Vancouver mortgage rates
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Jamie David, Director of Marketing and Mortgages
As the third-largest population centre in Canada and the capital of British Columbia, Vancouver is home to one of the hottest real estate markets in the country, maybe tied with Toronto.
This may or may not benefit you depending on where in your home buying journey you are. However, a healthy real estate market does result in a healthy mortgage market, which means more choice for Vancouver home buyers. Of course, that can make it hard to decide on the right mortgage product.
Below we've laid out some of the things you should consider before looking for a mortgage in Vancouver. When you're ready, you can compare personalized quotes for mortgage rates in Vancouver with the tools at the top of this page.
Best mortgage rates in Vancouver +
Vancouver at a glance
- Population: 631,486 - largest city in BC and 8th largest city in Canada
- Average Home Price: $1,148,900 in October 2022 - a 2.1% year-over-year increase (a contrast to the national decline of -9.9%)
- Average Household Income: $65,327
- Percentage of Homeowners: 47%
Fun Facts About Vancouver
- Vancouver has some of the mildest weather in Canada, with a growing season of 237 days and an average of only 9 days with snowfall per year.
- With over 60 movies and TV series filming there annually, Vancouver has a thriving film industry and is commonly called “Hollywood North”.
Comparing the best mortgage rates in Vancouver
The comparison tables at the top of this page list the best mortgage rates available in Vancouver, up to the minute. Comparing rates between multiple providers and mortgage brokers is the best thing you can do to get the lowest rate possible.
Of course, your personal rate may be different from the rates listed above. The rate you're eligible for can change based on things like your down payment, the price of the house, your credit score, which lender you choose, as well as what the property is being used for.
Luckily, you can get personalized quotes for mortgage rates without filling in a full mortgage application. Use the tools at the top of this page and we’ll provide you with personalized mortgage quotes from Vancouver lenders in under two minutes.
Vancouver closing costs
When applying for a new mortgage in Vancouver, you'll need to consider the closing costs associated with all property purchases. Most of these costs will need to be paid upfront, so you’ll need to save the cash to pay for them (in addition to your down payment).
British Columbia Land Transfer Tax: When buying a home in Vancouver, you'll be subject to the British Columbia Land Transfer Tax. This is a marginal tax, based on the purchase price of the property. This tax will need to be paid in cash, and cannot be added to your mortgage. The British Columbia land transfer tax rates are as follows:
|Purchase Price of Home||Marginal Tax Rate|
|On $200,001 to $2,000,000||2.0%|
|Over $3,000,000||A further 2% for residential properties (5% total)|
Mortgage Default Insurance: If your mortgage is an insured mortgage, you'll need to pay for mortgage default insurance, often called CMHC insurance. This will normally be included as part of your mortgage, so you won't need to provide it in cash.
These are just some of the closing costs you’ll have to pay in Vancouver. Learn more on our closing costs education centre page.
Vancouver first-time homebuyer rebates
Most of the first-time homebuyer programs in Canada are administered at the provincial level, and typically involve a full or partial rebate of the province's land transfer tax. A rebate of this kind does exist in British Columbia. This should come as a relief to Vancouver's first-time homebuyers, as BC land transfer tax rates are some of the highest in the country!
Under the BC first-time homebuyer rebate program, homes purchased for $500,000 or less will receive a full refund of the land transfer tax. For homes with a purchase price of between $500,000 and $525,000, a partial refund is given. Check out our BC Land Transfer Tax calculator page to learn more.
In addition to the BC first-time homebuyer rebate, new homebuyers in Vancouver are also eligible for first-time homebuyer programs at the federal level, including:
- RRSP Home Buyers' Plan: This allows you to borrow up to $35,000 from your RRSP for your down payment. The money must be paid back within 15 years.
- First Time Home Buyers' Tax Credit: This is a tax credit of up to $750, available when you file your taxes for the year in which you bought your first home.
- GST/HST New Housing Rebate: If your home is newly built, it may be subject to GST or HST. This rebate gives you some or all of that tax back.
- Tax-Free First Home Savings Account: This new savings vehicle will be available starting in 2023. It is a strong no-tax vehicle that will help first-time homebuyers who are saving for a down payment. Read more about the First Home Savings Account on our blog.
Each of these schemes has eligibility criteria and additional rules that apply, which you'll need to investigate further before you apply for them.
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 more
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