Today’s Mortgage Rates updated as of October 30, 2024 12:26 am
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.
Mortgage Rates British Columbia
Mortgage Rates Saskatchewan
Mortgage Rates Alberta
Mortgage Rates Ontario
Mortgage Rates Nova Scotia
Mortgage Rates New Brunswick
Mortgage Rates Newfoundland
BMO Mortgage Rates
CIBC Mortgage Rates
Scotiabank Mortgage rates
TD Bank Mortgage Rates
RBC Mortgage Rates
Manulife Mortgage Rates
Best 6 Month Fixed Mortgage Rates
Best 5 Year Fixed Mortgage Rates
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
Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.
Start thinking about how much you spend each month, create a budget, and start saving up for your home.
Copyright © 2018 Citadel Mortgages
Head Office – 150 King Street West 2nd Floor Suite 335, Toronto, ON M5H 1J9
Alberta Office – 421 7th Avenue S.W., 30th Floor, Calgary, Alberta, T2P 4K9
Nova Scotia Office – 1701 Hollis Street, Suite 800 Halifax, NS B3J 3M8
Saskatchewan Office – 2010 – 11th Avenue 7th Floor Regina Saskatchewan S4P0J3
Newfoundland Office – 1 Church Hill – Suite 201-522 St. John’s Newfoundland A1C 3Z7
New Brunswick Office – 500 St George Street, Moncton NB, E1C 1Y3
British Columbia Office – 900-2025 Willingdon Avenue, Burnaby BC, V5C 0J3
Montreal Office – 1155 Rue Metcalfe #1500, Montreal, QC, H3B 2V6
Citadel Mortgages is licensed in the following: Ontario FSRA 12993 – Saskatchewan FCAA 509446, Nova Scotia 2021-3000010 – Alberta, PEI, Nunavut, Newfoundland 21-07-CI083-1. New Brunswick 210031130, British Columbia X301267, Quebec AMF – 3003071684
All rights reserved
“Instant Approval, Conditional Approval, Pre-Approval” – Borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing. Receipt of the borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply; Annual APR is subject to approval and underwriting; APR includes all fees and rates calculated on a yearly term. APR varies; contact us for current rates or more information on a specific product. OAC. Citadel Mortgages. All
discounted mortgage products may be subject to an exclusivity agreement between
the applicant(s) and Citadel Mortgages. We thank you for your continued
support and look forward to providing our beloved customers with an unparalleled
level of service, ethics, and deal transparency. Please note some rates are based on province and are subject to change at any time. Please note not all rates are available in Quebec, please contact us to confirm your rate approval.
®™ Trademarks of AM Royalties Limited Partnership used under license by AIR MILES Loyalty Inc. and Citadel Mortgages
Esso and Price Privileges are trademarks of Imperial Oil Limited. Imperial Oil, licensee. Mobil and Speedpass+ are trademarks of Exxon Mobil Corporation or one of its subsidiaries. Imperial Oil, licensee. For terms and conditions, visit fbet-ca.com