Location Please ensure your location is correct in order to find the best rates available in your area.

Best Mortgage Rates in BC

Compare the most current mortgage rates instantly

Looking for a mortgage in BC? We help you find and compare the lowest rates from the Big 6 Banks and top BC mortgage brokers. By shopping the best rates in BC, you could save thousands on your mortgage. Our comparison charts are free to use and list current rates that are updated twice daily.

Rates updated:
Broker Mortgage Rates Minimize Table Maximize Table
TERM FIXED
1-yr 3.19% CanWise Financial A Ratehub Company
(2161)
Lic. 12530 Compare all rates
2-yr 3.39% HSBC Compare all rates
3-yr 3.29% CanWise Financial A Ratehub Company
(2161)
Lic. 12530 Compare all rates
4-yr 3.59% CanWise Financial A Ratehub Company
(2161)
Lic. 12530 Compare all rates
5-yr 3.29% CanWise Financial A Ratehub Company
(2161)
Lic. 12530 Compare all rates
6-yr 3.79% Coast Capital Compare all rates
7-yr 3.59% MortgagePal.ca
(291)
Compare all rates
8-yr 4.19% Coast Capital Compare all rates
9-yr 4.25% Coast Capital Compare all rates
10-yr 3.89% CanWise Financial A Ratehub Company
(2161)
Lic. 12530 Compare all rates
TERM VARIABLE
1-yr
2-yr
3-yr 3.10%
Prime - 0.85
MortgagePal.ca
(291)
Compare all rates
4-yr
5-yr 2.75%
Prime - 1.20
CanWise Financial A Ratehub Company
(2161)
Lic. 12530 Compare all rates
6-yr
7-yr
8-yr
9-yr
10-yr
  Show more   Show fewer
Bank Mortgage Rates Minimize Table Maximize Table
TERM FIXED
1-yr 3.39% RBC Royal Bank Compare all rates
2-yr 3.39% HSBC Compare all rates
3-yr 3.64% TD Bank Compare all rates
4-yr 3.64% Equitable Bank Compare all rates
5-yr 3.54% Equitable Bank Compare all rates
10-yr 3.99% Tangerine Compare all rates
TERM VARIABLE
1-yr
2-yr
3-yr 3.95%
Prime - 0.00
Laurentian Bank Compare all rates
4-yr
5-yr 2.95%
Prime - 1.00
Equitable Bank Compare all rates
10-yr
  Show more   Show fewer
Open mortgage rates Minimize Table Maximize Table
TERM FIXED
1-yr 4.84% Coast Capital Compare all rates
3-yr
5-yr
TERM VARIABLE
1-yr 4.65%
Prime + 0.70
Coast Capital Compare all rates
3-yr 5.15%
Prime + 1.20
Bank of Montreal Compare all rates
5-yr 5.10%
Prime + 1.15
TD Bank Compare all rates
  Show more   Show fewer
Cash back mortgage Minimize Table Maximize Table
5-yr 5.49%
1% Cash Back
Laurentian Bank Compare all rates
7-yr 6.64%
5% Cash Back
Simplii Financial Compare all rates
10-yr 7.55%
5% Cash Back
Simplii Financial Compare all rates
  Show more   Show fewer
HELOC Rates Minimize Table Maximize Table
HELOC 4.45%
Prime + 0.50
CanWise Financial A Ratehub Company
(2161)
Lic. 12530 Compare all rates
ALL-IN-ONE 4.45%
Prime + 0.50
Manulife Bank of Canada Compare all rates

Find the Cheapest Mortgage Rates in British Columbia (BC)

Check out the comparison charts above for the lowest mortgage rate deals in BC. If you want more information – fixed vs. variable, open vs. closed, and prepayment options - visit our Education Centre The education centre is full of great information, advice, and Education Centre . If you would like up-to-the-minute personal service please choose a broker above to receive a phone call from a BC mortgage broker near you.

Should I get an open or closed mortgage rate in British Columbia (BC)?

Closed mortgages are the popular choice in BC. They usually have lower interest rates which allow you to save money on a monthly basis. There are still some prepayment options in closed mortgages – however the amount by which an increase can be made to the monthly payment and the size of a lump sum payment to the principal are restricted.

The alternative, an open mortgage, allows borrowers to increase the size of their payment, or make un-restricted lump sum payments at anytime. This flexible mortgage is often chosen by those borrowers who plan to move in the near future.

What is the difference between a variable vs. fixed mortgage rate?

The popular mortgage choice has a fixed rate. Fixed mortgages have stable interest rates for the term of the mortgage. This stability makes budgeting and planning easier and more predictable. This stability results in the fixed mortgage being the preferred choice for most homeowners in BC.

A benefit of variable mortgages is that they usually have lower interest rates. However, because these rates change over the life of the mortgage, monthly payments will vary. To learn more check out the variable vs. fixed section.

What are the prepayment options in BC?

Similar to most other provinces, the amount of repayment a borrower can make towards the principal is restricted every year by the prepayment options. One option is to increase your monthly payment amount by a certain, set percentage. This increase in payment reduces the amortization period, and thus total interest paid on a mortgage.

The second option is to make a lump sum payment directly towards the principal of your mortgage. The amount of prepayment possible is set based on the initial value of the premium at the beginning of your mortgage term.

What is a mortgage ratehold?

Rateholds allow borrowers to freeze interest rates at today’s current rate for a certain number of days. This can be done prior to renewal or closing to freeze a favourable interest rate.

BC Housing Market Details1

The BC real estate market should continue its growth throughout 2011 and 2012. This is due, in large part, to low mortgage interest rates, and increasing employment and population size. The forecasted increase in BC’s economy should lead to employment generation and an increase in full-time versus part-time work. These economic factors will further increase the interprovincial migration to British Columbia and will directly affect the housing market in a positive way.

Metropolitan Area Year Housing Starts MLS Total Sales MLS Average Sale Price
Victoria, BC
2016(*) 2200 9250 $550,250
2017(*) 2050 8300 $565,250
Vancouver, BC
2016(*) 24,800 43,500 $1,075,000
2017(*) 22,100 36,050 $1,081,500
Abbotsford, BC
2016(*) 950 4005 $406,000
2017(*) 940 3900 $426,000
Kelowna, BC
2016(*) 1500 5900 $450,000
2017(*) 1400 5700 $460,000
(*)forecast

BC Mortgage Brokers

Looking for a mortgage broker in British Columbia ? BC mortgage brokers can help by giving you advice on current mortgage deals, your credit history, or help you with a special type of mortgage like cash back or HELOC. BC mortgage brokers can also help with information on home purchases, lenders, current interest rates, and great mortgage solutions.

References and Notes

  1. CMHC

Current Mortgage Rates by Province