HomebuyingSix common mistakes first-time homebuyers make
First-time buyers can be more prone to make mistakes because they don’t have as much experience.
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Compare mortgage rates in Victoria.
Getting ready to apply for a mortgage in Victoria? Maybe you already have one and want to renew at the end of your term? Luckily for you, BC lenders offer some of the lowest mortgage rates in all of Canada, and Victoria is no exception. Even better, rates are at historic lows, so now is a great time to shop for a mortgage.
Variable Rates
As low as
1.20%
Fixed Rates
As low as
1.69%
Cha-ching! Our rates are always lower than the posted bank rates.
Current lowest posted bank rate
1.94%
Variable or fixed: which is lower?
Here’s a simple answer: variable rates are usually lower — according to our data at least. For the past two years, our variable rates have been lower than our fixed rates except for a brief period during 2019-2020. Just take a look at the graph below and you’ll see the difference yourself.
5-year fixed vs. 5-year variable mortgage rates in British Columbia
| Month | Fixed | Variable |
|---|---|---|
| 04/20 | 2.30% | 2.79% |
| 05/20 | 2.15% | 2.42% |
| 06/20 | 2.07% | 2.31% |
| 07/20 | 2.00% | 2.16% |
| 08/20 | 1.94% | 2.03% |
| 09/20 | 1.83% | 1.93% |
| 10/20 | 1.79% | 1.83% |
| 11/20 | 1.76% | 1.73% |
| 12/20 | 1.69% | 1.74% |
| 01/21 | 1.68% | 1.83% |
| 02/21 | 1.45% | 1.62% |
Last Updated: March 1, 2021
Focus On
Victoria 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.
Average single-detached house prices in Victoria
| Date | Home Prices |
|---|---|
| Aug 2019 | $743,500 |
| Sep 2019 | $751,200 |
| Oct 2019 | $758,300 |
| Nov 2019 | $759,500 |
| Dec 2019 | $764,400 |
| Jan 2020 | $768,800 |
| Feb 2020 | $775,400 |
| Mar 2020 | $775,800 |
| Apr 2020 | $774,000 |
| May 2020 | $772,400 |
| Jun 2020 | $779,600 |
| Jul 2020 | $793,000 |
| Aug 2020 | $788,900 |
Last Updated: October 22th, 2020
Townhouse and Condo prices in Victoria
| Year | Townhouse | Condo |
|---|---|---|
| Aug 2019 | $589,100 | $503,800 |
| Sep 2019 | $585,300 | $503,000 |
| Oct 2019 | $580,100 | $503,800 |
| Nov 2019 | $584,400 | $511,700 |
| Dec 2019 | $587,400 | $515,600 |
| Jan 2020 | $595,900 | $518,600 |
| Feb 2020 | $591,800 | $517,200 |
| Mar 2020 | $593,500 | $515,900 |
| Apr 2020 | $594,700 | $514,400 |
| May 2020 | $593,200 | $513,100 |
| Jun 2020 | $588,900 | $507,400 |
| Jul 2020 | $594,700 | $510,100 |
| Aug 2020 | $610,800 | $504,100 |
Last Updated: October 22th, 2020
About Victoria.
Located on the southern tip of Vancouver Island, Victoria is the beautiful and laid-back capital of British Columbia. With a mix of heritage architecture, mountain scenery, and one of the most temperate climates in all of Canada (without the rain of Vancouver) it’s no wonder this graceful seaside town is a beacon for those who want to enjoy the good life.
You feel the pull of history here too: as one of the first settlements to be established in the Pacific Northwest, Victoria is the site of the second oldest Chinatown in North America, behind San Francisco. It is also known as the ‘City of Gardens’, famous for its manicured natural landscapes and elegant neighbourhoods that echo a grand English heritage.
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