Best Mortgage Rates in Vancouver

If you’re looking for the best mortgage rates in Vancouver, it can be overwhelming to understand not just the rates but also how rates impact the type of mortgage you choose. Also, with the cost of homes in Vancouver still proving to be some of the highest in Canada, you want to ensure you find the best mortgage rates and terms possible to pay down your mortgage as soon as possible. Here we compare Vancouver mortgage rates to make the process easier.

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%

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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%

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5 Year Variable Rate
(High Ratio)

Rate Type 5-Year-Variable

Mortgage TypeClosed

Prepayment 15%

About Vancouver

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. 

Cost of Living in Vancouver

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:

  • Phone plans: $75 per month
  • Transportation: $93 per month.
  • Groceries: $315 per month

The Vancouver Mortgage Market

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.

Vancouver Mortgages And Housing

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:

  • Average home price $1,220,469
  • Benchmark price $1,123,400
  • Detached home benchmark price $1.81M
  • Townhouse benchmark price $1.04M.
  • Condo apartment benchmark price $732k

Vancouver Mortgage Rate Forecast

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.

How Can You Find the Best Mortgage Rate in Vancouver?

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.

Current Mortgage Rates: Fixed and Variable

Here is a look at current mortgage rates in Vancouver:

                                   Insured           80% LTV         65% LTV         Uninsured

Fixed

1-year                         5.19%             5.59%             5.44%             5.59%

3-year                         4.78%             4.84%             4.84%             4.84%

5-year                         4.38%             4.68%             4.38%             5.14%

Variable

1-year                         N/A                  N/A                  N/A                  N/A

3-year                         5.60%             6.70%             6.70%             6.70%

5-year                         5.44%             5.55%             5.55%             5.62%

Compare Mortgage Rates in Vancouver

Here is a comparison of mortgage rates for Canada’s top five major banks:

1-year Fixed

Lender                                   Insured           Uninsured

TD                                          6.19%             6.19%

BMO                                       6.19%             6.27%

RBC                                        6.24%             6.24%

CIBC                                       6.35%             N/A

Scotiabank                             6.79%             6.79%

3-year Fixed

Lender                                   Insured           Uninsured

BMO                                       5.22%             5.34%

TD                                          5.59%             5.62%

RBC                                        5.70%             5.70%

CIBC                                       6.24%             N/A

Scotiabank                             6.44%             6.44%

5-year Fixed

Lender                                   Insured           Uninsured

CIBC                                       5.14%             5.64%

BMO                                       5.16%             5.28%

TD                                          5.44%             5.46%

RBC                                        5.69%             5.69%

Scotiabank                             6.34%             6.35%

5-year Variable

Lender                                   Insured           Uninsured

BMO                                       6.39%             6.49%

TD                                          6.45%             N/A

RBC                                        6.50%             6.50%

CIBC                                       6.64%             6.70%

Scotiabank                             7.15%             7.15%

 

Historical Mortgage Rates in BC

Here’s a glimpse at historical January fixed mortgage rates in BC over the past five years:

Year                Term               Rate

2019                1-year             3.64%

                        3-year             4.29%

                        5-year             5.34%

2020                1-year             3.64%

                        3-year             3.94%

                        5-year             5.19%

2021                1-year             3.09%

                        3-year             3.49%

                        5-year             4.79%

2022                1-year             2.79%

                        3-year             3.49%

                        5-year             4.79%

2023                1-year             6.34%

                        3-year             6.14%

                        5-year             6.49%

Frequently Asked Questions on Mortgages in Vancouver

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:

  • BMO: $2,953.73/mo
  • TD: $3,034.52/mo
  • RBC: $3,107.48/mo
  • Scotiabank: $3,300.77/mo

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:

  • RBC Annual Mortgage Prepayment: Prepay up to 10% of the original principal amount.
  • CIBC Mortgage Prepayment Allowance: Prepay up to 20% of your original mortgage balance each year.
  • BMO Prepayment: Increase your monthly mortgage payment by up to 20%, or up to 10% for a fixed mortgage or make a lump sum payment up to 20% of your original mortgage balance, or up to 10% for fixed mortgages each year.
  • Scotiabank’s Annual Mortgage Prepayment: Prepay 15% of your mortgage principal penalty-free.

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.

Best Mortgage Bank Rates in Vancouver

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 broker Rates in Vancouver

citadel-mortgages.png

5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

citadel-mortgages.png

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%

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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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 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

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

5.95%

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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

6.99%

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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

6.99%

citadel-mortgages.png

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