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Find the best mortgage rate in British Columbia

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Current British Columbia mortgage rates

The rate table shows 5-year fixed mortgage rates in British Columbia. To compare other rate types and terms, click on the filters icon beside the down payment percentage.

As of:


Big 6 Bank


Canadian Lender



A Ratehub Company


RBC Royal Bank


TD Bank


Bank of Montreal


British Columbia mortgage rates: FAQ

What are the mortgage interest rates today?

Which bank has the lowest interest on mortgage loans?

Can you get a 30-year amortization?

How long will interest rates stay high?

WATCH: January 24, 2024 Bank of Canada announcement

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Guide to getting the best BC mortgage rates

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%


January 24, 2024: Bank of Canada announcement highlights

On January 24, 2024, the Bank of Canada announced that it would maintain the target for the overnight rate at 5.00%.

  • The Bank pointed to a number of key economic factors as the drivers of its decision, including weak GDP figures, slackening consumer spending and reduced business investment. While the Bank noted the progress made in the struggle to tamp down runaway inflation, it cited December’s higher-than-expected CPI of 3.4% as evidence that rates needed to stay higher for longer if we are to get inflation down to the Bank’s goal of 2%.
  • The Bank’s decision to hold the overnight rate steady for the fourth month in a row will be welcome news to variable-rate mortgage holders and those with home equity lines of credit (HELOC), but they may be disappointed not to see any mention of rate cuts in the commentary accompanying the Bank’s announcement.
  • Fixed mortgage rates are tied directly to the bond market rather than to the Bank of Canada’s decisions. That said, in the wake of December’s elevated CPI, bond yields began climbing. Many lenders held their fixed rates steady in anticipation of what new information the Bank might provide, but given that this announcement does not differ much from the last rate hold announcement in December, they may now be inclined to start raising their fixed mortgage rates.
  • With the Bank continuing its “wait and see” approach, this announcement is unlikely to have much impact on the housing market. Should the Bank indicate that rate cuts are on the horizon, we can expect to see home values rise almost immediately.

 British Columbia housing market: February 2024 update

On February 14, 2024, the Canadian Real Estate Association (CREA) released the most recent national housing market figures for the month of January 2024. After declining month to month over the second half of 2023, British Columbia home sales have finally bucked the trend. The latest data indicates that a total of 3,953 residential properties changed hands in British Columbia, up on an annual basis by an eye-popping 28.5% (the second highest annual increase of any province), and above the previous month’s figure of 3,557. New listings improved by 9.9% on a year-over-year basis, with a total of 9,895 homes coming to market (a substantial improvement over the previous month’s total of 3,973).

Despite the influx of new listings, BC home buyers still face the highest prices in the nation. The average home price in BC stood at $960,433 in January 2024, up by 10.8% annually, though slightly less than December’s figure of $965,890. With activity rebounding, buying conditions are starting to tighten in the province. The sales-to-new-listings ratio (SNLR), which CREA uses to gauge buyer competition in the marketplace, rose 1.6% year over year to 52.9%. CREA considers a ratio between 40 - 60% to represent a balanced housing market, with above and below that threshold reflecting sellers’ and buyers’ markets, respectively.


British Columbia home sales and price forecast

2023 was a year of continued decline in the British Columbia real estate market, as buyers contended with historically high borrowing costs and multiple rate hikes from the Bank of Canada. Home sales fell by -9.2% in 2023, but are expected to rebound this year, with a total of 78,924 home sales predicted by the Canadian Real Estate Association (CREA) for an annual increase of 8%. The recovery is expected to gather pace in 2025, with a forecast of 90,832 home sales (a year-over-year increase of 15.1%). 

Improved supply, among other factors, is expected to allow for the average home price in BC to dip slightly to $966,069 in 2024, a year-over-year decline of 0.5%. This is expected to rise just slightly to $973,360 in 2025.


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. 

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 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.

Changes on the horizon

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!



  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 has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

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