Find the best mortgage rate in British Columbia

We help you find and compare the best rates from the Big 5 Banks, small banks, credit unions and BC’s best mortgage brokers, at no cost to you. Using our rate tables, you can compare the most current mortgage rates instantly, all in one place. By comparing the best mortgage rates and products in BC, you'll save yourself thousands of dollars and find the right mortgage for you. 

British Columbia at a glance

• Population: 5 million - 3rd largest in Canada after Ontario and Quebec
• Average Household Income: $69,995
• Percentage of Homeowners: 68%

British Columbia housing market: July 2025 update

According to the latest housing data from the Canadian Real Estate Association (CREA) released on July 15, 2025, British Columbia saw a slight increase in sales activity but an overall cooling in market conditions. A total of 7,170 properties were sold in June, up 1.4% compared to the same month last year. Despite the modest increase in sales, the average home price declined 4.1% year over year, settling at $954,843.

On the supply side, new listings increased by 2.9% annually, with 16,939 homes entering the market. The months of inventory, which reflects the long-term supply of homes, increased to 6.5 months, an increase of 0.7 months compared to the same time last year. This suggests homes are taking longer to sell, giving buyers more choice and leverage.

The sales-to-new-listings ratio (SNLR) decreased by -0.6 percentage points to reach 42.3% in June, indicating a strong buyer’s market. CREA considers an SNLR between 45% and 65% to be balanced, anything above 65% to be a seller’s market, and anything below 45% to be a buyer’s market. 

Read more: National home sales continue to recover in June

June 4, 2025: Bank of Canada announcement highlights

On June 4, 2025, the Bank of Canada maintained its benchmark overnight rate at 2.75%, extending the pause that began in April. This follows a series of seven rate cuts between June 2024 and March 2025, which reduced the rate from a peak of 5% by a total of 225 basis points.

• The rate hold comes amid elevated core inflation and growing economic uncertainty tied to U.S. tariffs. Headline inflation (excluding taxes) rose to 2.3% in April, and core inflation went above 3%, suggesting persistent underlying price pressures.
• As Canada’s prime rate remains at 4.95%, borrowing costs will be steady for variable-rate mortgage holders, HELOC users, and others with prime-linked loans.
• Fixed mortgage rates remain under pressure from the bond market. The Government of Canada’s 5-year bond yield is currently around 2.8%, limiting lenders’ ability to offer further rate reductions. The lowest five-year fixed insured mortgage rate available is 3.84%.
• For savers, high-interest savings accounts and GICs continue to deliver stable returns, as rate-sensitive investment products remain unchanged following the Bank’s decision.
• Looking ahead, the Organisation for Economic Co-operation and Development (OECD) projects that the Bank could cut rates by another 50 basis points before year-end. However, with inflation risks still present and economic conditions shifting, the Bank has signaled a cautious approach to further rate adjustments.

How do I get the best mortgage in BC? 

Thanks to some beautiful countryside, some of the most livable cities in the world, as well as a busy local and tourist economy, British Columbia is home to a vibrant mortgage and real estate industry. You'll find all the Big 5 Banks and numerous national banks and credit unions here, as well as local banks and credit unions like VanCity Savings Credit Union and Coastal Capital Savings Credit Union. To find the best mortgage rates available in BC right now, consult the rate tables above. 

However, the mortgage with the lowest rate is not always the best mortgage for you. The ideal mortgage is the one that best suits your needs and financial situation. It's critical to shop around and consult a mortgage broker who can provide you with expert, personalized advice and guidance, all for free. 

What factors affect the mortgage rate I get?

The mortgage rates available in BC are only one part of the equation. Your financial situation will greatly determine what rates you’re actually able to qualify for. Here are the most important factors that will affect your personal mortgage rate: 

• Down payment: All property purchases in Canada require a down payment. The minimum down payment ranges from 5% to 20%, depending on how expensive the property is. If your down payment is under 20%, you’ll be required to take out mortgage default insurance (often called CMHC insurance). While having an insured mortgage will cost you more overall, it allows you to access lower mortgage rates, as there’s less risk to your lender. That said, it’s almost always better to put in a larger down payment if you can afford to do so, even if your mortgage rate ends up being slightly higher, as you will still save more overall through the life of your mortgage by not having to pay for mortgage insurance. Remember that BC - and Vancouver in particular - is more expensive than the rest of Canada. In the Greater Vancouver area, where the average home price is over $1 million, a 20% minimum down payment is often required, as homes priced over $1 million are not eligible for mortgage default insurance. 
• Amortization period: Mortgages with amortization periods above 25 years can’t be insured and therefore come with higher mortgage rates. However, a longer amortization period will give you more time to pay off your mortgage thereby lowering your monthly payments. You can use our amortization calculator to see how your monthly payments would vary under different amortization length scenarios. 
• What the property will be used for: Mortgage rates are lower for properties that are owner-occupied, rather than those that are occupied by renters.
• Mortgage type: Mortgages for renewals and purchases typically have lower rates than mortgages for refinancing.
• Income and credit score: With prices in BC being as high as they are, lenders will be especially vigilant about making sure that you’ve got a steady source of income and a good credit history. You can learn more about how to understand your credit score elsewhere on our site. 

Historical trends in BC mortgage rates

BC mortgage rates rise and fall, as do rates throughout Canada. Have a look at this interactive graph showing the lowest mortgage rates in the country over the last several years to give you an idea of how today's rates compare historically.

Source: Ratehub Historical Rate Chart

British Columbia land transfer tax

If you purchase property in British Columbia, you’ll be required to pay the provincial land transfer tax. This is sometimes forgotten by home buyers, despite being one of the largest closing costs associated with buying a home.

In BC, land transfer tax is based on the cost of the property, with a marginal tax rate that increases with the purchase price. 

BC first-time home buyer rebate

First-time home buyers in British Columbia may be eligible for a full or partial rebate of the BC land transfer tax for property purchases of less than $525,000. The full tax may be eligible for a rebate if the price is less than $500,000, while a partial rebate may apply for home worth between $500,000 and $525,000.

It’s best to speak to a BC mortgage broker to determine your eligibility. For information on other opportunities for first-time homebuyers, read our guide to first-time home buyer incentives in Canada.

BC home buyer protection period

On July 21, 2022, the government of British Columbia introduced a home buyer protection period that allows home buyers to back out of a residential purchase up to three business days after they have signed a contract. The goal of this legislation is to ensure that home buyers have the opportunity to arrange for home inspections, secure financing or otherwise conduct due diligence. If, after conducting due diligence, you wish to back out of the deal, there is a relatively low cancellation fee of 0.25% of the purchase price, or $250 for every $100,000. As an example, the cancellation fee for backing out of a deal to buy a $1-million home would be $2,500. The home buyer protection period came into effect on January 1, 2023. 

For more information, check out these helpful pages and articles!

• Mortgage Affordability Calculator
• Mortgage Payment Calculator
• Amortization Calculator
• Variable or Fixed Mortgage Rates
• British Columbia First-Time Home Buyers
• BC Land Transfer Tax Calculator

Sources:

1. Statistics Canada
2. CREA
3. BCREA
4. Statistics Canada
5. Province of British Columbia