Current Mortgage Rates in Vancouver

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Current Vancouver Mortgage Rate News


Vancouver Mortgage Rates

The City of Vancouver carries the highest average home price in Canada (see below), but with mortgage rates in Vancouver expected to stay relatively low over the next year or two, home affordability remains feasible. Canadian banks have been competing with each other aggressively since the start of 2012 for mortgage market share. That competition has been keeping Vancouver mortgage rates at historic lows.

Vancouver Information

Vancouver is Canada’s third largest city with a metro population of 2.3 million citizens. The coastal city is sandwiched between the Pacific Ocean and the Canadian Rockies and boasts spectacular views regardless of direction.

The world also got a better glimpse of Vancouver through the 2010 Winter Olympics.

The Most Liveable City in the World survey conducted by the Economist Intelligence Unit has placed Vancouver in the number one slot for five straight years up to 2011. The survey factors stability, healthcare, culture and environment, education, and infrastructure. Mercer, which conducts the Quality of Living report, ranked Vancouver fourth in 2011 based on 39 different criteria to find the city with the best quality of life in the world.

The Vancouver Housing Market

The Vancouver housing market receives a lot of attention because it is the most expensive city to buy a house in Canada. The average MLS® home price in 2011 was $779,730, more than double the national average of $358,104! The housing market was heavily influenced by multi-million dollar properties which represented one fifth of all properties sold. However, prices have come down since the peak in February of 2011 where the average price was $805,562. The CMHC is forecasting residential property sales to remain on pace with the provincial 10-year average.

As long mortgage rates in Vancouver remain low, housing should stay affordable in the near future.1

MLS® Sales MLS®Avg Price
2011 32,936 $779,730
2012 forecast 34,000 $768,000 (-1.5%)
2013 forecast 36,500 $807,000 (+5.1%)

* Data taken from the CMHC

Vancouver, which is known for its beautiful mountain backdrop, has been adding more and more condos to their skyline. The bulk of housing starts were dominated by multi-family units, which made up over four-fifths in the greater metro Vancouver area.2

Year Housing Starts Rental Vacancy Rate
2011 17,867 1.4%
2012 forecast 18,500 (+3.5%) 1.1%
2013 forecast 19,200 (+3.8%) n/a

Overall, Vancouver is currently in balanced market conditions. Historically low mortgage rates in Vancouver continue to persist which should keep housing affordable for many people.


Mortgage Brokers in Vancouver

To help you navigate mortgage rates in Vancouver, it is best to speak to someone who understands the market. There are many qualified Vancouver mortgage brokers who can assist and educate you on your best options. Let them handle the negotiating and paperwork for you.


References and Notes

  1. Data taken from the CMHC
  2. Data taken from the CMHC