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Vancouver mortgage rates

As of:

RateProviderPayment
Featured

Canadian Lender

$2,163/mo
Featured

CanWise

A Ratehub Company

$2,207/mo
Featured

Equitable Bank

$2,218/mo
Featured

CMLS Financial

$2,240/mo
Featured

First National

$2,296/mo
Featured

RBC Royal Bank

$2,308/mo

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Vancouver mortgage rates: Common questions

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Getting the best mortgage rates in Vancouver

Jamie David

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
First $200,000 1.0%
On $200,001 to $2,000,000 2.0%
Over $2,000,000 3.0%
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.

Sources:

  1. Canada Population
  2. Royal LePage
  3. Statistics Canada
  4. Fun World Facts

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

About Ratehub.ca

Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, Ratehub.ca is more than just the place to research and compare the best rates. Get your mortgage at Ratehub.ca and have the best of both worlds – online rates and award-winning customer service.

Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada, from online search to close.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

How are CanWise Financial and Ratehub.ca connected?

We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.

We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.

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