Get the Best Mortgage rates in British Columbia

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MORTGAGE RATES IN British Columbia (BC)

Making wise financial decisions when buying a home will help you pay your mortgage down more quickly. Therefore, finding the best British Columbia mortgage rates is essential. Because so many factors impact your mortgage, from your credit rating to your terms and your interest rate to your down payment, it helps to have an overview of all the information you need in one place. Here we help you find the best British Columbia mortgage rates and develop a better understanding of the B.C. housing market.

Best British Columbia Mortgage Rates - Fixed Mortgage Rates

Here is an overview of the fixed mortgage rates for some of the top mortgage providers in British Columbia based on a five-year fixed rate mortgage amortized over 25 years:

Rate

Provider

Payment/month

4.74%

Peoples Bank

$2834.47

4.89%

Laurentian

$2876.79

4.99%

HSBC

$2905.18

5.09%

TD

$2933.69

5.09%

BMO

$2933.69

5.14%

CIBC

$2948.00

5.74%

RBC

$3122.17

6.34%

Scotiabank

$3300.77

Best British Columbia Mortgage Rates - Variable Mortgage Rates

Here is what the top providers are offering for a five-year variable mortgage in British Columbia:

Rate

Provider

Payment/month

6.0%

Peoples Bank

$2834.47

6.65%

Laurentian

$2876.79

6.15%

HSBC

$2905.18

6.7%

TD

$2933.69

6.39%

BMO

$2933.69

6.45%

CIBC

$2948.00

6.75%

RBC

$3122.17

7.40%

Scotiabank

$3300.77

British Columbia Mortgage Rate Comparison

It also helps to compare the average British Columbia mortgage rates for fixed and variable insured mortgages by term:

Fixed

  • 1-year fixed: 5.34%
  • 3-year fixed: 4.79%
  • 5-year fixed: 4.59%

Variable

  • 1-year Variable: NA
  • 3-year Variable: 5.85%
  • 5-year Variable: 5.55%

About British Columbia

British Columbia is known as one of Canada’s most beautiful cities, with a stunning location on the shores of the Pacific Ocean. The majesty of the mountains as the city of Vancouver’s backdrop and surprisingly mild weather has made Vancouver one of the most desirable cities in the country with a growing population of just over 5.1 million. That demand comes with a hefty price tag, making Vancouver and the towns and smaller cities in the province some of the most expensive in the country. 

The province’s indigenous culture plays a distinct role in the area’s history, with great respect for the beauty of the province’s natural surroundings. It is also a very diverse province, where the natural landscape and mild weather inspire an active lifestyle for residents, whether living in the city or any of the smaller towns or suburbs.

British Columbia Housing Market

According to the British Columbia Real Estate Association (BCREA), B.C. had 7,427 residential unit sales in April 2023. This reflects a decrease of 17.7% from 2022. The average MLS® residential price was $995,506, a 5.6 % decrease compared to 2022. Despite these decreases, the market continues to demand some of the highest housing prices in Canada, with sales rising for the three previous months of 2023. The recovery in sales, however, has not met the number of listings, and as they drop below normal levels, average prices will rise due to limited inventory. Although average home prices are down year over year, their rise is noted in most markets month over month, with a three-month increase of 9% since the beginning of 2023.

How to Get the Best Mortgage Rates in British Columbia

To get the best mortgage rates in British Columbia you should compare lenders with a mortgage broker. Shopping from bank to bank takes time, and you are also only offered rates based on the bank’s specific mortgage products. A broker will consider your finances and source suitable lenders based on your specifics. As a result, you can shop for the best rates in a “one-stop-shop” based on a review of the mortgage lenders available in the province, including the big banks, RBC, TD, Scotiabank, CIBC, and BMO, as well as the many credit unions and “B lenders” available.

A mortgage broker is even more important if you have poor credit, have not yet developed a credit history, or are self-employed, as these factors tend to be less attractive to the big banks. Therefore, you need to expand your search to get the best mortgage rates.

BC Mortgage Performance

In the Greater Vancouver Area, mortgage rates and real estate trends drive B.C.’s mortgage performance. Since this is the competitive hub of the province’s housing market, and in light of the high housing prices, mortgage performance is challenged by high prices and interest rates. However, it also means the mortgage market is highly competitive, so you might have more negotiating power to find reduced rates.

Frequently Asked Questions About Mortgages in Halifax

If we look at the top-performing lowest mortgage rates in BC, you’ll see rates ranging from 4.59% to 6.34% for fixed and 5.85% to 7.40% for variable. Between fixed, that is a difference of 1.75%, and for variable, 1.55%. So, comparing and shopping for mortgage rates can save you quite a bit over the life of your mortgage.

You can compare a wide variety of mortgage lenders, including the big banks, credit unions and private lenders. One of the easiest ways to tap into the best British Columbia mortgage lenders is to work with a mortgage broker. They will help you find the best lender based on your specific needs.

British Columbia mortgage brokers provide a direct line to the lowest mortgage rates in the province, allowing you to compare multiple BC mortgage lenders with the help of a mortgage expert to ensure you make the best choices. For example, at Citadel, we can connect you not only with the top five banks but also with some of the most generous and flexible BC private mortgage lenders available. As a result, you have choices regardless of your credit rating.

t’s hard to provide a typical mortgage amount in BC because housing prices are constantly changing, as are interest rates. That said, you are looking at mortgage amounts of about $920,000 based on B.C. average housing prices.

It depends on the bank, but right now, you are looking at about 6.85% for the prime rate in B.C.

Find the best mortgage rates from Citadel Mortgages. Get yours approved today!

BMO Mortgage Rates - Citadel Mortgages

BMO 5-year Fixed Mortgage Rate

Rate Type5-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

HSBC.png

HSBC 3-year Fixed Mortgage Rate

Rate Type3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

6.09%

6.09%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

CIBC 5-year Variable Mortgage Rate

Rate Type5-Year-Variable

Mortgage TypeClosed

Prepayment 20%

Best Mortgage Rates in Canada

citadel-mortgages.png

5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

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3 Year Variable Rate
(High Ratio)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 20%

citadel-mortgages.png

5 Year Variable Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

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DISCLAIMER

Citadel Mortgages operates an information-based website that displays mortgage rates from its partners. While the company strives to provide the best possible rates, it cannot guarantee their accuracy at all times. Therefore, Citadel Mortgages accepts no liability for the precision of the information presented and is not accountable for any damages resulting from its use. Terms and conditions apply, and it is necessary to speak with a mortgage broker for further details. Please note that the rates displayed in this article are for article use only.

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Citadel 5 Year Fixed High Ratio Mortgage Rate

5.29%

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5-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

BMO 5-year Fixed Mortgage Rate

5.64%

BMO Mortgage Rates - Citadel Mortgages

5-Year-Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

HSBC 3 Year Fixed Mortgage Rate

6.09%

HSBC.png

3-Year Fixed

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No

Pre-approval

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20%

Pre-Payments

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20%

Lump sum pre-payment

CIBC 5-Year Variable Mortgage Rate

7.00%

CIBC MORTGAGE RATES - CITADEL MORTGAGES

5-Year Variable Mortgage Rate

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No

Pre-approval

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10%

Pre-approval

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10%

Lump sum pre-payment

Citadel 3 Year Variable High Ratio Mortgage Rate

6.10%

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3-Year-Variable

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No

Pre-approval

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20%

Pre-approval

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20%

Lump sum pre-payment

Citadel 5 Year High Ratio Variable Mortgage Rate

5.90%

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5-Year-Variable

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

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Citadel 4-Year Fixed Mortgage Rates

6.44%

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4-Year-Fixed

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 4-Year Fixed Mortgage Rates

6.44%

citadel-mortgages.png

4-Year-Fixed

save-icon-1.png

Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment