Skip to main content
Ratehub logo
Ratehub logo

Let's help you find the best mortgage rate in BC

We’ll find the best rates for you in less than 2 minutes.

Best mortgage rates in BC

Rates updated:

  • No Results
These are the best
mortgage rates for
RateTermTypeProvider
Featured
5 yearsFixed
Featured
5 yearsFixed
Featured
5 yearsFixed
Featured
5 yearsFixed

Best 5-year variable rates in BC

Rates updated:

  • No Results
These are the best
mortgage rates for
RateTermTypeProvider
Featured
5 yearsVariable
Featured
5 yearsVariable
Featured
5 yearsVariable
Featured
5 yearsVariable

Best big bank rates in BC

Rates updated:

  • No Results
Provider5 Year variable5 Year fixed3 Year fixed

Best market rate

5.30%

Prime -1.15%

4.69%
4.99%

5.64%

Prime -0.81%

inquire

5.35%

inquire

5.58%

inquire

6.00%

Prime -0.45%

inquire

5.39%

inquire

5.70%

inquire

6.15%

Prime -0.30%

5.44%

5.59%

6.20%

Prime -0.25%

5.64%

5.79%

5.69%

Prime -0.76%

inquire

5.49%

inquire

6.24%

inquire

Compare mortgage rates from the best Canadian banks, brokers, and credit unions.

How it works

  • Compare the best rates

    Answer a few quick questions and see the lowest rates you can qualify for.

  • Apply online

    Apply for your mortgage instantly and easily using our secure online application.

  • Connect with our mortgage advisors

    Questions or comments? Book a call and one of our mortgage advisors will walk you through all the details

Not sure where to start? Check out our tools to get started

Frequently asked mortgage questions

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


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


What’s the difference between fixed and variable rates?


Are variable rates better than fixed rates?


What are the pre-payment options in British Columbia?


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


What is a mortgage rate hold?


Should I use a mortgage broker in BC?


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

help me find my rate

Want to learn more? Check out our comprehensive education centre

A guide to getting the best BC mortgage rates

Jamie David

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. 

Best mortgage rates in BC +

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%

 

Current state of the BC housing market

  • Home sales in October 2022 were 5,242 units, down 45.5% from October 2021 (well above the national decline of 32.2% year-over-year).  
  • The average price for resale residential homes in October 2022 was $932,979, a 3.1% year-over-year decrease from October 2021, less than the national average year-over-year decrease of 6.6%. Prices are down year-over-year in most areas of the province, with Greater Vancouver being an exception - prices there have increased by 0.8% year-over-year. 
  • Active listings at the end of October 2022 were over 52% higher than the same time last year. 
  • The dollar value of all home sales in BC in October 2022 was $4.9 billion, representing a year-over-year decline of just over 47%. 



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 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


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.

Changes on the horizon

On July 21, 2022, the government of British Columbia introduced a homebuyer protection period that allows homebuyers 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 homebuyers 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 homebuyer protection period will come into effect on January 1, 2023. 

 

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

 

Sources:

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

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.

read linkedin bio