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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:

RateProviderPayment

Big 6 Bank

$2,109

Canadian Lender

$2,109

Canwise

A Ratehub Company

$2,141

CMLS Financial

$2,196

CIBC

$2,207

First National

$2,218

Vancouver mortgage rates: FAQ

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What will mortgage rates be in Vancouver in 2024?


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4.14%

Best fixed rate in Canada

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Getting the best mortgage rates 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.

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: $1,197,700 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:

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

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

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 a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.

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 over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada. 

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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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