Best mortgage rates
in British Columbia.
Today’s best 5-year fixed in British Columbia is 4.19% across our network. Variable is 3.00%. Canada's most expensive market by far — Vancouver + GVA benchmarks above $1.5M dominate, with strong credit-union competition and a heavy multi-language lender requirement.
Mortgage rates in British Columbia today start at 4.19%% fixed and 3.00%% variable across our 100+ lender network. The average home in British Columbia is $929,619; the federal stress test requires qualifying at your rate + 2%. BC has unusually strong credit-union competition — Vancity and Coast Capital frequently undercut Big-6 rates and qualify at contract rate (not stress-test), making them a routine first-look for renewal and refi files in Greater Vancouver.
What are the best mortgage rates in British Columbia right now?
From 100+ lenders, lowest first. Rates are for insured mortgages unless noted.
How are mortgage rates set in British Columbia?
Your lender sets your rate from your credit, income, amortization and down payment. Fixed rates follow bond yields. Variable rates follow the Bank of Canada. BC has unusually strong credit-union competition — Vancity and Coast Capital frequently undercut Big-6 rates and qualify at contract rate (not stress-test), making them a routine first-look for renewal and refi files in Greater Vancouver.
Follow the 5-year bond yield
Lenders price 5-year fixed rates off the Government of Canada 5-year bond yield. When yields rise, fixed rates follow within days. A 0.25% move adds about $12/month per $100k.
Follow the Bank of Canada
Variable rates are prime plus or minus a discount. The Bank of Canada sets its rate 8 times a year, and prime is that rate + 2.20%.
Credit and down payment
Insured mortgages (under 20% down) get the deepest discounts. Files with 20% or more down pay 0.05–0.25% more. A score above 720 gets the best tier.
What lenders look at in British Columbia
- 1. Your credit and income. Lenders check your credit score, income papers and total debt. A score above 720 gets the best discounts.
- 2. The lenders in your province. Not every lender works in every province, and pricing varies by region. Brokers reach banks, credit unions and monoline lenders.
- 3. Fixed or variable. Fixed rates follow Government of Canada bond yields. Variable rates follow the Bank of Canada. Neither is always cheaper over a full term.
- 4. The stress test. You must qualify at your rate + 2%, or 5.25%, whichever is higher. We build your application so you pass on the best product, not the easiest one.
Additional 20% foreign-buyer PTT applies in Metro Vancouver, Fraser Valley, Capital, Nanaimo, and Central Okanagan regional districts. Speculation and Vacancy Tax (0.5%–2%) applies annually to non-residents and certain Canadian non-residents.
British Columbia mortgage rates — common questions.
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What is the BC Property Transfer Tax on a $1.5M Vancouver home?
Approximately $28,000 PTT on a $1.5M purchase ($2,000 on first $200K + $26,000 on next $1.3M). For foreign buyers in Metro Vancouver, add 20% foreign-buyer PTT ($300,000) on top.
Do BC credit unions qualify at contract rate?
Some do — Vancity, Coast Capital, and Prospera frequently qualify borrowers at the contract rate rather than the federal stress test rate (contract + 2% or 5.25%). This can materially increase the amount you qualify for. We test the contract-rate path on every BC file.
What is the Newly Built Home Exemption in BC?
A buyer of newly constructed housing up to $1,100,000 is fully exempt from BC Property Transfer Tax, with a partial exemption phasing out to nothing at $1,150,000. Those thresholds rose from $750,000 and $800,000 on 1 April 2024, so any figure below $1.1M you see quoted elsewhere is out of date — on a $1,000,000 new build that is the difference between paying $18,000 and paying nothing. It does not stack with the standard first-time buyer exemption; pick whichever gives the bigger break, which for new construction above $860,000 is always this one.
Does the federal foreign-buyer ban apply in BC?
Yes — the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act (extended to 2027) blocks most foreign nationals from purchasing residential property anywhere in Canada including BC. BC's 20% foreign-buyer PTT is in addition for any purchases that fall under the federal exceptions.
Which BC cities have the highest home prices?
Vancouver (~$1.95M), North Vancouver (~$1.80M), Richmond BC (~$1.64M), Burnaby (~$1.52M), Coquitlam (~$1.40M), Delta (~$1.30M), Surrey (~$1.18M). Vancouver Island markets (Victoria ~$1.03M, Nanaimo ~$745K) are materially more affordable.
Is the mortgage stress test the same in British Columbia as elsewhere in Canada?
Yes — the federal stress test applies uniformly in every province: you must qualify at your contract rate plus 2%, or 5.25%, whichever is higher. There is no British Columbia-specific exception. The stress test determines your maximum mortgage size, not the rate you pay.
What is the minimum down payment on a home in British Columbia?
Federal minimums apply: 5% on the first $500,000 of purchase price, 10% on the portion from $500,000 to $1,500,000, and 20% above $1,500,000. At British Columbia's average home price of $929,619, the minimum down payment is roughly ~7.3%. Below 20% requires CMHC, Sagen, or Canada Guaranty default insurance.
What first-time buyer programs apply in British Columbia?
Federally: the First-Time Home Buyer Tax Credit ($1,500 non-refundable), the First Home Savings Account (FHSA — save up to $40,000 tax-free), and the RRSP Home Buyers' Plan ($35,000 withdrawal repaid over 15 years) all apply province-wide. Provincially: First-time buyers get the PTT on the first $500,000 waived — a flat $8,000 — and that full $8,000 holds all the way to $835,000, not just to $500,000.
Have a British Columbia offer from a big bank?
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
- 5-minute pre-qualification
- No credit check to start
- Same-business-hour response