Find the best mortgage rate in Victoria

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.

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
	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)

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.