Best Victoria mortgage rates
The rate table shows 5-year fixed mortgage rates in Victoria. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
What are the interest rates on mortgages in Victoria?
As of December 8, 2023, the best 5-year fixed mortgage rate in Victoria stands at 5.04%, while the best 5-year variable mortgage rate in Victoria is 5.95%.
You’ll definitely want to consult our rate table above to get a full picture of what mortgage products and mortgage rates in Victoria are. It’s updated regularly to reflect any rate changes, so you’ll always be seeing the most current mortgage rates in Victoria available at any given moment.
What is the average mortgage rate in Victoria?
On December 8, 2023, the average of the Big 5 Banks’ best 5-year fixed mortgage rates in Victoria was 5.68%, with rates ranging from 5.53% to 5.79%, while the average Big Bank 5-year variable mortgage rate in Victoria was 6.79%, with rates ranging from 6.7% to 6.95%.
While these are the average mortgage rates in Victoria from the Big 5 Banks, they are not the lowest rates available. To find the mortgage product that best suits your needs, be sure to shop around using our rate table above. It’s automatically updated throughout the day, so you can rest assured that you’re always seeing the most current Victoria mortgage rates on offer.
Who has the cheapest mortgage rates?
Currently, the Big 5 Bank offering the cheapest 5-year fixed mortgage rates in Victoria is TD, with a rate of 5.53%. The Big 5 Bank offering the cheapest 5-year variable rate in Victoria is CIBC, with a rate of 6.7%.
Although these are the cheapest Big Bank mortgage rates in Victoria, remember that Victoria has a very competitive mortgage market, with numerous other lenders competing for your business in addition to the Big Banks. For this reason, it’s critical that you shop around using our rate table above, which shows you rates from a wide range of lenders, including the Big Banks, credit unions and smaller, regional banks. The rates are updated regularly throughout the day, ensuring that our rate table is displaying the best and most current mortgage rates in Victoria at all times.
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.
Best fixed rate in Canadasee my rates
Jamie David, Sr. Director of Marketing and Mortgages
As British Columbia's second-largest city (after Vancouver) Victoria has a strong real estate and mortgage market. This is good news for Victoria homebuyers because it gives you access to a wide range of mortgage products and mortgage rates, while still reaping the benefit of lower home prices than Downtown Vancouver.
Below we've laid out some of the things you should consider before looking for a mortgage in Victoria. When you're ready, you can compare personalized quotes for mortgage rates in Victoria with the tools at the top of this page.
Best mortgage rates in Victoria +
|5.04%||5 years||Fixed||Canadian Lender|
|5.39%||4 years||Fixed||Canadian Lender|
|5.84%||7 years||Fixed||Big 6 Bank|
|6.14%||2 years||Fixed||Big 6 Bank|
Comparing the best mortgage rates in Victoria
The comparison tables at the top of this page list the best mortgage rates available in Victoria, 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 Victoria lenders in under two minutes.
Victoria closing costs
When applying for a new mortgage in Victoria, 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 Victoria, 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|
|On $200,001 to $2,000,000||2.0%|
|Over $3,000,000||A further 2% for residential properties (5% total)|
CMHC Insurance: If your mortgage is an insured mortgage, you'll need to pay for mortgage default 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 Victoria. Learn more on our closing costs education centre page.
Victoria 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 Victoria'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.
In addition to the BC first-time home buyer rebate, new home buyers in Victoria are also eligible for first-time home buyer programs at the federal level, including:
- RRSP Home Buyer’s 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 Buyer’s 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.
Each of these schemes has eligibility criteria and additional rules that apply, which you'll need to investigate further before you apply for them.
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
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