Find the best variable mortgage rate in BC
We’ll find the best rates for you in less than 2 minutes.
Compare the best rates
Answer a few quick questions and see the lowest rates you can qualify for.
Apply for your mortgage instantly and easily using our secure online application.
Connect with our mortgage advisors
Questions or comments? Book a call and one of our mortgage advisors will walk you through all the details
Check out the best current mortgage rates
Jamie David, Director of Marketing & Mortgages
Why should I compare mortgage rates?
Not all mortgage rates are created equal. In addition to the different interest rates out there, mortgages also vary with what’s offered in their terms and conditions. Each mortgage caters to an individual's particular needs. If you want to find the best mortgage rate and product for you, you need to compare all of your options, and the best way to do that is to talk to a mortgage broker.
What is the difference between a fixed vs. a variable mortgage rate?
If you choose to get a fixed mortgage rate, your mortgage rate – and, therefore, your mortgage payment – stays the same throughout your entire mortgage term. If you’re risk-averse and/or just feel more comfortable knowing how much you’ll need to budget for each month, you should consider getting a fixed mortgage rate – but know that the security comes with a premium, in the form of a higher interest rate. Of all the mortgages in Canada, 66% currently have fixed rates.
Variable mortgage rates, on the other hand, are historically lower than fixed rates but can vary throughout the duration of your mortgage term. Variable rates are attached to Prime, so if Prime fluctuates up or down, so does your mortgage rate – and, therefore, your mortgage payment. If you’re comfortable taking on some risk, a variable mortgage rate could potentially save you a lot of money throughout the life of your mortgage. Of all the mortgages in Canada, 26% currently have variable rates.
Should I get an open or closed mortgage?
If you’re thinking of moving soon, or if you’re expecting a lump sum of money from an inheritance or bonus, you may want to consider an open mortgage. With an open mortgage, you are able to pay off the entire balance of your mortgage at any time throughout your term – without penalty. The downside is that you have to pay a premium for this option, which comes in the form of a higher interest rate.
Closed mortgages, on the other hand, are the more popular option chosen by Canadian homebuyers, because the interest rates are much lower. With a closed mortgage, the one restriction is that you’re only allowed to pay down a certain amount of your principal each year, as defined in the prepayment options of your mortgage contract. If you pay off the entire balance before your term is up, you’ll be hit with a prepayment penalty.
How often are Ratehub.ca mortgage rates updated?
The mortgage rates you see were updated today. Our mortgage rates are sourced two ways: mortgage brokers can log into our website and update their rates, and we automatically update all the rates found on the websites of Canadian banks.
What is a rate hold?
A rate hold is a time period (typically 30-120 days) during which you can lock in the current best mortgage rate. If rates go down during this time, most lenders will honour the lower rate.
References and Notes
- All data percentages were taken from CAAMP’s Annual State of the Residential Mortgage Market in Canada 2013
Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.read linkedin bio
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
When it comes to mortgages, Ratehub.ca is more than just the place to research and compare the best rates. Get your mortgage at Ratehub.ca and have the best of both worlds – online rates and award-winning customer service.
Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada, from online search to close.
How does Ratehub.ca make money?
Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
How are CanWise Financial and Ratehub.ca connected?
We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.
We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.