014$1,471,827
2015$1,548,000
2016 (F)$1,560,000

Your Vancouver mortgage questions, answered.

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?

5-Year Fixed Rates vs. 5-Year Variable Rates in Vancouver: Who Takes What?✝

of Vancouver borrowers apply for 5-year variable mortgages
67.29%
of Vancouver borrowers apply for 5-year fixed mortgages
32.71%

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

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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