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Best Vancouver mortgage rates
The rate table shows 5-year fixed mortgage rates in Vancouver. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Vancouver mortgage rates: FAQ
What are the current mortgage rates in Vancouver?
As of October 25, 2024, the average of the Big 5 Banks’ best 5-year fixed mortgage rates in Vancouver was 4.50%, and the average of the Big 5 Banks’ best 5-year variable mortgage rates was 5.36%.
Although these are the average current mortgage rates in Vancouver at the Big 5 Banks, they are not the lowest mortgage rates available to you. To see the best Vancouver mortgage rates, be sure to compare lenders in our table above. It’s updated multiple times throughout the day to reflect any change in Vancouver mortgage rates, so you can be sure you’re always seeing the most up-to-date rates.
What are the lowest mortgage rates in Vancouver?
As of October 25, 2024, the best 5-year fixed mortgage rate in Vancouver stood at 4.09%, while the best 5-year variable mortgage rate was at 4.70%.
Be sure to check our rate table above to see the best Vancouver mortgage rates on the market. It’s automatically updated throughout the day, which means that you’re always looking at the most current Vancouver mortgage rates.
What will mortgage rates be in Vancouver in 2024?
Over the past couple of years, Canadian borrowers endured a historically steep rate hiking cycle from the Bank of Canada in efforts to tamp down runaway inflation that saw the target for the overnight rate soar from 0.25% in January 2022 to 5% by the fall of 2023. During that same period, bond yields, spurred by the same inflation that caused the rate hikes, climbed steeply, causing fixed mortgage rates to more than double. After all that, it’s no wonder people in Vancouver and across the country are wondering whether the rest of 2024 will usher in more relief for mortgage rates.
There now seems to be room for optimism, as the Bank has entered a rate cutting cycle. In its last announcement on October 23, the Bank of Canada cut the overnight lending rate from 4.25% to 3.75%, a -0.50% rate cut (following three -0.25% cuts from June to September). In its accompanying commentary, the Bank cited declining inflation in Canada as its reason for carrying out the rate cut. In light of this, most experts now believe that the Bank will implement several more rate cuts through the end of 2024 and into 2025. Should this materialize, the prime rate in Canada will descend further from its current level of 5.95% and bring variable mortgage rates down with it.
Fixed mortgage rates are not tied directly to the Bank of Canada’s rate decisions, but rather to the bond market, which has been highly volatile, as anxious investors react to any sign of rising inflation or other negative economic indicators. In 2024, bond yields have fluctuated considerably, as anxious investors react to economic reports from Canada, the United States and around the world. In the days leading up to the Bank’s October announcement, anticipation of a likely rate cut drove bond yields down into the 2.9% range and incited some lenders to reduce their fixed mortgage rates. In the long term, one can reasonably expect that, as high rates continue to push inflation down, bond yields will fall as well, bringing fixed mortgage rates lower with them.
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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
Getting the best mortgage rates in Vancouver
Jamie David, Sr. Director of Marketing and Mortgages
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.
Best mortgage rates in Vancouver +
Rates updated:
Rate | Term | Type | Provider |
---|---|---|---|
4.09% | 3 years | Fixed | Big 6 Bank |
4.14% | 5 years | Fixed | Big 6 Bank |
4.44% | 4 years | Fixed | Big 6 Bank |
5.29% | 2 years | Fixed | Big 6 Bank |
5.29% | 7 years | Fixed | Big 6 Bank |
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”.
December 2024 Vancouver housing market update
On December 3, 2024, the Greater Vancouver REALTORS (GVR) released its latest data on the Vancouver housing market for the month of November. The figures show a continued strengthening of buyer demand. In November, 2,181 residential properties were sold in Metro Vancouver, marking an impressive 28.1% year-over-year increase from the 1,702 sales recorded in November 2023.
According to Andrew Lis, GVR's director of economics and data analytics, the uptick in demand observed in October has carried into November. He stated, “When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend. While the November market isn’t quite a Cyber Monday doorcrasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”
A total of 3,725 homes were newly listed for sale in November, a 10.6% increase from last year. The total number of active listings reached 13,245, a 21.2% increase compared to November 2023 and 26.1% above the 10-year seasonal average. With increased supply meeting heightened demand, the market remains relatively balanced.
The sales-to-new-listings ratio (SNLR) came in at 58.6% in November, putting Vancouver into a balanced 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.
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:
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 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:
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
Want to learn more? Check out our comprehensive education centre
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