BC Mortgage Rates
What’s a good mortgage rate in B.C. right now?
As of October 2026, some mortgage brokers in B.C. are offering fixed rates for around 4.2%. Variable rates can be found for around 3.4% at some brokers and direct lenders. Both rate types will be considerably more expensive at the big banks.
Current mortgage rates in B.C.
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Manulife Financial 3.50%5 yearvariable $3,880monthly payment Other rates from Manulife Financial4.24% 3 year fixed $4,194 per month 4.39% 5 year fixed $4,259 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Marathon Mortgage 3.50%5 yearvariable $3,880monthly payment Other rates from Marathon Mortgage4.69% 5 year fixed $4,392 per month 4.79% 3 year fixed $4,436 per month 5.19% 4 year fixed $4,617 per month 5.64% 2 year fixed $4,824 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Neo Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Neo Financial4.69% 5 year fixed $4,392 per month 4.79% 3 year fixed $4,436 per month 4.94% 4 year fixed $4,504 per month 5.84% 2 year fixed $4,918 per month 5.94% 1 year fixed $4,965 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Pine Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Pine Financial4.54% 4 year fixed $4,325 per month 4.59% 3 year fixed $4,347 per month 4.59% 5 year fixed $4,347 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Radius Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Radius Financial4.79% 3 year fixed $4,436 per month 4.79% 5 year fixed $4,436 per month 4.89% 4 year fixed $4,481 per month 5.09% 2 year fixed $4,571 per month 5.19% 1 year fixed $4,617 per month |
B.C. mortgage rate update: October 2026
October could be a miserable month for mortgages in B.C.
Fixed rates spent the last two weeks of September rising in response to spiking government bond yields. While home buyers may have been able to find a fixed rate for around 3.9% last month, they’ll be lucky to find one for under 4.2% in October.
Expect those higher fixed rates to throw a bucket of cold water on the B.C. housing market this fall.
Variable rates will continue providing an affordable alternative, but the gap between fixed and variable rates may shrink as soon as October 28, when the Bank of Canada will hand down its next overnight rate decision.
Analysts are split on whether the Bank might finally raise the overnight rate after more than a year. If it does, variable rates will increase by the same amount as the Bank’s rate hike.
NerdWallet’s take is that the Bank will continue holding, as a rate increase could weaken economic growth. But the prospect of future rate hikes might be too much risk for some home buyers.
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.
B.C. housing market update — September 2026
B.C. had one of the strongest performances of any provincial housing market in August 2026. Residential sales rose 3.1% from July but were down 4.7% year-over-year. Year-to-date, home sales in the province were 5.6% behind the first eight months of 2025.
Home values were little changed in August. The benchmark price in the Lower Mainland held flat month-over-month at $1,010,500 but is down 6.0% year-over-year. Greater Vancouver's benchmark slipped to $1,079,800, down 0.1% monthly and 5.6% year-over-year.
State of the market: Soft but stabilizing. Sales are picking up seasonally, but a pile of unsold homes is keeping prices in check.
B.C. home buyer resources
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 tax calculator
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.
2026 mortgage rate forecast
Variable rates
Variable mortgage rates weren't forecasted to move in 2026, but the war in Iran has changed the game.
By driving up oil prices and inflation expectations, the Bank of Canada has warned that higher rates may be needed to keep inflation near its 2% target.
If the Bank increases its overnight rate, variable mortgage rates will follow suit. That could happen as early as this summer.
If the Canadian economy falters, the Bank may be compelled to deliver a rate cut at some point. But it's hard to picture a rate cut coming just as inflation's about to spike.
Fixed rates
As of October 2026, fixed mortgage rates are higher than they've been in almost a year thanks to rapid increases in government bond yields, which lenders use to price their fixed rates. Yields skyrocketed after the war in Iran caused oil prices to spike, and they rose higher in September after the Bank of Canada called out rising inflation and reduced economic growth as threats facing the Canadian economy.
Predicting where fixed rates head in the coming months depends heavily on the war in Iran. If it wraps up without further damage to oil and food supplies, bond yields should recede and take fixed mortgage rates with them. If the war escalates and worsens the global financial outlook, yields and fixed rates could increase even further.
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Connect with Homewise to get a renewal rate quote that's personalized to you.Frequently asked questions
Will mortgage rates come down in 2026?
Not if the war in Iran continues. Prior to the war, the Bank of Canada wasn't expected to touch its overnight rate for most of the year. Now there's a risk of multiple rate hikes, which would increase variable mortgage rates. Fixed mortgage rates have already risen due to the war, and may rise even further.
How do B.C. lenders determine mortgage rates?
Once economic factors like bond yields and the Bank of Canada's overnight rate have been factored in, lenders determine the rate they offer you by looking at your finances, your credit and the location of the home you intend to by.
How can I qualify for a lower mortgage rate in B.C.?
Qualifying for a lower rate generally requires paying down your debts, strengthening your credit score and buying a home in an urban location.
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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Clay Jarvis
Clay Jarvis