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Current Mortgage Rates in BC


We shop the most competitive brokers, lenders and banks in BC to bring you today's lowest interest rates, free of charge! Our comparison charts list current BC rates, and are updated on a daily basis. To compare a certain category, click on the "See All" button for more details.

Rates Updated:  

Closed mortgage rates - BC

          Closed mortgage rates Closed mortgage rates are the most popular, standard form in Canada. A closed mortgage simply means you pay off your principal on a pre-determined schedule. If you want to put a lump sum against your principal beyond your pre-payment options, you will incur a penalty.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year Orca Pacific Alliance
Orca Pacific Alliance
2.69% Get rate See all rates Orca Pacific Alliance
Orca Pacific Alliance
2.98%
Prime - 0.02
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2-Year The Mortgage Hub
The Mortgage Hub
2.34% Get rate See all rates
3-Year MortgagePal.ca
MortgagePal.ca
2.44% Get rate See all rates MortgagePal.ca
MortgagePal.ca
2.35%
Prime - 0.65
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4-Year Orca Pacific Alliance
Orca Pacific Alliance
2.72% Get rate See all rates
5-Year MortgagePal.ca
MortgagePal.ca
2.79% Get rate See all rates MortgagePal.ca
MortgagePal.ca
2.25%
Prime - 0.75
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6-Year Orca Pacific Alliance
Orca Pacific Alliance
3.69% Get rate See all rates
7-Year Orca Pacific Alliance
Orca Pacific Alliance
3.68% Get rate See all rates
8-Year Orca Pacific Alliance
Orca Pacific Alliance
3.99% Get rate See all rates
9-Year Orca Pacific Alliance
Orca Pacific Alliance
4.09% Get rate See all rates
10-Year Orca Pacific Alliance
Orca Pacific Alliance
4.27% Get rate See all rates

HELOC Rates - BC

          HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate.
HELOC        HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate. Mortgage Intelligence - Steve Bucher
Mortgage Intelligence - Steve Bucher
3.50%
Prime + 0.50
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All-in-One        All-in-One HELOC An 'All-in-One' rate is one that combines a HELOC with your savings and deposit accounts. So, any deposits offset your debt in a daily interest calculation. Manulife One
Manulife One
3.50%
Prime + 0.50
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Cash back mortgage - BC

          Cash back mortgage A cash back mortgage returns a lump sum, usually 3-7%, when your mortgage closes. If your principal is, for example, $300,000, a 5% cash back would return to you $15,000 when your mortgage closes.
5-Year The Mortgage Hub
The Mortgage Hub
3.99%
3% Cash Back
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6-Year TD Bank
TD Bank
5.96%
5% Cash Back
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7-Year PC Financial
PC Financial
5.69%
5% Cash Back
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10-Year PC Financial
PC Financial
6.09%
5% Cash Back
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Open mortgage rates - BC

          Open mortgage rates Open mortgage rates allow you to pay off as much of your principal as you please whenever you wish, without penalty. Open mortgage rates are less popular than closed mortgage rates, but are often used for a short-term mortgage.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year Coast Capital
Coast Capital
4.39% Get rate See all rates Orca Pacific Alliance
Orca Pacific Alliance
3.69%
Prime + 0.69
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3-Year Orca Pacific Alliance
Orca Pacific Alliance
3.99%
Prime + 0.99
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5-Year Orca Pacific Alliance
Orca Pacific Alliance
3.79%
Prime + 0.79
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Bank Mortgage Rates - BC

          Bank Mortgage Rates Bank mortgage rates are simply rates offered by the big Canadian banks. You should always compare these against the best available rates on the market.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year CIBC
CIBC
2.99% Get rate See all rates
2-Year HSBC
HSBC
2.75% Get rate See all rates
3-Year Scotiabank
Scotiabank
3.44% Get rate See all rates Laurentian
Laurentian
3.00%
Prime - 0.00
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4-Year TD Bank
TD Bank
2.77% Get rate See all rates
5-Year Scotiabank
Scotiabank
3.09% Get rate See all rates HSBC
HSBC
2.55%
Prime - 0.45
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10-Year Tangerine
Tangerine
4.69% Get rate See all rates

Find the Cheapest Mortgage Rates in British Columbia


Check out the comparison charts above for the lowest mortgage rate deals in BC. If you want more information – fixed vs. variable, open vs. closed, and prepayment options - visit our Education Centre. The education centre is full of great information, advice, and home-buying tools. If you would like up-to-the-minute personal service please choose a broker above to receive a phone call from a BC mortgage broker near you.

Should I get an open or closed mortgage rate in BC?


Closed mortgages are the popular choice in BC. They usually have lower interest rates which allow you to save money on a monthly basis. There are still some prepayment options in closed mortgages – however the amount by which an increase can be made to the monthly payment and the size of a lump sum payment to the principal are restricted.

The alternative, an open mortgage, allows borrowers to increase the size of their payment, or make un-restricted lump sum payments at anytime. This flexible mortgage is often chosen by those borrowers who plan to move in the near future.

What is the difference between a variable vs. fixed mortgage rate?


The popular mortgage choice has a fixed rate. Fixed mortgages have stable interest rates for the term of the mortgage. This stability makes budgeting and planning easier and more predictable. This stability results in the fixed mortgage being the preferred choice for most homeowners in BC.

A benefit of variable mortgages is that they usually have lower interest rates. However, because these rates change over the life of the mortgage, monthly payments will vary. To learn more check out the variable vs. fixed section.

What are prepayment options?


The amount of repayment a borrower can make towards the principal is restricted every year by the prepayment options. One option is to increase your monthly payment amount by a certain, set percentage. This increase in payment reduces the amortization period, and thus total interest paid on a mortgage.

The second option is to make a lump sum payment directly towards the principal of your mortgage. The amount of prepayment possible is set based on the initial value of the premium at the beginning of your mortgage term.

What is a mortgage ratehold?


Rateholds allow borrowers to freeze interest rates at today’s current rate for a certain number of days. This can be done prior to renewal or closing to freeze a favourable interest rate.

BC Housing Market Details1


BC’s housing market should continue its growth throughout 2011 and 2012. This is due, in large part, to low mortgage interest rates, and increasing employment and population size. The forecasted increase in BC’s economy should lead to employment generation and an increase in full-time versus part-time work. These economic factors will further increase the interprovincial migration to British Columbia and will directly affect the housing market in a positive way.

 

Metropolitan Area

Year

Housing Starts

MLS Total Sales

 MLS Average Sale Price 

Victoria

2010

2011(*)

2012(*)

2118

2000

2200

6169

6700

7200

$         504,561  

$         495,000  

$         498,000

Vancouver

2010

2011(*)

2012(*)

15217

16000

17500

31114

33000

36000

$         675,852  

$         690,000  

$         710,000

Abbotsford

2010

2011(*)

2012(*)

516

500

475

2582

2400

2500

$         341,854  

$         330,000  

$         340,000

Kelowna

2010

2011(*)

2012(*)

957

1125

1325

3289

3600

4000

$         419,884  

$         430,000  

$         445,000

[1] CMHC

(*)Forecast

BC Mortgage Brokers


If you want current, personal advice simply click on the link above to connect with a BC mortgage broker near you.  BC mortgage brokers can help by giving you advice on current mortgage deals, your credit history, or help you with a special type of mortgage like cash back or HELOC. Brokers can also help with information on home purchases, lenders, current interest rates, and great mortgage solutions.