HomebuyingEverything you need to know about portable mortgages
This article has been updated from a previous version. You know how when you move, you take almost everyth...
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Volatility in the Canadian economy and mortgage market has continued over the past few quarters. Stubborn inflation is potentially colliding with an upcoming recession, giving the Bank of Canada even more reasons to raise interest rates. They are signaling a time may come when rates do not increase, but that time has yet to come for homebuyers.
British Columbia homebuyers can find cheap mortgage interest rates for B.C. on LowestRates.ca. We bring you the lowest B.C. mortgage rates from 50+ Canadian banks and brokers, and there's no obligation to take the rate we offer.
Finding low mortgage rates has never been easier. All you have to do is enter a few pieces of information, and in just three minutes, we'll show you the best current mortgage rates in B.C. — just like that. Mortgage rates for houses in B.C. come in all shapes and sizes, with different term lengths, amortization periods or fixed vs. variable rates.
Keep reading to learn more about how much you can save on your mortgage and to get up to speed on the current state of the B.C. housing market.
Variable Rates
As low as
5.75%
Fixed Rates
As low as
4.79%
Cha-ching! Our rates are always lower than the posted bank rates.
Current lowest posted bank rate
6.84%
British Columbia mortgage restrictions and regulations
Mortgage rates in British Columbia are determined much as they are in the rest of the country. A generation ago, it wasn’t uncommon to see mortgage rates top double digits. But for a good portion of the last decade, the rates have remained historically low. Unfortunately for current mortgage holders and those seeking to buy a home, rates have been on the upswing as inflation has remained high.
Variable mortgage rates
Variable mortgage rates are determined by commercial banks’ prime rates, which are mainly swayed by the Bank of Canada’s key interest rate. That means an increase in the key interest rate almost automatically leads to a similar increase in variable mortgage rates. The Bank of Canada will typically raise its key interest rate in an effort to combat inflation, which is exactly what has been happening over the past several months.
Fixed mortgage rates
Fixed rate mortgage loans are primarily influenced by the yield on Canadian government bonds (bond yields) of corresponding maturity. The correlation between the fixed rates and the yield on five-year Canadian government bonds is almost a near match. This is the case because bond rates represent the benchmark for financial institutions’ cost of funds.
What is mortgage default insurance?
Mortgage default insurance is a protection for the lender if you don't (or can’t) make your mortgage payments. It's required for all mortgages where the down payment is less than 20% of the purchase price.
- Often it's added to the mortgage, so you pay for it over the life of the mortgage—and you pay interest on it, too.
- Some lenders ask you to make a separate lump-sum payment for the cost of the insurance.
You can find out more by using the LowesRates.ca Mortgage Default Insurance Calculator.
Factors that affect your British Columbia mortgage rate
The best mortgage interest rates available in British Columbia and across Canada are influenced by various factors. Lenders must consider certain financial elements that could increase or decrease their burden when deciding whether to approve your mortgage and what rate they can offer. Here are the main factors that will affect your mortgage rate:
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Conventional and high-ratio mortgages in British Columbia
If you’re buying a home in Canada, there are two main types of mortgages based on the size of your down payment: a conventional mortgage or a high-ratio mortgage.
A conventional mortgage refers to a contract where the homebuyer has put at least 20% of the home’s price toward the down payment. For example, if a home costs $550,000, you’ll need a down payment of at least $110,000 to secure a conventional mortgage.
A high-ratio mortgage refers to a contract where the homebuyers put down less than 20% of the home’s price as down payment. With a high-ratio mortgage, buyers are required to purchase mortgage default insurance, which protects the lender if you stop making your mortgage payments. There are three providers who offer mortgage default insurance: Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty.
High-ratio mortgage rates are slightly lower than conventional mortgage rates, but the cost of default insurance will add to the total cost of the mortgage.
Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in British Columbia
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 01/24 | 5.24% | 4.72% |
| 02/24 | 4.84% | 4.72% |
| 04/24 | 4.74% | 4.39% |
| 05/24 | 4.84% | 4.39% |
| 06/24 | 5.24% | 4.39% |
| 07/24 | 4.74% | 4.39% |
| 08/24 | 4.89% | 4.51% |
Last Updated: September 1, 2024
Fixed rate and variable rate mortgages in British Columbia
The most important decision for homebuyers, next to finding a home, is deciding which mortgage rate suits your financial needs. There are two types of mortgage rates: Fixed rate and variable rate.
With the best fixed mortgage rates B.C., it's guaranteed that the interest rate will stay the same for a specific period of time. With this type of rate, you will always know exactly how much your mortgage payments will be. Fixed-rate mortgages are more popular than variable rates in Canada, particularly the 5-year fixed mortgage. Fixed rates can be secured up to a term of 10 years, but homebuyers who want to avoid locking in a long-term mortgage rate can seek out a term as short as six months.
Variable mortgage rates in B.C. and the rest of Canada can fluctuate throughout the term of the mortgage based on market conditions. The pro for some homebuyers is that if current mortgage rates decrease, more of your mortgage payment goes toward paying off the principal. If rates increase, more of the payment goes toward interest. The downside of variable mortgage rates is that some homebuyers may not like the uncertainty of fluctuating rates. It’s best to talk to your mortgage broker about your specific needs.
Take a look at 5-year variable vs. 5-year fixed mortgage rates in B.C. over the last year.
5-year fixed vs. 5-year variable mortgage rates in British Columbia
| Month | Fixed | Variable |
|---|---|---|
| 11/23 | 4.79% | 5.90% |
| 12/23 | 4.89% | 5.90% |
| 01/24 | 4.80% | 5.90% |
| 02/24 | 4.84% | 5.90% |
| 03/24 | 4.54% | 5.90% |
| 04/24 | 4.60% | 5.90% |
| 05/24 | 4.84% | 5.90% |
| 06/24 | 4.92% | 5.90% |
| 07/24 | 4.74% | 6.05% |
| 08/24 | 4.78% | 6.05% |
Last Updated: September 1, 2024
Typical mortgage amounts in British Columbia
Average mortgage amounts throughout the country have risen over the last four quarters. Rates have been steadily climbing as the Bank of Canada is fighting inflation. As a result, average mortgage amounts have grown as well.
A new mortgage rate forecast from the British Columbia Real Estate Association (BCREA) expects mortgage rates for British Columbians to stay high and potentially get higher by the end of 2022.
The report, released in Sep. 2022, highlights the volatility in financial markets that occurred over the third quarter. Findings show that bond yields were on a “rollercoaster,” but mortgage rates remained flat.
| Q3 - 2021 | Q4 - 2021 | Q1 - 2022 | Q2 - 2022 | |
|---|---|---|---|---|
Canada | Q3 - 2021 $371,584 | Q4 - 2021 $358,717 | Q1 - 2022 $371,822 | Q2 - 2022 $374,635 |
Newfoundland | Q3 - 2021 $221,792 | Q4 - 2021 $210,088 | Q1 - 2022 $216,623 | Q2 - 2022 $221,593 |
Prince Edward Island | Q3 - 2021 $236,180 | Q4 - 2021 $251,731 | Q1 - 2022 $249,194 | Q2 - 2022 $251,276 |
Nova Scotia | Q3 - 2021 $249,385 | Q4 - 2021 $242,155 | Q1 - 2022 $243,199 | Q2 - 2022 $255,280 |
New Brunswick | Q3 - 2021 $184,696 | Q4 - 2021 $180,639 | Q1 - 2022 $180,639 | Q2 - 2022 $190,722 |
Quebec | Q3 - 2021 $234,337 | Q4 - 2021 $219,248 | Q1 - 2022 $255,131 | Q2 - 2022 $228,612 |
Ontario | Q3 - 2021 $464,838 | Q4 - 2021 $453,834 | Q1 - 2022 $474,072 | Q2 - 2022 $486,206 |
Manitoba | Q3 - 2021 $230,460 | Q4 - 2021 $353,884 | Q1 - 2022 $353,082 | Q2 - 2022 $259,579 |
Saskatchewan | Q3 - 2021 $262,559 | Q4 - 2021 $258,504 | Q1 - 2022 $257,578 | Q2 - 2022 $248,013 |
Alberta | Q3 - 2021 $337,213 | Q4 - 2021 $326,614 | Q1 - 2022 $331,694 | Q2 - 2022 $341,289 |
British Columbia | Q3 - 2021 $501,262 | Q4 - 2021 $487,483 | Q1 - 2022 $503,616 | Q2 - 2022 $506,682 |
Average mortgage monthly payment in British Columbia
Monthly mortgage payments in British Columbia have been steadily increasing since the first quarter of 2021. The rise is likely a direct response to the rise in interest rates as the central bank tries to fight inflation.
| British Columbia | Kelowna | Abbotsford-Mission | Vancouver | Victoria | |
|---|---|---|---|---|---|
2022 Q3 | British Columbia $2,506 | Kelowna $358,717 | Abbotsford-Mission $2,532 | Vancouver $2,886 | Victoria $2,514 |
2022 Q2 | British Columbia $2,300 | Kelowna $2,097 | Abbotsford-Mission $2,405 | Vancouver $2,657 | Victoria $2,223 |
2022 Q1 | British Columbia $2,110 | Kelowna $1,899 | Abbotsford-Mission $2,141 | Vancouver $2,391 | Victoria $2,032 |
2021 Q1 | British Columbia $2,022 | Kelowna $1,854 | Abbotsford-Mission $1,966 | Vancouver $2,306 | Victoria $1,993 |
2021 Q3 | British Columbia $2,101 | Kelowna $11,936 | Abbotsford-Mission $2,096 | Vancouver $2,407 | Victoria $2,034 |
2021 Q2 | British Columbia $2,025 | Kelowna $1,831 | Abbotsford-Mission $1,920 | Vancouver $2,320 | Victoria $1,914 |
2021 Q1 | British Columbia $1,938 | Kelowna $1,803 | Abbotsford-Mission $1,883 | Vancouver $2,186 | Victoria $1,842 |
2020 Q4 | British Columbia $1,914 | Kelowna $1,771 | Abbotsford-Mission $1,878 | Vancouver $2,189 | Victoria $1,891 |
2020 Q3 | British Columbia $1,888 | Kelowna $1,803 | Abbotsford-Mission $1,821 | Vancouver $2,156 | Victoria $1,889 |
2020 Q2 | British Columbia $1,870 | Kelowna $1,743 | Abbotsford-Mission $1,783 | Vancouver $2,134 | Victoria $1,870 |
2020 Q1 | British Columbia $1,917 | Kelowna $1,716 | Abbotsford-Mission $1,786 | Vancouver $2,190 | Victoria $1,912 |
2019 Q4 | British Columbia $1,857 | Kelowna $1,701 | Abbotsford-Mission $1,765 | Vancouver $2,138 | Victoria $1,857 |
2019 Q3 | British Columbia $1,837 | Kelowna $1,697 | Abbotsford-Mission $1,762 | Vancouver $2,091 | Victoria $1,851 |
2019 Q2 | British Columbia $1,840 | Kelowna $1,687 | Abbotsford-Mission $1,769 | Vancouver $2,110 | Victoria $1,878 |
2019 Q1 | British Columbia $1,876 | Kelowna $1,707 | Abbotsford-Mission $1,810 | Vancouver $2,154 | Victoria $1,858 |
2018 Q4 | British Columbia $1,841 | Kelowna $1,725 | Abbotsford-Mission $1,793 | Vancouver $2,115 | Victoria $1,906 |
2018 Q3 | British Columbia $1,859 | Kelowna $1,758 | Abbotsford-Mission $1,776 | Vancouver $2,119 | Victoria $1,861 |
2018 Q2 | British Columbia $1,859 | Kelowna $1,727 | Abbotsford-Mission $1,721 | Vancouver $2,127 | Victoria $1,930 |
2018 Q1 | British Columbia $1,890 | Kelowna $1,613 | Abbotsford-Mission $1,699 | Vancouver $2,169 | Victoria $1,873 |
2017 Q4 | British Columbia $1,826 | Kelowna $1,644 | Abbotsford-Mission $1,663 | Vancouver $2,128 | Victoria $1,815 |
2017 Q3 | British Columbia $1,813 | Kelowna $1,604 | Abbotsford-Mission $1,635 | Vancouver $2,124 | Victoria $1,788 |
2017 Q2 | British Columbia $1,724 | Kelowna $1,565 | Abbotsford-Mission $1,534 | Vancouver $2,010 | Victoria $1,697 |
2017 Q1 | British Columbia $1,657 | Kelowna $1,506 | Abbotsford-Mission $1,488 | Vancouver $1,898 | Victoria $1,659 |
British Columbia mortgage performance
The total number of mortgages in British Columbia ending August 31, 2022, are 718,234. Mortgages in arrears came in at 736 or 0.10% of all mortgages.
That is below the national average of 0.14%. The trend in B.C. has been towards the downside even as fears of interest rate hikes have slowed housing sales.
Residential mortgages in arrears
As of September 2022
| Location | Total Number of Mortgages | Number of Mortgages in Arrears* | % of Arrears to Total Number of Mortgages |
|---|---|---|---|
British Columbia | Total Number of Mortgages 718,417 | Number of Mortgages in Arrears* 746 | % of Arrears to Total Number of Mortgages 0.10% |
Atlantic | Total Number of Mortgages 352,724 | Number of Mortgages in Arrears* 894 | % of Arrears to Total Number of Mortgages 0.25% |
Quebec | Total Number of Mortgages 961,792 | Number of Mortgages in Arrears* 982 | % of Arrears to Total Number of Mortgages 0.10% |
Ontario | Total Number of Mortgages 2,196,117 | Number of Mortgages in Arrears* 1,318 | % of Arrears to Total Number of Mortgages 0.06% |
Manitoba | Total Number of Mortgages 124,665 | Number of Mortgages in Arrears* 346 | Private Lenders 0.28% |
Saskatchewan | Total Number of Mortgages 132,813 | Number of Mortgages in Arrears* 790 | Private Lenders 0.59% |
Alberta | Total Number of Mortgages 606,945 | Number of Mortgages in Arrears* 2,229 | Private Lenders 0.37% |
Territories | Total Number of Mortgages 10,738 | Number of Mortgages in Arrears* | Private Lenders |
Canada | Total Number of Mortgages 5,104,211 | Number of Mortgages in Arrears* 7,305 | Private Lenders 0.14% |
*Mortgage arrears is three or more months
**Data for Yukon included in B.C. Data for NWT and NU included in Alberta
Source: Canadian Bankers Association
British Columbia housing market and home prices
The number of homes sold through the MLS System of the BC Northern Real Estate Board totalled 310 units in October 2022. This was down sharply by 34% from October 2021. Home sales were 26.2% below the five-year average and 22.4% below the 10-year average for October. On a year-to-date basis, home sales totalled 3,841 units over the first 10 months of the year. This was a decrease of 20.2% from the same period in 2021.
The average price of homes sold in October 2022 was $398,644, a slight reduction of 1% from October 2021.
The year-to-date average price was $416,202, increasing by 8.7% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $123.6 million, a sharp decrease of 34.7% from the same month in 2021.
The number of new listings was down by 9% from October 2021. There were 426 new residential listings in October 2022.
New listings were 8.9% below the five-year average and 7.7% below the 10-year average for October.
British Columbia closing costs and land transfer tax
There are three rates to consider when calculating your total property transfer tax amount:
- General property tax transfer
- A further 2% tax on residential property over $3,000,000
- Additional property transfer tax
General property tax transfer
The general property transfer tax applies for all taxable transactions. The general property transfer tax rate is:
- 1% of the fair market value up to and including $200,000
- 2% of the fair market value greater than $200,000 and up to and including $2,000,000
- 3% of the fair market value greater than $2,000,000
Further 2% on residential property over $3,000,000
If the property is worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000.
If the property is mixed-use (such as residential and commercial), you pay a further 2% tax on only the residential portion.
If the property includes land classed as farm only because it is used for an owner's or farmer’s dwelling, up to 0.5 hectares will be treated as residential property.
Additional property transfer tax
If you’re a foreign national, foreign corporation or taxable trustee, you must also pay the additional property transfer tax on the fair market value of the residential portion of the property if the property is within a specified area of B.C.
As for closing costs, a good rule of thumb is to calculate between 2% and 4% of the final home sale price.
First-time homebuyers in British Columbia
First-time home buyers in British Columbia have options to help reduce or eliminate the amount of property transfer tax they pay when buying a home.
To qualify, you must:
Be a Canadian citizen of permanent resident
Have either:
Lived in B.C. for at least a year immediately before the date you register the property
Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date
Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time
Have never received a first-time home buyers' exemption or refund and the property must:
Only be used as your principal residence
Have a fair market value of $500,000 or less
Be 0.5 hectares (1.24 acres) or smaller
You may qualify for a partial exemption from the tax if the property:
Has a fair market value less than $525,000
Is larger than 0.5 hectares
Has another building on the property other than the principal residence
You can apply for the program by filling out the application here.
Frequently asked questions about B.C. mortgages.
How can I qualify for a mortgage in British Columbia?
Having a good credit score is critical. The Canada Mortgage and Housing Corporation says the credit score requirement on insured mortgages should be 680.
Other factors you should have in order can include:
- Paying down debt – This can accomplish a few things. Paying debt frees up resources to put toward your downpayment or mortgage. It also indicates to lenders that you are a "good risk" and have the ability (and desire) to pay loans responsibly.
- Calculating assets and liabilities – If knowledge is power, understanding your economic situation will help you obtain the mortgage you need. By having a complete picture of assets and liabilities, you will be better prepared to provide the information lenders require to decide on your mortgage application. This can be done with an accountant if you have one or on your own.
- Having a consistent employment history – Lenders want to see elements of your financial life that reduce risk. Being employed consistently indicates your ability to be financially responsible. This will show lenders that you can pay your debts with little to no chance of default.
- Having a large downpayment - The more you save towards the purchase of a house, the better you will be in the long run in terms of debt burdens. However, lenders also see this as a lower-risk proposition. The less you need to borrow, the quicker they can get their money back if you default on the loan. Monthly costs are reduced for you, and you look more attractive to lenders who are about reducing risk.
- Having good ratios - Most importantly, you must prove you can carry the mortgage. This is calculated by your broker or mortgage agent using a debt service ratio analysis.
Should I use a mortgage broker in British Columbia?
Unlike a bank, a mortgage broker can only offer mortgages from their line of products. They can access many lenders and help you choose the right product for your circumstance. The good news is that mortgage brokers are free to use and are paid by the lender while also having access to a variety of lender interest rates. LowestRates.ca can help you navigate and compare rates and direct you to the broker that best suits your B.C. mortgage rate needs.
What’s the difference between a mortgage term and an amortization period?
Time plays a critical role in calculating B.C. mortgage rates. There are two key measures of time: the length of time your current mortgage rate is locked in and the total amount of time it takes to pay off your mortgage.
Mortgage term: The mortgage term refers to the period you’re locked into your mortgage contract. This includes the rate, lender and the contract's terms and conditions. At the end of the term, you’ll be able to renew your mortgage contract at a new rate. Homeowners repeat this process until they pay off the principal of their mortgage. A mortgage term can vary from six months to 10 years, but the most popular term in Canada is five years.
Amortization period: The amortization period refers to the amount of time it takes to pay off the principal of your mortgage. In Canada, the maximum amortization period is 35 years. However, if your down payment is less than 20%, you’ll have to purchase CMHC mortgage insurance. The maximum amortization period on insured mortgages is 25 years.
What’s the difference between an open mortgage and a closed mortgage, and which one should I get?
Purchasing a home in B.C. comes with a myriad of decisions. Once the location has been selected, and the choice between fixed or variable mortgages has been decided, buyers will want to consider their options between an open or closed mortgage.
Open mortgage: An open mortgage allows you to pre-pay any amount of your mortgage at any time without penalty. Interest rates are typically higher than closed mortgage rates in B.C. These mortgages provide flexibility and freedom to pay what they want, and terms are generally shorter.
Closed mortgage: Closed mortgages usually have lower interest rates than open ones. This is mainly because closed ones limit the number of extra payments you can make each year.
How much does it cost to live in British Columbia?
The cost of living in British Columbia can be as diverse as the many regions within the province. Expenses will fluctuate depending on whether you rent or own your home, drive or commute to work, and which part of the province you settle in.
For example, Vancouver is one of the most expensive cities in Canada to live in, and it is difficult for new homebuyers to break into the city's housing market. However, outside city limits and into more rural areas, homebuyers may find they can buy more with less and keep living costs of living down within less populated areas.
One of the most significant expenses in B.C. is the cost of car insurance. The Insurance Bureau of Canada says that B.C. has the highest rates in Canada, with an average rate last year of $1,832 — second only to Ontario.
B.C. is also very attractive for its temporal climate and boasts a healthy retirement population, especially in Victoria. Tourism and trade are also essential to B.C.'s economy, making it a relatively expensive destination for residents and visitors.
How much does getting a lower mortgage interest rate matter in British Columbia?
B.C. is an expensive destination for both first-time and seasoned homebuyers. Larger cities have seen substantial increases in home prices in just one year. Finding the best mortgage rates in B.C. is paramount, but it’s not the only way to ensure the affordability of your mortgage. Other features can help, including:
- Prepayment privileges: Some lenders will offer prepayment privileges, giving the homebuyer the right to pay off part or all of their mortgage balance before maturity (ahead of schedule) without penalties. Substantial savings can be had by saving on future interest payments.
- Penalties for breaking a mortgage: Some lenders will charge a fee if you pay more than the allowed additional amount on your mortgage, break your contract, transfer your mortgage to another lender before the end of your term, and pay back your entire mortgage before the end of the term. Avoiding these events will prevent extra fees, but homeowners should calculate the pros of breaking a contract to get a better rate or paying the mortgage in full.
- Porting your mortgage: People often move house before the mortgage is paid off. Porting your mortgage means taking your existing mortgage, with its current rate and terms, and attaching it to your new home. Porting can generally occur if you are purchasing a new home at the same time you are selling your current home. This can help save on penalties and fees in the future.
What is a mortgage rate hold?
A mortgage rate hold or rate lock allows buyers a guaranteed interest rate on their mortgage for a set period (usually 30 to 60 days but up to a maximum of 120 days). It is usually used when a buyer knows they will be purchasing or refinancing their home in the near future.
What are prepayment options?
Prepayment options allow you to repay your mortgage sooner than the official payment schedule. There are two ways to do this – increase your mortgage payments or pay a lump sum.
Is it safe to get a mortgage online?
Yes, it's safe — you no longer need to visit a bank branch or mortgage broker's office in person to apply for a mortgage. It's also becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca takes care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in British Columbia and across the country.
We only work with reputable, trustworthy financial institutions. Your credit score won’t be affected, and your information is secure.
How do I know I’m getting the lowest rate?
We have a robust selection of lenders on LowestRates.ca, including big banks and many independent brokers, and we’re always adding more lenders. This ensures we consistently deliver competitive rates to you. Even if you're not ready to commit to anything, you can use our site as a starting point for research. It’s totally free, and you’re under no obligation.
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
Why are British Columbia's mortgage rates different from those in other parts of Canada?
Mortgage rates in B.C. can fluctuate depending on population size, home styles, neighborhood values and other reasons. Simply put, greater competitive pressure in Canada's hottest real estate markets (especially Vancouver and Toronto) translates into cheaper mortgage rates. Ontario is the most competitive by a long shot, with 113 lenders publicly advertising mortgage rates (not including brokers).
Also, different lenders have different overhead costs they have to consider. They also have to consider the borrower's financial situation, including their debt-to-income ratio, credit score and down payment. To find the best mortgage rate, you need to find the right lender through sites like LowestRates.ca.
LowestRates.ca Staff
About the Author
The LowestRates.ca writing team focuses on telling original stories.
*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on LowestRates.ca, as of January 14, 2022.
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