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Best Mortgage Rates in BC

Compare the most current mortgage rates instantly

Looking for a mortgage in BC? We can help you find and compare the lowest rates from the Big 6 Banks and BC’s top 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 shopping around for the best mortgage rates in BC, you could save yourself thousands of dollars.

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Best mortgage rates in BC (view all) +

Getting the best mortgage rates in British Columbia

At Ratehub.ca, we compare banks, brokers, and credit unions to bring you British Columbia’s best mortgage rates. Our rate comparison table above showcases today’s lowest mortgage rates in BC, at no cost to you. If you want to learn more about any rate in particular, just click on the ‘Inquire’ button and fill out the contact form - a mortgage specialist will then be in touch with more details within 1 business day. Don’t worry, there’s no obligation of any kind when you inquire!

Frequently asked questions about BC mortgage rates

We’ve been in the mortgage business for a long time. Here are the answers to the most frequently asked questions about mortgage rates in British Columbia.

Why should I compare mortgage rates in BC?

Mortgages can vary widely on rates, terms, and conditions. Banks, credit unions, and other mortgage providers all have different solutions that cater to specific financing needs. Comparing not just the rate but also the rate features and service of the provider is the best way for you to get the best mortgage rate in BC that suits your needs.

Why compare BC mortgage rates on Ratehub.ca?

Getting the best mortgage rates used to mean having to go to multiple lenders individually - a daunting task! Ratehub.ca makes it easy for you to choose better, by showing you the best mortgage rates in BC, all in one place. Compare the lowest rates from the Big 6 banks, smaller banks, credit unions, as well as BC’s top mortgage brokers.

What’s the difference between fixed and variable rates?

Fixed mortgages have stable interest rates for the term of the mortgage. This is great if you want steady, predictable payments. Variable rates may fluctuate over the term of the mortgage, so your monthly payments can vary. However, variable rates are normally lower than fixed rates. You can learn more about fixed vs. variable rates at our Mortgage Education Centre.

In BC, fixed-rate mortgages are more popular than variable rates, with more than 65% of mortgages in the province using them (Source: Statistics Canada).

What are the prepayment options in British Columbia?

Similar to most other provinces, your mortgage prepayment options grant you the right to increase the size of your monthly payments or make a lump sum payment directly towards the principal on your mortgage. The first prepayment option you have is to increase your monthly payment amount by a certain, set percentage. This increase in payment will reduce your amortization period and thus, total interest paid on your mortgage. A second option is to make a lump sum payment directly towards the principal of your mortgage. The percentage amount by which you are allowed to make this lump sum repayment is based upon your mortgage's initial principal value.

Should I get an open or closed mortgage rate in BC?

Closed mortgages are the most popular choice in British Columbia. They usually have lower interest rates, which allow you to save money on a monthly basis. While there are some prepayment options with closed mortgages, the amount you can increase your monthly payment, and the size of a lump sum payment you can make to your principal, are restricted. There may also be penalties that apply for overpayments.

The alternative, an open mortgage, allows you to increase the size of your payments and make unrestricted lump sum payments at any time. This flexible mortgage is good if you plan to move in the near future.

What is a mortgage ratehold?

Rateholds allow you to hold today's current mortgage interest rates for 60-120 days, depending on the lender. This can be done prior to renewal or closing, to lock in a favourable interest rate. This protects you if rates rise, and if rates fall, your lender will typically honour the lower rate. Remember that if you opt for a variable rate, you’ll be locking the rate’s relation to prime, not the rate itself.

Should I use a mortgage broker in BC?

It’s easy to be skeptical about the low rates offered by some mortgage brokers, but it’s normally because brokers have access to volume discounts. That, along with their access to multiple financial institutions, mean brokers can negotiate on your behalf and thus, offer you better rates than the banks.

BC mortgage brokers can also help by giving you advice on current mortgage deals, your credit history, or help you access a HELOC if you need one. If you want current and personal advice, inquire about a rate from a BC mortgage broker in our mortgage rate comparison table above. Remember, there’s no obligation of any kind when you inquire.

British Columbia Housing Market

Homeownership rates in BC are close to the national average of 63%. Outside Vancouver, 69% of BC families own their primary residence, while just 55% of Vancouver families own their home (Source: Statistics Canada). That’s the lowest rate of any of Canada’s big cities other than Montreal, where around 50% of families own their home.

B.C. total housing starts

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
Total units 10,409 8,943 14,522 11,021 10,446
Single-detached 2,820 1,598 2,759 2,429 2,006
Multiples 7,589 7,345 11,763 8,592 8,440
Semi-detached 318 239 286 355 256
Row 1,240 947 1,155 1,214 1,174
Apartment and other unit type 6,031 6,159 10,322 7,023 7,010

Source: Statistics Canada

Vancouver housing market forecast 2020

Over 2020 and 2021, Vancouver’s resale home market is expected to see higher sales and modest increases in prices, generally returning to levels in line with population growth. There are currently a record number of units under construction, but housing starts are likely to normalize over the next two years. As densification continues, the majority of new units constructed will be multi-family. Rental demand is expected to stay high for 2020 and 2021, resulting in continued low vacancy rates and rising rents.

Vancouver senior market analyst for CMHC, Eric Bond says “over the next two years, resales and average home prices are expected to increase modestly in line with the region’s growing population. As densification continues and affordability challenges remain, multi-family units will account for the vast majority of new home construction.”

Source: CMHC

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