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The Best Mortgage Rates In B.C.

Compare B.C. mortgage rates from Canada’s top lenders and brokers in minutes. Easily find the best mortgage rate for your needs.

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Nerdy Insight: The best B.C. mortgage rates have remained stable in May. Current activity in the government bond market doesn’t indicate that any sudden spikes or dips in three- or five-year fixed mortgage rates are on their way. These two popular options are still below 5% at many lenders, while variable mortgage rates will hold steady around 6% until the Bank of Canada reduces its overnight rate. That might not happen until June.

The best variable and fixed mortgage rates in B.C.

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6 Months Fixed Rate

Marathon Mortgage



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B.C. mortgage rate update: May 2024

Discounted mortgage rates have held steady in B.C. in May. As of May 15, 2024, five-year fixed mortgage rates remain below 4.8% at some lenders, while three-year fixed mortgage rates can still be found for around 4.9%.

Recent activity in the government bond market doesn’t indicate that any major fluctuations are lurking around the corner for B.C. mortgage shoppers. The yields on three- and five-year bonds have bounced around a bit this month, but not so much that lenders have adjusted their rates by more than a few basis points here and there.

Variable mortgage rates remain elevated after the Bank of Canada held its overnight rate at 5% on April 10. The Bank’s rate hikes have likely come to an end, but the overnight rate, and variable mortgage rates, won’t be reduced until inflation is firmly under control and heading toward the Bank’s target of 2%. That may not occur until June or July.

Historical trend: New mortgage loans in B.C.

The average mortgage rate in B.C.

There’s no single average for mortgage rates in British Columbia. Even if you had access to all the current mortgage rates being offered by lenders in B.C., it wouldn’t be much help when you’re mortgage shopping. That’s because the mortgage offer you receive is always specific to you and takes into account multiple factors like your credit score, the type of mortgage you want and the amount you need to borrow.

Think about the “average mortgage rate” the way you would B.C.’s average home price. It’s interesting data to have, but it’s not necessarily relevant to your own home buying journey.

2024 B.C. mortgage rate forecast

Variable mortgage rates

Variable mortgage rates are expected to finally begin decreasing in the first half of 2024. When they decline, and by how much, depends on the Bank of Canada’s overnight rate.

When inflation is running hot, the Bank raises the overnight rate to increase borrowing costs and cool the economy. Whenever the overnight rate increases, variable mortgage rates rise to the same degree.

If inflation trends closer to the Bank’s target rate of 2% in the first few months of 2024, it may feel confident lowering the overnight rate as soon as June. When the overnight rate falls, variable mortgage rates will soon follow.

Fixed mortgage rates

Because they’re driven by lenders’ reactions to activity in the government bond market, fixed mortgage rates can be difficult to predict over the long-term.

Based on bond activity in the latter half of February 2024, for example, lenders could drop their three- and five-year fixed mortgage rates moderately in March, but there weren’t many bargains on offer at the time of this writing.

Fixed mortgage rates could be somewhat lower by the end of 2024, but it’s unlikely that they’ll fall significantly below 5%. 

Calculators to inform your home buying decisions

B.C. housing market update

Average home prices in B.C. 

The average residential home price in B.C. remained above $1 million in April. The average price of $1 million was 1.4% higher since April 2023, according to the British Columbia Real Estate Association. Average April prices in major B.C. markets included:

B.C. home sales and price forecast

Real estate experts predict a more normal real estate market in 2024, though the bar for “normal” is low given the tumult of 2023. Many believe Bank of Canada interest rate hikes — a primary driver behind last year’s affordability crunch — are largely over. But exactly when and how quickly the Bank begins to taper interest rates down remains an important question mark.

A report released by real estate company Royal LePage forecasts home prices increasing about 5% by the end of the year, with most of that increase taking place in the second half of 2024. RE/MAX Canada suggests a more subdued average price increase of less than 1%. 

Vancouver can expect price increases in 2024 to be under the national average, according to Royal LePage, but with a $1.7 million average price for a single-family home, this trend may not give much comfort unless you have a seven-figure budget. 

B.C. first-time home buyer programs

If you’re a first-time home buyer in B.C., you may qualify for programs, including:

Land transfer taxes in B.C.

The B.C. land transfer tax is a tax the purchaser of a home pays. The amount you pay is based on the value of your home, and the tiered-rate system means more expensive homes result in a higher rate. You’ll pay:

The above rates cover the most common transactions. However, you’ll face different rates under some circumstances, including if:

Guide to B.C. mortgage rates

Types of lenders in B.C.

A lenders. Big banks and credit unions are A lenders and offer borrowers the best rates currently available. You’ll need a strong credit score before being offered a loan, and you’ll be expected to pass a stress test

B lenders. Some smaller Canadian banks and mortgage investment corporations work with people who have poorer credit scores or limited credit history. Rates are higher as a result. 

Types of mortgages in B.C.

Fixed-rate mortgages. The interest rate stays the same for the duration of the mortgage term in a fixed-rate mortgage, even if the market fluctuates. Fixed rates typically:

Variable-rate mortgages. Variable mortgage rates increase or decrease whenever your lender’s prime rate increases or decreases. Variable-rate mortgages typically have rates that:

» MORE: The difference between fixed- and variable-rate mortgages

Hybrid-rate mortgage. One portion of your mortgage is subject to a variable rate and the other portion is at a fixed rate of interest. These mortgages:

Insured vs. uninsured mortgages. If you make a down payment of less than 20% on a home costing under $1 million, you must insure your mortgage. Mortgage insurance adds to the cost of your loan. You pay a percentage of your mortgage amount, and the percentage depends on your down payment — the closer it is to 20%, the smaller your insurance payment is.

Homes worth $1 million or more require a down payment of at least 20%, so insurance is not required. 

Short-term vs. long-term mortgages. Short-term mortgages last five years or less. Long-term mortgages last over five years. With a shorter term, you’ll need to renew your B.C. mortgage sooner, which can provide flexibility. Short-term mortgages often have lower interest rates than long-term mortgage rates.

Closed vs. open mortgages. The main difference between closed and open mortgages is that you can pay off an open mortgage whenever you like and not pay a penalty; if you make additional payments on a closed mortgage, you’ll generally be penalized.

Closed mortgages often offer better rates than open mortgages. But open rate mortgages may be a good option if you think you may be able to pay off your mortgage early.

» MORE: Understanding open and closed mortgages

How B.C. lenders determine mortgage rates

The mortgage rate you’re offered by a lender in British Columbis will be based on two primary factors; one based on the state of the economy and one based on your financial situation.

Economic factors

Variable mortgage rates are influenced by the Bank of Canada’s overnight rate. When the overnight rate increases or decreases, a lender’s prime rate follows suit. Variable mortgage rates are based on a lender’s prime rate, so as the prime rate rises or falls, so do variable rates

Fixed mortgage rates are determined by activity in the government bond market, particularly the yields on one-, three- and five-year bonds. Fixed mortgage rates follow the movement of those yields. 

Your financial situation

Factors specific to you also affect the rates you’re offered. These include:

Lenders look for signs of risk when assessing these aspects of your finances. The riskier they perceive you to be as a borrower, the higher the rate they’re likely to offer you.

How to qualify for a lower mortgage rate in B.C.

Some factors behind rates are beyond your control, but there are steps you can take to encourage lenders to offer you the best mortgage rates. For example, you can:

Factors that affect mortgage affordability in B.C.

Mortgage term

The term is the length of time your mortgage contract is valid. In Canada, mortgage terms can run anywhere from six months to as long as 10 years.

Chances are that your mortgage will have multiple terms during the amortization period until you pay it off in full.

Amortization period

A mortgage’s amortization period is the time it will take to pay off the loan in full. In Canada, the most common amortization period is 25 years. If your down payment is less than 20%, you can’t have an amortization beyond 25 years. 

If your down payment is greater than 20%, you may find some lenders willing to offer amortization periods of up to 35 years.

Why would you want a shorter amortization period? You’ll pay less interest overall and potentially save thousands of dollars. A shorter amortization period, however, will result in higher monthly payments.

How to compare mortgages from B.C. lenders

Compare the annual percentage rate (APR) instead of the interest rate alone. The APR includes the interest rate, as well as fees and closing costs the lender may charge. A lender that offers you the lowest rate may have a higher APR due to those additional costs. Comparing APRs is the best way to see what different offers will truly cost you.

Be sure you’re comparing the same type of mortgage. For a comparison to be useful, the mortgages should have the same term, amortization period and payment frequency.

Other aspects to compare when looking for the best mortgage rates in B.C. include:

You can also compare mortgage rates in other provinces to get a sense of how the rate you’ve been offered in B.C. stacks up:

Working with a mortgage calculator can help you compare different mortgages in a single place.

There’s more to mortgage shopping than the interest rate

A low mortgage rate is usually a primary objective for buyers, but getting the lowest rate doesn’t necessarily mean you’re getting the best mortgage for your needs.

For example, you might opt for a fixed rate, which has a higher rate than a variable rate, if you’re uncomfortable with the risk of rates rising.

Or, if you expect to come into a sizable sum of money soon (via an inheritance, for example), paying a higher rate for an open mortgage, which allows you to pay it off early without penalties, could be worth it.

Frequently asked questions for B.C. mortgage rates

What’s a good mortgage rate in B.C. right now?

As of April 2024, you could find fixed mortgage rates for less than 5% and variable mortgage rates for around 6%. The rate offers you receive depend on factors like your credit score, total debt level and income.

Will mortgage rates come down in 2024?

Variable mortgage rates could stay north of 6% until June of 2024. Fixed mortgage rates should settle below 5% once the Canadian economy shows more signs of stability.


B.C. First-Time Home Buyer Guide

B.C. First-Time Home Buyer Guide

To succeed in British Columbia’s competitive housing market, first-time buyers should get their finances in order and explore grants and assistance programs that can improve affordability.

Find the Best Mortgage Rates in Canada

Find the Best Mortgage Rates in Canada

Compare customized mortgage rates from Canada’s best lenders and brokers for free. Find and easily apply for the lowest mortgage rate for your needs.

B.C. Mortgage Calculator

B.C. Mortgage Calculator

Use this free BC mortgage calculator to estimate your monthly mortgage payments, and see how rates and amortization affect total cost over time.

Mortgage Affordability Calculator: How Much Mortgage Can I Afford?

Mortgage Affordability Calculator: How Much Mortgage Can I Afford?

How much mortgage can you afford? Use our mortgage affordability calculator to see how your interest rate, down payment and debt ratios affect your housing budget.

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