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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
11/152.40%1.93%
12/152.47%2.18%
01/162.47%2.1%
02/162.44%2.1%
03/162.36%2.1%
04/162.34%2.1%
05/162.33%2.04%
06/162.24%1.97%
07/162.24%1.94%
08/162.17%1.93%
09/162.17%1.95%
10/162.12%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
01/14$809,125
03/14$791,405
05/14$797,818
07/14$822,430
09/14$833,455
11/14$829,610
01/15$826,388
03/15$872,904
05/15$890,986
07/15$889,861
09/15$862,613
11/15$970,368
01/16$1,050,646
03/16$1,051,771
05/16$1,040,884
07/16$1,050,000
09/16$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$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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