Today’s Mortgage Rates updated as of November 20, 2024 3:36 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
Vancouver is like the Gold Coast of Canada, with the sandy beaches of English Bay and surprisingly mild winters that see very little snow. It also offers stunning views of the Pacific Ocean as well as the North Shore Mountains and is ranked as the fifth best city to live in the world based on a recent Mercer’s Quality of Living study. Vancouver is home to about 2.6 million people drawn to its mild weather and spectacular skyline. Home to one of the largest urban parks in the world, Stanley Park, its lovely coastline and nearby mountains offer hours of activities from water sports to skiing.
Vancouver offers something for everyone, as a bustling city filled with ample dining experiences and vibrant night life. The greater Vancouver area includes Surrey, Burnaby, Richmond, Coquitlam, Langley, Delta, North Vancouver, Maple Ridge, New Westminster, and West Vancouver, where most of the population live due to limited space in the downtown core. Its famous SkyTrain is part of a convenient public transit system that makes it easy to get around town.
It’s no secret that Vancouver is one of the most expensive cities in Canada. In fact, the average cost for a single person living in Vancouver is about $1,200 per month, plus $2,169.91 in rent for a one-bedroom apartment. Other costs include:
Luckily, the Bank of Canada finally paused mortgage rate hikes which helped improve activity on the real estate market. However, this pause is not necessarily an end to increases. It is unlikely Vancouver will see any rate cuts, with rate hikes more likely as we enter the next quarter.
Effective as of January 1, 2023, BC homebuyers have three days to back out of a home purchase after the sale. The buyer has to pay a quarter of a percent of the purchase price to do so. This allows buyers to take care of home inspections and get their finances in order before making a final commitment to purchase the home. However, it also provides a cooling-off period for buyers to reconsider the cost and ensure they understand what the purchase means to their finances. Vancouver housing prices have been sky-high for years, and despite prices leveling off somewhat, inflation continues to put upward pressure on mortgage rates.
Here is a breakdown of Vancouver housing prices:
The general forecast for mortgage rates in Vancouver is the likelihood of another .25% increase from 4.50% to 4.75% by the time summer arrives.
The quickest and easiest way to find the best mortgage rates in Vancouver is to work with a mortgage broker. They do all the leg work based on your preferences as well as your financial situation and credit score. You save time on research and also receive an unbiased opinion based on the best rates and terms, as well as an overview of the pros and cons of each option.
It just takes one look at the charts above to get a feel for how much you can save by shopping for the best mortgage rates. If we were to compare the 5-year fixed insured mortgage interest rates between the top five banks, the payments would be as follows:
That represents a difference of $347.04 per month between the highest and lowest interest rates, or $4,164.48 in savings each year
Prepayment allows you to pay your mortgage down faster without penalty. Prepayment options for the top five banks in BC are as follows:
Annual Mortgage Prepayment: Prepay up to 15% of your original mortgage principal as a lump sum each year.
Not necessarily. Variable rates can be much lower than fixed rates at times, as they change with prime rate trends. However, as we are seeing today, they also increase with prime trends, which will cost you more over the life of your mortgage.
A closed mortgage rate in BC tends to offer lower mortgage rates and therefore is the best option for most homeowners. The main difference between open and closed mortgages is that open mortgages offer more flexibility, allowing you to prepay your mortgage before the term ends.
Yes. A mortgage broker will compare all available mortgages and terms across multiple lenders to find the best option for you.
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While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
See how you can save and become mortgage-free sooner
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