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BC Mortgages

BC Rates

We shop the most competitive brokers, lenders and banks in Canada to bring you today's lowest interest rates, free of charge! Our Canadian comparison charts list current rates, and are updated on a daily basis.

Term Lowest Fixed Rate Lowest Variable Rate
1-Year 2.79%
3-Year 2.69% 3.80%
5-Year 2.54% 2.65%
10-Year 2.99%
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Land transfer tax is charged on the purchase price of a home in British Columbia at the rates listed below. First-time homebuyers purchasing a home under $425,000 will receive a full refund of their tax. For homes between $426,000 to $450,000, a partial refund will apply.

Purchase Price of Home Marginal Tax Rate
First $200,000 1.0%
Over $200,000 2.0%

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Mortgage default insurance or CMHC insurance is required in Canada for down payments of less than 20%.

Down payment (% of home)
5%-9.99% 10%-14.99% 15-19.99% 20% or higher
CMHC insurance premium 2.75% 2.00% 1.75% 0.00%

Additional criteria as of July 9th, 2012:

  • The maximum amortization available on an insured mortgage (less than 20% down) is 25 years.
  • Homes sold for more than $1,000,000 do not qualify for CMHC insurance and, therefore, require a down payment of at least 20%.

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BC First Time Home Buyer Freebies

  • First time home buyer Tax Credit

    Get $750 dollars back on your personal tax return.

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  • Land transfer tax rebates

    Save up to $6,800 at
    time of closing.

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  • RRSP Home buyers Plan

    Access up to $25,000 from
    your RRSP tax-free.

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