Best Mortgage Rates in Vancouver
Compare current mortgage rates in Vancouver and find the best rate in seconds.
We compare the most competitive brokers, lenders and banks in Vancouver to bring you today's best mortgages rates, at no cost to you. Our comparison charts list current Vancouver rates, and are updated every few minutes. To learn more about a particular rate, simply click "Inquire" - an agent will contact you within 1 business day. Don't worry, there are no obligations when you choose to inquire. Advertising DisclosureRates updated:
|1-yr||2.19% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|2-yr||2.19% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|3-yr||2.19% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|4-yr||2.19% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|5-yr||1.64% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|6-yr||2.99% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|7-yr||2.99% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|10-yr||3.24% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
Prime + 1.35CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Prime - 0.85CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Best mortgage rates in Vancouver (view all) +
Current Vancouver Mortgage Rate News
Vancouver Mortgage Rates
The City of Vancouver carries the highest average home price in Canada (see below), but with mortgage rates in Vancouver expected to stay relatively low over the next year or two, home affordability remains feasible. Canadian banks have been competing with each other aggressively since the start of 2012 for mortgage market share. That competition has been keeping Vancouver mortgage rates at historic lows.
Vancouver is Canada’s third largest city and has a population of over 2.3 million citizens. The coastal city is sandwiched between the Pacific Ocean and the Canadian Rockies and boasts spectacular views regardless of direction.
The world also got a better glimpse of Vancouver through the 2010 Winter Olympics.
In 2016, the Most Liveable City in the World survey conducted by the Economist Intelligence Unit had placed Vancouver in a top ten spot. The survey factors stability, healthcare, culture and environment, education, and infrastructure. Mercer, which conducts the Quality of Living report, ranked Vancouver fifth in 2015 based on 39 different criteria to find the city with the best quality of life in the world.
The Vancouver Housing Market
The Vancouver real estate market receives a lot of attention because it is the most expensive city to buy a home in Canada. The average MLS® home price in 2015 was $902,801. The average home price has also surged over $1 million in 2016 and is expected to continue increasing in 2017. The housing market was heavily influenced by multi-million dollar properties, while homes costing over $1 million represented 36% of all homes sold during the first quarter in 2016. The CMHC is forecasting that residential property sales will be higher in 2016 than in 2015, before stabilizing onto a more sustainable pace later in 2017.
As long mortgage rates in Vancouver remain low, housing should stay affordable in the near future.1
|MLS® Sales||MLS®Avg Price|
* Data taken from the CMHC
Vancouver, which is known for its beautiful mountain backdrop, has been adding more and more condos to their skyline. The bulk of housing starts were dominated by multi-family units, which made up over four-fifths in the greater metro Vancouver area.2
|Year||Housing Starts||Rental Vacancy Rate|
Currently, Vancouver’s resale market is experiencing an imbalance between its number of sales and new listings. Historically low mortgage rates in Vancouver continue to persist, which should continue to support housing demand to the end of 2016.
Mortgage Brokers in Vancouver
To help you navigate mortgage rates in Vancouver, it is best to speak to someone who understands the market. There are many qualified Vancouver mortgage brokers who can assist and educate you on your best options. Let them handle the negotiating and paperwork for you.
Vancouver mortgage rates: Frequently Asked Questions
Here are a few answers to the most common questions we receive.
How much can I save by comparing Vancouver mortgage rates?
Getting a mortgage in Vancouver is probably the biggest financial commitment you’ll make in your life, so it’s important to get a great deal. Comparing mortgage rates from different providers is one of the best things you can do to get a lower rate.
So how much can you save with a lower rate? On a $500,000 mortgage with a 25-year amortization, paying 2.50% instead of 3.0% could save you around $126 a month. Overall, you’d pay $11,767 less in interest over a 5-year term. You can use our mortgage payment calculator to input your own figures, and work out how much you could save by comparing mortgage rates.
Why compare Vancouver mortgage rates with Ratehub.ca?
Ratehub.ca makes it easy to compare Vancouver mortgage rates, but pulling rates from the big banks, Vancouver mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in Vancouver, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.
Are Vancouver mortgage rates higher than other cities?
Vancouver mortgage rates can sometimes differ from other Canadian cities, but not just because of the city itself. Mortgage rates are determined by lots of factors, including competition among lenders to offer the lowest rates. Some cities have more competition than others, which generally leads to slightly lower rates. However, the differences are generally small.
What’s the difference between variable and fixed rates?
Variable rates can change over the course of your mortgage term (which can range from 1 to 10 years). On the other hand, fixed rates remain constant throughout your mortgage term, even if the prime rate changes.
The advantage of variable rates is that if rates fall across the market, then your rate will also drop. The downsides are that rates can go up. This would also cause your rate to rise, which means paying more on your regular mortgage payment.
The advantage of fixed rates is that your regular mortgage payments will stay the same for your entire term. However, if prime rates were to drop, you’d be missing out on the savings that a lower rate would offer.
Is it worth getting a mortgage pre-approval?
When buying a new home in Vancouver it’s generally worth getting a pre-approval. A pre-approval is an in-principal commitment from a lender to offer you a particular rate for a given mortgage. This gives you confidence that the homes you’re looking at are within your budget, and lets you move faster when you’re ready to make an offer.
You can start the pre-approval process by going directly to a lender, or you can apply with the help of a mortgage broker. Remember that you’re not obligated to get a mortgage with a particular lender, even if you’ve been pre-approved by them. Also remember that your pre-approval is not a final guarantee of a particular rate. That’s only confirmed when you make your final application.
Which bank has the best mortgage rates in Vancouver?
No one bank has the best rates in Vancouver, or offers the best mortgage in Vancouver. Mortgage rates change regularly, and different lenders will often run promotions that make them temporarily more competitive. The best way to get a lower mortgage rate is to compare current rates from multiple mortgage providers and brokers.
Remember as well that the best mortgage for you is not necessarily the one with the lowest rate. Your mortgage will be a big part of your life for years to come, and getting one with the right features and terms is sometimes more important than the rate. Getting advice from a Vancouver mortgage broker is a good way to better understand this, if you’re worried.
Should I use a mortgage broker in Vancouver?
A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.
References and Notes
- Data taken from the CMHC
- Data taken from the CMHC