Find the best mortgage rate in Vancouver

Vancouver is Canada’s third largest city, the biggest city in Western Canada and home of Canada’s largest port. As such, it is of huge economic importance, and its multicultural diversity, natural beauty and green aesthetic are world-renowned. It’s not surprising, then, that the Vancouver real estate market is one of Canada’s hottest, rivalled only by that of Toronto.

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.

Vancouver at a glance

• Population: 631,486 - largest city in BC and 8th largest city in Canada 
• Average Home Price: $1,197,700 in July 2024 - a -0.8% year-over-year decrease 
• 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”.

May 2025 Vancouver housing market update

Metro Vancouver’s housing market continued to cool in April 2025, with home sales falling sharply amid economic uncertainty and cautious buyer sentiment. The Greater Vancouver REALTORS (GVR) reported 2,163 residential sales, down 23.6% from April 2024 and 28.2% below the 10-year seasonal average.

According to Andrew Lis, GVR’s director of economics and data analytics, despite improved borrowing conditions, concerns over U.S. trade tensions and an upcoming federal election appear to have kept many prospective buyers on the sidelines.

New listings totalled 6,850 in April, a slight 3.4% decrease year-over-year, but still nearly 20% above the 10-year average. Meanwhile, total active listings surged 29.7% to 16,207 properties, marking the first time inventory has surpassed 16,000 since 2014.

The sales-to-new-listings ratio (SNLR) came in at 31.6%, putting Vancouver into a buyer’s market position. According to the Canadian Real Estate Association (CREA), a ratio within 45 - 65% is a balanced market, with above and below that threshold indicating sellers’ and buyers’ markets, respectively. The benchmark home price in Metro Vancouver currently sits at $1,184,500, a 1.8% decrease from April 2024, and a 0.5% fall compared to March 2025. 

Resources for buying a home in Vancouver

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:

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 home buyer rebates

Most of the first-time home buyer 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 home buyers, as BC land transfer tax rates are some of the highest in the country!

Under the BC first-time home buyer 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 home buyer rebate, new home buyers in Vancouver are also eligible for first-time home buyer programs at the federal level, including:

• RRSP Home Buyers' Plan: This allows you to borrow up to $60,000 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 home buyers 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.

Vancouver Empty Homes Tax

All homeowners in Vancouver are required by law to submit an annual declaration to determine whether their property is subject to the municipal Empty Homes Tax. This declaration is mandatory for all homeowners, whether they reside in the property or not. Only one declaration is mandatory per property, so, for example, if a property is co-owned, only one of the owners is required to submit the declaration.  

The tax rate for properties subject to the Empty Homes Tax is 3% for those deemed empty in 2022, and it will rise to 5% for homes deemed empty in 2023. For more information on the Vancouver Empty Homes Tax, be sure to consult the official municipal website. 

 

Sources:

1. Canada Population
2. Royal LePage
3. Statistics Canada
4. Fun World Facts
5. City of Vancouver