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Rate	Term	Type	Provider
Featured4.24%	5 year	Fixed	CanWise A Ratehub Company
Featured4.24%	5 year	Fixed	Canadian Lender
Featured4.59%	5 year	Fixed	Equitable Bank
Featured4.59%	5 year	Fixed	CMLS Financial
Featured4.79%	5 year	Fixed	MCAP
Featured5.04%	5 year	Fixed	First National
Featured5.09%	5 year	Fixed	Big 6 Bank
Featured5.17%	5 year	Fixed	CIBC
Featured5.24%	5 year	Fixed	Bank of Montreal
Featured5.24%	5 year	Fixed	TD Bank
Featured5.29%	5 year	Fixed	Tangerine
Featured5.39%	5 year	Fixed	Scotiabank
Featured5.39%	5 year	Fixed	motusbank
4.49%	5 year	Fixed	Laurentian Bank
4.79%	5 year	Fixed	HSBC
5.24%	5 year	Fixed	Simplii Financial ™
5.54%	5 year	Fixed	RBC Royal Bank

see which rates I qualify for

Rate	Term	Type	Provider
Featured3.50%	5 year	Variable	Canadian Lender
Featured3.50%	5 year	Variable	CanWise A Ratehub Company
Featured3.80%	5 year	Variable	First National
Featured3.80%	5 year	Variable	Equitable Bank
Featured3.80%	5 year	Variable	CMLS Financial
Featured4.00%	5 year	Variable	MCAP
Featured4.15%	5 year	Variable	Big 6 Bank
Featured4.24%	5 year	Variable	Bank of Montreal
Featured4.30%	5 year	Variable	TD Bank
Featured4.39%	5 year	Variable	CIBC
Featured4.40%	5 year	Variable	Tangerine
Featured4.45%	5 year	Variable	Scotiabank
Featured4.55%	5 year	Variable	motusbank
4.19%	5 year	Variable	HSBC
4.35%	5 year	Variable	Laurentian Bank
4.35%	5 year	Variable	Simplii Financial ™
4.50%	5 year	Variable	RBC Royal Bank

see which rates I qualify for

Provider	5 Year variable	5 Year fixed	3 Year fixed
Best market rate	3.50% Prime -1.20	4.24%	4.49%
Bank of Montreal	4.24% Prime -0.46 inquire	5.24% inquire	5.09% inquire
TD Bank	4.30% Prime -0.40	5.24%	5.24%
Scotiabank	4.45% Prime -0.25	5.39%	5.29%
CIBC	4.39% Prime -0.31 inquire	5.17% inquire	5.39% inquire
RBC Royal Bank	4.50% Prime -0.20 inquire	5.54% inquire	5.20% inquire

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FAQs

Frequently asked mortgage questions

How much can I save by comparing mortgage rates in BC?

Finding a great mortgage rate can save you thousands of dollars over the course of your mortgage. On a $500,000 mortgage with a 25-year amortization, a difference of 0.3% in your rate will add around $75 to your monthly payment. That would see you spend an extra $22,500 over the life of your mortgage! So, qualifying for the best mortgage rate possible should be a high priority.

The easiest way to access the best rates in Canada is to compare mortgage rates from multiple lenders.

Why compare mortgage rates in British Columbia on Ratehub.ca?

Getting the best mortgage rates used to be a daunting task. With so many different types of mortgages, providers, terms and conditions, and qualifying criteria to consider, it’s a lot of work for one person! Ratehub.ca makes it easy to choose better, by showing you the best mortgage rates in British Columbia, all in one place. We compare the lowest rates from the Big 5 banks, smaller banks, credit unions, as well as BC’s top mortgage brokers, all at no cost to you.

What’s the difference between fixed and variable rates?

Fixed-rate mortgages rates are set for the whole term of your mortgage. This is great if you want steady, predictable payments. Variable rates, on the other hand, can fluctuate over your mortgage term, so your monthly payments can also vary. While variable rates are normally lower than fixed rates, there is a risk that rates may rise.

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).

To learn more, read our guide on fixed vs. variable rates.

Are variable rates better than fixed rates?

It depends. Fixed rates suit some people, while variable rates suit other people. Fixed rates are popular due to the stability they offer, but variable rates can offer more savings over time, depending on market conditions. When deciding, consider your appetite for risk, your financial situation, the market conditions, and the length of your mortgage term.

If you're worried about rates rising, then fixed rates might be the right choice for you. However, if you're sure rates will go down during your mortgage term - and your household budget can manage increases in your monthly payment - then variable rates could be more appealing.

What are the pre-payment options in British Columbia?

Your mortgage pre-payment option determines how you can increase the size of your monthly payments, or whether you can make a lump-sum payment directly towards the principal on your mortgage. Your options will be set out in your mortgage contract.

The first pre-payment 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, the 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 generally have limited prepayment options, while open mortgages have more flexible prepayment options but come with a higher rate. 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.

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.

Closed mortgages are the most popular choice in British Columbia. This is because they usually have lower rates, and most people don’t expect to increase their mortgage payments.

What is a mortgage rate hold?

Rate holds allow you to hold today's current mortgage rates for 60-120 days, depending on the lender. This can be done prior to renewal or closing, to lock in a favourable 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. Also note that while you’re guaranteed a rate for a given amount of time, your final mortgage approval is not guaranteed.

Should I use a mortgage broker in BC?

Your mortgage is likely to be the biggest financial decision you ever make, and getting a great deal can save you thousands of dollars over time. Comparing rates and offers from different lenders is the best way to find your ideal mortgage.

Of course, with so many lenders, mortgages, and offers on the market, that’s a daunting task. A good mortgage broker makes it more manageable, as they have access to, and knowledge of, multiple lenders and products on the market.

As well as being convenient, mortgage brokers often have access to exclusive offers and volume discounts, allowing them to get a better rate than what’s advertised publicly - even from the big 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.

Mortgage brokers are also free for you to use, so there’s no risk in speaking to one about your mortgage. At worst, you’ll get free personalized advice on the mortgage process, and at best you’ll get a great mortgage rate that saves you thousands.

Let us help you determine which rate best suits your individual needs by answering a few short questions about your home and financial history.

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A guide to getting the best BC mortgage rates

Jamie David, Director of Marketing & Mortgages

May 10, 2022

Getting the best mortgage rates in British Columbia

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. If you're looking for a mortgage in BC you have plenty of products and providers to choose from, but we can help make that choice easier.

At Ratehub.ca, 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 in BC, you could save yourself thousands of dollars.

Best mortgage rates in BC +

Rate	Term	Type	Provider
4.24%	5 year	Fixed	CanWise
4.49%	3 year	Fixed	Canadian Lender
4.54%	2 year	Fixed	Canadian Lender
4.59%	1 year	Fixed	RBC Royal Bank
4.79%	7 year	Fixed	HSBC

British Columbia at a glance

Population: 5 million - 3rd largest in Canada after Ontario and Quebec
Average House Price: $1,089,600 in Q1 of 2022, a 15.2% year-over-year increase
Average Household Income: $69,995
Percentage of Homeowners: 68%

Fun Facts About British Columbia

British Columbia has about 40,000 islands, with Vancouver Island being the largest - it’s about the size of Belgium.
British Columbia is home to over 1,000 provincial parks, with over 15% of its territory comprising protected lands.

What is the best mortgage rate in BC?

The mortgage with the lowest rate is not always the best mortgage for you. The best mortgage rate in British Columbia is the one that best suits your needs and financial situation. The main things you’ll need to consider are: the size of your down payment; your current income and employment; your credit score; your debts; and whether your financial situation is likely to change in the next few years.

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:

Your 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.
Your 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.
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.
Your credit score: Having a low credit score can restrict the lenders you can qualify with. If you’re forced to use a ‘B-lender’ or a private lender due to bad credit, you’ll probably have to settle for a higher mortgage rate.

Historical trends in BC mortgage rates

BC mortgage rates rise and fall, as do rates across Canada. Here’s a snapshot of the lowest mortgage rates in Canada over the past few years, to give you an idea of how today's rates compare historically.

	2018	2019	2020	2021
5-year fixed	2.79%	2.29%	1.39%	1.39%
5-year variable	1.85%	2.36%	0.99%	0.85%

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 homebuyers, 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.

Purchase Price	BC land transfer tax rate
0 - $200,000	1.0%
$200,000 - $2,000,000	2.0%
$2,000,000 - $3,000,000	3.00%
$3 million +	3.00% for non-residential property 5.00% for residential property

Source: Province of British Columbia

BC first-time homebuyer rebate

First-time homebuyers 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 homebuyer incentives in Canada.

The British Columbia housing market

The BC housing market is complex, owing greatly to Vancouver, Canada’s most expensive housing market. The average value of Vancouver housing has always been above the national average, but in recent years it’s been close to double.

	2017	2018	2019	2020	2021
Vancouver	$914,100	$1,069,100	$1,021,000	$1,008,700	$1,127,200
Canada	$553,000	$592,600	$597,000	$624,400	$715,596

Source: Canadian Real Estate Association

Homeownership rates in British Columbia match the national average of 68%. In BC as a whole, 68% of families own their primary residence, although just 47% of Vancouver families own their home. That’s the lowest rate of any of Canada’s big cities besides Montreal, where around 37% of families own their home.

Sources:

Jamie David, Director of Marketing and Head of Mortgages

Jamie David is the Director of Marketing and Head of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.

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