BC Mortgage Rates
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B.C. mortgage rate update: November 2025
The economy might be a mess, but it’s driving down mortgage rates in B.C.
On October 29, in response to sluggish economic growth, the Bank of Canada lowered its overnight lending rate for the fourth time this year. Shortly after the 25-basis point cut was announced, Canadian lenders lowered their variable mortgage rates.
The Bank accompanied its rate cut with a statement that said rates are “at about the right level” to usher Canada through this period of financial uncertainty, so variables might be as low as they’re going to get in 2025.
As of October 30, some mortgage brokerages in B.C. are offering variable rates for around 3.5%. They’re generally above 4% at Canada’s biggest banks.
Fixed mortgage rates dipped toward the end of October, but it’s unlikely they’ll keep decreasing. Government bond yields, which lenders use to determine their fixed rate offers, shot up after the Bank of Canada’s latest rate decision. If bond yields continue rising, lenders may be forced to increase their fixed rates.
As of October 30, the lowest three-year fixed and five-year fixed mortgage rates available from brokers in B.C. are around 3.7%. Fixed rates of 3.8% or higher are much more common.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
What’s a good mortgage rate in B.C. right now?
As of November 2025, some mortgage brokers in B.C. are offering fixed rates below 3.8%. Variable rates can be found for around 3.5% at some brokers and direct lenders.
The rate offers you receive depend on factors like your credit score, total debt level and income, and whether you apply at a major bank or through a mortgage broker.
2025 B.C. mortgage rate forecast
If the Bank of Canada lowers its overnight rate before the end of 2025, variable mortgage rates will also decrease. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
B.C. housing market update
The number of residential sales in B.C. was up 4.4% in September compared to September 2024, according to the British Columbia Real Estate Association. The year-over-year average price was relatively stable, up 0.4% to $948,296.
“Home sales in the province are gaining momentum following a slow first half of 2025,” BCREA Chief Economist Brendon Ogmundson wrote in a press release. He said he expects lower interest rates to motivate buyers who had been sitting on the sidelines.
B.C. home buyer resources
B.C. first-time home buyer programs
If you’re a first-time home buyer in B.C., you may qualify for programs, including:
First-Time Home Buyers’ Program: This program can cut up to $8,000 from the land transfer tax owed on houses valued at $500,000 or less.
Home Owner Grant: Reduce your property taxes if the home is your principal residence. This program isn’t limited to only first-time home buyers.
Newly Built Home Exemption: The exemption reduces property transfer taxes on newly built homes worth less than $800,000.
Land transfer taxes in B.C.
British Columbia's tiered-rate system means more expensive homes result in a higher rate.
- 1% of the first $200,000 of your home's value.
- 2% of any amount between $200,001 and $2,000,000.
- 3% of any amount greater than $2,000,000.
- An additional 2% on residential property over $3,000,000.
Mortgage calculators
Frequently asked questions
Will mortgage rates come down in 2025?
Will mortgage rates come down in 2025?
The Bank of Canada overnight rate was cut in September. If the bank lowers the rate again, lower variable mortgage rates will follow. Fixed mortgage rates will likely continue hovering between 3.75% and 4.25% for much of the year.
How do B.C. lenders determine mortgage rates?
How do B.C. lenders determine mortgage rates?
The mortgage rate you’re offered by a lender in British Columbia 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 can I qualify for a lower mortgage rate in B.C.?
How can I 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:
Sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- B.C. Government. First time home buyers' program. Accessed Dec 9, 2024.
- B.C. Government. Home Owner Grant. Accessed Dec 9, 2024.
- B.C. Government. Newly built home exemption. Accessed Dec 9, 2024.
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