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Find the best 5-year fixed mortgage rate in Vancouver

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Vancouver 5-year fixed mortgage rates

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5-year fixed rates: Frequently asked questions

What are 5-year fixed mortgage rates?


How much can I save comparing 5-year fixed rates?


Why compare 5-year fixed rates with Ratehub.ca?


Why are fixed rates different to variable rates?


Are 5-year mortgages better than other mortgage terms?


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Vancouver 5-year fixed mortgage rates

Jamie David

As Canada's third most populated city (behind Toronto and Montreal), Vancouver has one of the hottest housing markets in the country. It also has the benefit of being one of the most livable cities in the world. With a strong housing market comes a strong mortgage market, and Vancouver homeowners have an almost unparalleled variety of mortgage products and providers to choose from.

Why 5-year fixed-rate mortgages?

Of course, so many options can make it hard to decide where to begin. Because 5-year fixed-rate mortgages are the most common type of mortgage in Vancouver, they're a good place to start comparing your options. They're not necessarily the best mortgage in every situation, but every borrow should at least consider them.

Ratehub.ca makes it easy to compare rates from the biggest banks, brokers, and other mortgage providers in Vancouver, at no cost to you. Read on to learn more about comparing 5-year fixed rates in Vancouver, then use the tools at the top of this page to learn what's available to you.

Best mortgage rates in Vancouver +

5-year fixed mortgage rates: Quick facts

  • 65% of mortgages in Vancouver have fixed mortgage rates
  • 79% of BC mortgages outside of Vancouver have fixed mortgage rates
  • 74% of Canadians have fixed mortgage rates (Source: Statistics Canada)
  • 66% of Canadians have 5-year mortgage terms (Source: CAAMP)
  • 5-year mortgage rates are driven by 5-year government bond yields

Historical 5-year fixed mortgage rates in Vancouver

Looking over historical mortgage rates is the best way to understand which mortgage terms tend to attract lower rates. Doing so also helps you appreciate whether rates are currently higher or lower than they have been in the past.

Here are the lowest 5-year fixed rates in Canada for the last several years, compared to several other types of mortgage rates.

Source: Ratehub Historical Rate Chart

 

The popularity of 5-year fixed mortgage rates in Vancouver

Fixed rates are by far the most common rate type in Vancouver, used on over 65% of mortgages. They are even more common in the rest of BC, used on 74% of mortgages. Fixed mortgage rates let you lock in today's rates for your entire term. This lets you benefit if rates are currently low, but it also guarantees that your mortgage payments will be consistent, which makes budgeting easier.

A 5-year mortgage term, at 66% of all mortgages across Canada, is by far the most common duration. It sits right in the middle of available mortgage term lengths, between one and 10 years, and, thus, its popularity reflects a risk-neutral average.

A further breakdown of mortgage terms shows that an additional 8% of mortgages have terms exceeding five years, while 26% of mortgages have shorter terms, including 6% with one-year terms or less, and 20% with terms of between one and four years.

(Source: CAAMP)

What drives changes in 5-year fixed mortgage rates?

By and large, 5-year fixed mortgage rates follow the pattern of 5-year Canada Bond Yields, plus a spread. Bond yields are driven by economic factors such as unemployment, export, and inflation.

When Canada Bond Yields rise, sourcing capital to fund mortgages becomes more costly for mortgage lenders and their profit is reduced unless they raise mortgage rates. The reverse is true when market conditions are good.

In terms of the spread between the mortgage rates and the bond yields, mortgage lenders set this based on their desired market share, competition, marketing strategy, and general credit market conditions.

5-Year Fixed Rates vs. 5-Year Bond Yields

From 2000 - Today

5 year fixed mortgage rates vs bond yields

Should you get a 5-year mortgage in Vancouver?

As with most things in the mortgage business, it depends. While 5-year rates are popular and generally come with some of the lowest mortgage rates available, there are many reasons why you might not want to get a 5-year mortgage.

For example, if you think rates will go up in the coming years, it might be a good idea to lock-in today's rates for longer with a 10-year mortgage. Alternatively, you might need the flexibility that comes with a shorter mortgage term, such as a 3-year or 2-year mortgage.

If you're finding this all a bit confusing, don't worry - you're not alone! Speaking to a mortgage broker, or using Ratehub.ca to compare quotes from multiple lenders, can help you better understand your options. That's the first step in making the right choice.

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read more

About Ratehub.ca

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.

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