Best mortgage rates in Richmond.
Today’s best rate in Richmond is 3.50%. We compare Richmond mortgage rates across 100+ Canadian lenders and lock your best on one application — no bureau pull to start.
The best mortgage rate in Richmond today is approximately 3.50% — about $7,636/month on Richmond’s benchmark detached home price of $1,911,700 with 20% down over 25 years. Metro Vancouver — island-flat, transit-rich, and a primary Mandarin- and Cantonese-speaking buyer market. Heavy condo + investor activity.
Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See all British Columbia rates →
Richmond mortgage payments by term
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 4.19% | $8,203/mo |
| 5-Year VariableLowest | 3.50% | $7,636/mo |
| 3-Year Fixed | 4.04% | $8,078/mo |
| 3-Year Variable | 3.55% | $7,676/mo |
| 2-Year Fixed | 3.99% | $8,036/mo |
| 1-Year Fixed | 4.19% | $8,203/mo |
| 4-Year Fixed | 4.14% | $8,161/mo |
| 7-Year Fixed | 4.99% | $8,886/mo |
| 10-Year Fixed | 5.29% | $9,149/mo |
A worked example for Richmond
On Richmond’s benchmark detached home price of $1,911,700 with 20% down, the mortgage is about $1,529,360. At today’s best rate of 3.50% over a 25-year amortization, that’s roughly $7,636/month using Canadian semi-annual compounding. Model your own price and down payment in the payment calculator, and see the income you’d need.
Getting the best mortgage rate in Richmond.
The posted rate you see advertised isn’t the rate you get. In Richmond, your number is set by your credit score, your down payment / loan-to-value, whether the mortgage is insured, and the property type — and by which lender’s broker-channel pricing fits your file. Metro Vancouver — island-flat, transit-rich, and a primary Mandarin- and Cantonese-speaking buyer market. Heavy condo + investor activity.
What’s specific to British Columbia: 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. On top of the rate, budget for bc property transfer tax (ptt) — 1% on the first $200K of purchase price, 2% on the portion to $2M, 3% on the portion to $3M, and 5% above $3M. 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. Between $835,000 and $860,000 it tapers by about $320 per $1,000 of price and then stops. Separately, the Newly Built Home Exemption fully exempts new construction up to $1,100,000, tapering to nothing at $1,150,000. Both thresholds were raised on 1 April 2024.
We compare Richmond mortgage rates across 100+ lenders — banks, monolines and British Columbia credit unions like RBC and Scotiabank — on a single application, then hold your best rate for 90-120 days. This is the rate-shopping side; for the full local service — pre-approval strategy, document help, a dedicated advisor — see our Richmond mortgage broker page. Run your numbers on the payment calculator.
Richmond mortgage rates — FAQ
What is the best mortgage rate in Richmond right now?
Are Richmond mortgage rates different from the rest of Canada?
What land transfer tax will I pay in Richmond?
Can I lock a Richmond rate before I buy?
Do I need a local Richmond broker for the best rate?
Whatever your situation in Richmond
First home, renewal, refinance, investor or self-employed — there's a path for your file, with the same 100+ lender network.
First-time buyers
5% down to your first Richmond home, with FHSA + RRSP HBP optimization.
Refinancing
Unlock Richmond equity for renovations, debt consolidation, or investing.
Renewing
Don't auto-renew — most clients beat their bank's first offer by 30-60 bps.
Self-employed
Business-for-self files priced right — A-lender, alt-A and private compared.
Investors
Build your Richmond rental portfolio — multi-unit and DSCR-style products.
New to Canada
Newcomer programs at the big banks; international credit accepted.
6 reasons to shop your Richmond mortgage rate through a broker
Why Richmond buyers and renewers compare the whole market instead of signing their bank's first offer.
100+ lenders compete — not one
A Richmond bank shows you one rate sheet. We put your file in front of 100+ lenders who bid for it, then pass on the volume pricing we hold.
Broker-channel pricing
The wholesale rate we access is typically 15-30 bps below a bank's posted rate — you can't get it walking into a branch.
A local Richmond market read
Metro Vancouver — island-flat, transit-rich, and a primary Mandarin- and Cantonese-speaking buyer market. Heavy condo + investor activity.
Your rate held 90-120 days
A pre-approval locks today's rate while you shop, and many lenders honour a drop if rates fall before closing.
No bureau pull to start
We shop your Richmond rate and pre-qualify you with no hard credit check, so comparing costs nothing.
Best-rate guarantee
We'll beat any comparable Big-6 offer or pay you $500 — keep it, or we'll donate it to your favourite charity — and our advice is free, paid by the funding lender.
Why shop your Richmond rate with us
- 100+ lenders on one application — banks, monolines, and British Columbia credit unions.
- Broker-channel rates 15-30 bps below posted.
- Local Richmond market knowledge paired with national lender access.
- FSRA-licensed advice in 50+ languages.
We arrange mortgages across Richmond — Steveston, Brighouse, City Centre, Hamilton, Thompson, Terra Nova, Seafair and beyond — with the same 100+ lender panel and FSRA-licensed advice.