Find The Best Mortgage Rates in British Columbia, Canada
5-year Fixed Rate
as of 04/12/2025
3.94%
High Ratio Mortgage
5-year Variable Rate
as of 04/12/2025
4.10%
Most Banks Current Prime Rate 4.95%
Get daily updated Canada mortgage lending rates from top lenders in British Columbia.
Speak with licensed mortgage brokers to secure the best mortgage rates and lowest mortgage rates in British Columbia Canada on your terms.
Not Just the Best Mortgage Rate
With over 20 years of experience in the mortgage industry, we’ve been dedicated to helping Canadians save on their mortgage borrowing costs. We’ve seen it all and know what it takes to secure the best deals for you!
Your financial situation is unique—it’s your shelter, your home. That’s why we work tirelessly, negotiating with dozens of lenders across Canada to find you the best mortgage rates tailored to your specific needs.
Our team of experienced mortgage brokers is specially trained to identify opportunities within your income, credit, and assets. We build a strong case to present to our network of trusted lenders, ensuring you get the most competitive home loan rates in Canada.
Whether you’re looking for mortgage brokering services, broker mortgage loans, or simply the best mortgage rates in Canada, we’re here to guide you every step of the way. Let us help you make the most of your mortgage journey!
A Mortgage Solution, for Every Situation
Banks, Credit unions and branchless mortgage lenders compete with your bank's business.
Canadian Mortgage Lenders look for consistent volume business from RateShop brokers . As a Volume Brokerage, we get priority access to Rate Promotions, faster underwriting & approvals, lender exceptions and dedicated personnel are assigned to us to get you a better deal!
The Only Difference - You Save Thousands!
A Mortgage Solution, for Every Situation
Banks, Credit unions and branchless mortgage lenders compete with your bank's business.
Canadian Mortgage Lenders look for consistent volume business from RateShop brokers . As a Volume Brokerage, we get priority access to Rate Promotions, faster underwriting & approvals, lender exceptions and dedicated personnel are assigned to us to get you a better deal!
The Only Difference - You Save Thousands!
Mortgage Calculator
Easy to use home loan mortgage calculator
Access to Canada's Mortgage Lenders
When you work with RateShop Mortgage, you can access lower mortgage rates than what your bank offers, all while enjoying the same great features like a home equity line of credit or flexible options such as pre-payment privileges.
Our well-connected network of lenders allows us to monitor Canada mortgage lending rates regularly. But we go above and beyond—scouring the internet and collaborating with our lenders to secure better-than-average industry rates. This means deeper discounts and more savings for you.
At RateShop, Canadians gain unfiltered access to the best mortgage rates and home loan rates in Canada. With connections to over 65 mortgage lenders across all provinces, we ensure you get the most competitive mortgage brokering services and broker mortgage loans tailored to your needs.
Whether you’re working with a mortgage broker, exploring mortgage brokerage options, or seeking the expertise of mortgage brokers, RateShop is here to help you find the perfect solution for your home financing goals.
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Our Mortgage Brokers in British Columbia
RateShop Mortgage Brokers specialize in delivering tailored mortgage solutions designed to help clients secure the best mortgage rates in Canada. With a deep understanding of local real estate trends, particularly in Alberta, we leverage our expertise in British Columbia mortgage rates to provide the lowest mortgage rates for a variety of property types and financial situations. Whether you’re purchasing, refinancing, renewing, or exploring a home equity line of credit, we work closely with you to compare mortgage rates and lock in the most advantageous deals. Our in-depth knowledge of local lending programs and incentives ensures you maximize your financial benefits.
By tapping into a vast network of lenders, RateShop mortgage brokers help you save on mortgage costs, often securing better deals than major banks like TD, RBC, BMO, and CIBC. We compare Canada mortgage lending rates from over 65 lenders, including banks, credit unions, and monoline lenders, to find low mortgage rates and the best mortgage deals in Canada. This approach allows us to match your unique financial needs with the most competitive home loan rates in Canada, saving you thousands over the life of your mortgage.
Whether you’re working with a mortgage broker, exploring mortgage brokering services, or seeking brokered mortgage loans, RateShop is committed to helping you achieve your home financing goals. From best mortgage rates British Columbia Canada to Canada low mortgage rates, we’re here to guide you every step of the way.
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Finding the Right Mortgage
Don't lock in just because your neighbour did! Mortgage terms vary from 6 months all the way up to 10 years and you can choose based on your family financial needs. Are you selling soon? Or maybe you want to invest in 2 years. Maybe you want some flexibility, the choice is yours but make it an educated one when you talk to our commission-free mortgage advisors to help you decide on what offers the best mortgage rate and highest savings.
| Fixed Rates | Mortgage Expert Insights |
|---|---|
| 1 Year Fixed Rate |
Great solution for a short-term mortgage needs, renewals can be competitive but rates can go up at maturity without notice. Perfect for new builds to sell after a year or refinance for equity. |
| 2 Years Fixed Rate |
More flexible, a longer duration to support a family need for a couple of years or planning an exit from an existing mortgage without penalties. |
| 3 Years Variable Rate |
3 Year terms can sometimes deliver the best savings, but are typically suggested in a low rate environment, consider a variable too since upon maturity you may get stuck with a higher renewal. |
| 4 Years Fixed Rate |
Banks use this to gain your business, but if you are saving atleast 20-30bps, definitely consider a 4 year term mortgage, compare your savings on a 5 year mortgage term. |
| 5 Years Fixed Rate |
On average, households will upgrade or alter their mortgage about every 5 years, avoiding penalties upon maturity and best rate savings. |
| 5 Years Variable Rate |
Usually recommended in lower rate environments, beat the bank on mortgage penalties and optimize your savings compared to a fixed mortgage offer for the same term. |
Where is the Mortgage Market heading?
History can teach us a lot, check out Canada's mortgage rates history over the past 48 years. Bank of Canada tracks conventional mortgage rates for 3 year and 5 year terms. We can help with understanding the pros & cons to a fixed mortgage rate vs. a variable mortgage rate.
Explore Our Mortgage Options
With recent mortgage rate increases, Canadians are increasingly focused on finding flexible mortgage options that align with their financial goals.
At RateShop, we work closely with our clients to uncover mortgage savings by exploring a variety of offers from multiple lenders. While securing the best mortgage rates in Canada is important, it’s not the only factor in achieving long-term financial stability.
Our experienced mortgage brokers take the time to assess your unique needs, qualifications, and long-term financial goals. Whether you’re looking for home loan rates in Canada, broker mortgage loans, or the best mortgage deals in Canada, we’ll guide you toward the right solution.
By leveraging our expertise in mortgage brokering and access to Canada low mortgage rates, we ensure you get a mortgage that works for you—today and in the future. Let us help you navigate the complexities of mortgage rates and Canada to find the perfect fit for your financial journey!
Learn how to create a monthly income by investing in mortgages
Learn how to create a monthly income by investing in mortgages
Best Mortgage Rates in BC, Canada | Current Rates & Refinancing Options
🏡 Looking for the best mortgage rates in BC, Canada? Whether you're a first-time homebuyer, refinancing, or exploring a home equity line of credit (HELOC), RateShop.ca helps you compare the lowest mortgage rates in BC from top lenders.
✅ Current Mortgage Rates in BC
5-Year Fixed Mortgage Rates: 5-YR Fixed (Lowest in Canada!)
Variable Mortgage Rates: 5-YR Variable (Flexible & Competitive)
Home Equity Line of Credit (HELOC): Prime + 0.50%%
Refinance Rates: As low as 4.44%%
About British Columbia's Mortgage Market
British Columbia’s mortgage market has unique dynamics compared to the rest of Canada, influenced by real estate trends, population growth, and provincial regulations. Cities like Vancouver and Victoria are known for their high demand and competitive real estate markets. RateShop simplifies the mortgage approval process by helping clients compare mortgage rates and find mortgage rates that reflect these market conditions.
RateShop experts in British Columbia work closely with local lenders, including banks, credit unions, and private lenders, to explore a range of mortgage deals that suit individual financial needs. By comparing mortgage options and using tools like the mortgage rate calculator, RateShop ensures clients get competitive mortgage rates and an easy, transparent mortgage process.
About British Columbia's Mortgage Market
British Columbia’s mortgage market has unique dynamics compared to the rest of Canada, influenced by real estate trends, population growth, and provincial regulations. Cities like Vancouver and Victoria are known for their high demand and competitive real estate markets. RateShop simplifies the mortgage approval process by helping clients compare mortgage rates and find mortgage rates that reflect these market conditions.
RateShop experts in British Columbia work closely with local lenders, including banks, credit unions, and private lenders, to explore a range of mortgage deals that suit individual financial needs. By comparing mortgage options and using tools like the mortgage rate calculator, RateShop ensures clients get competitive mortgage rates and an easy, transparent mortgage process.
British Columbia's Residential & Commercial Real Estate Landscape
Over the past five years, British Columbia’s housing market has seen significant fluctuations. Initially, cities like Vancouver experienced rapid property value increases, driven by strong demand and low mortgage rates. However, government policies like the foreign buyers’ tax have since helped cool the market, leading to more balanced growth.
Looking ahead, property values in British Columbia are expected to continue growing steadily, supported by population growth and economic recovery. RateShop provides comprehensive mortgage guidance for both residential and commercial real estate investments. By offering access to the best mortgage deals, mortgage rate search tools, and personalized support, RateShop helps clients navigate British Columbia's evolving market dynamics and secure the best mortgage rates.
Property Use in British Columbia
Mortgage lenders in British Columbia cater to a wide range of properties in both urban and rural areas. In cities like Vancouver and Victoria, mortgages for single-family homes, condominiums, and multi-unit residential properties are common. Rural properties, such as farms and waterfront homes, also attract buyers. RateShop helps clients compare mortgage rates and find low mortgage rates suited to the type of property they wish to purchase.
By offering customized mortgage quotes and helping clients access the lowest mortgage rates for their specific needs, RateShop ensures financing solutions that align with both urban and rural property requirements in British Columbia.
Best Mortgage Banks, Lenders in British Columbia
Some of the leading mortgage providers in British Columbia include RBC Royal Bank, TD Canada Trust, Scotiabank, and Vancity Credit Union. RateShop works with these top lenders to compare mortgage rates and provide clients with the best mortgage rates available. By leveraging relationships with banks, credit unions, and private lenders, RateShop negotiates favorable terms for clients.
RateShop brokers assess each client's financial situation and work with lenders to identify the most suitable mortgage products. This personalized approach ensures that clients get the best possible mortgage savings by securing competitive mortgage interest rates and flexible terms.
Best Mortgage Banks, Lenders in British Columbia
Some of the leading mortgage providers in British Columbia include RBC Royal Bank, TD Canada Trust, Scotiabank, and Vancity Credit Union. RateShop works with these top lenders to compare mortgage rates and provide clients with the best mortgage rates available. By leveraging relationships with banks, credit unions, and private lenders, RateShop negotiates favorable terms for clients.
RateShop brokers assess each client's financial situation and work with lenders to identify the most suitable mortgage products. This personalized approach ensures that clients get the best possible mortgage savings by securing competitive mortgage interest rates and flexible terms.
Mortgage Programs Offered in British Columbia Cities Near You
In British Columbia, lenders offer a variety of mortgage programs, including insured, insurable, and uninsured options. Insured mortgages, backed by CMHC and other providers, require less than a 20% down payment. RateShop can help you compare mortgage rates for these programs and determine the best fit for your needs.
For those with a down payment of at least 20%, insurable mortgages offer flexibility and competitive rates. RateShop helps borrowers compare insurable mortgage programs with mortgage rate Canada tools to find the best option for both 25- and 30-year amortizations.
Uninsured mortgages are also available for those with larger down payments, eliminating the need for mortgage insurance. With RateShop, borrowers can easily find and secure low mortgage rates and best mortgage deals for uninsured mortgage programs.
Purchase, Refinance & Renewal Closing Costs in British Columbia
In British Columbia, closing costs for a mortgage purchase generally include legal fees, appraisal fees, land transfer taxes, and mortgage insurance premiums for down payments below 20%. These costs range between 2% and 5% of the purchase price. RateShop can help clients secure the lowest mortgage rates and reduce overall costs by comparing mortgage rates from top banks and credit unions.
For mortgage refinancing, costs include legal fees and potential prepayment penalties. RateShop ensures clients minimize refinancing costs by negotiating with lenders for the best rates. Private lenders, such as First National Financial, may offer flexible terms, and RateShop helps you evaluate these options.
Mortgage renewals tend to have lower costs, especially if renewing with the current lender. RateShop assists clients in finding the best renewal terms by offering access to a mortgage rate finder and helping them secure mortgage rates that save money in the long run.
Purchase, Refinance & Renewal Closing Costs in British Columbia
In British Columbia, closing costs for a mortgage purchase generally include legal fees, appraisal fees, land transfer taxes, and mortgage insurance premiums for down payments below 20%. These costs range between 2% and 5% of the purchase price. RateShop can help clients secure the lowest mortgage rates and reduce overall costs by comparing mortgage rates from top banks and credit unions.
For mortgage refinancing, costs include legal fees and potential prepayment penalties. RateShop ensures clients minimize refinancing costs by negotiating with lenders for the best rates. Private lenders, such as First National Financial, may offer flexible terms, and RateShop helps you evaluate these options.
Mortgage renewals tend to have lower costs, especially if renewing with the current lender. RateShop assists clients in finding the best renewal terms by offering access to a mortgage rate finder and helping them secure mortgage rates that save money in the long run.
Secure Your Dream Home in British Columbia: Find the Best Mortgage Rates and Expert Guidance with RateShop
Impact to My Home Buyers in British Columbia, Canada
For home buyers in British Columbia, changes in interest rates for Canada and Canada mortgage lending rates can have a significant impact on affordability and purchasing power. Rising rates may reduce the amount you qualify for, making it essential to work with a mortgage broker who can help you navigate these changes. Whether you’re a first-time buyer or looking to upgrade, understanding how mortgage rates and Canada trends affect your budget is crucial.
With home loan rates in Canada on the rise, buyers may need to adjust their expectations or explore alternative options like brokered mortgage loans to secure the best mortgage rates in Canada. A mortgage brokerage can help you compare current mortgage rates in BC to ensure you’re getting the most competitive deal for your situation.
How It Affects Fixed and Variable Rates
The choice between fixed and variable mortgage rates is a critical decision for BC home buyers. Fixed rates provide stability, locking in your interest rate for Canada for a set term, which is ideal for budgeting in a rising rate environment. On the other hand, variable rates fluctuate with the market, potentially offering lower initial rates but with the risk of increases over time.
With Canada low mortgage rates becoming harder to secure, it’s important to weigh the pros and cons of each option. A mortgage broker can help you analyze trends in mortgage rates and Canada to determine whether a fixed or variable rate aligns with your financial goals. For example, if you’re looking for the best mortgage rates Canada 5-year fixed, a broker can guide you toward lenders offering the most competitive terms.
Qualification Process
Qualifying for a mortgage in British Columbia involves several steps, and understanding the process can make it smoother. Lenders will evaluate your income, credit score, debt-to-income ratio, and down payment amount to determine your eligibility. Working with a mortgage broker can simplify this process, as they have access to a wide network of lenders and can help you find the best mortgage deals in Canada.
Getting preapproved for a mortgage is a smart first step. A mortgage loan pre-approval not only gives you a clear idea of your budget but also strengthens your position as a serious buyer. Brokers can also help you explore options like refinancing a mortgage loan or securing a homeowner line of credit if you’re looking to leverage your home’s equity.
Considerations in Finding the Best Mortgage Rate
Finding the best mortgage rates in Canada requires careful consideration of several factors. Here’s what to keep in mind:
Compare Lenders: Don’t settle for the first offer. Use a mortgage brokerage to compare mortgage rates and Canada options from over 65 lenders, including banks, credit unions, and monoline lenders.
Understand Your Needs: Are you looking for the best mortgage rates Alberta-specific rates? Your location and financial goals will influence the best product for you.
Explore Flexibility: Look for features like pre-payment privileges or the ability to refinance your mortgage if needed.
Work with a Broker: A mortgage broker can help you navigate the complexities of Canada mortgage lending rates and find the lowest Canadian mortgage rate for your situation.
Whether you’re seeking the best mortgage rates in BC Canada, a broker can help you secure a deal that aligns with your long-term financial goals.
Frequently Asked Questions about Mortgages in British Columbia
How to improve your finances with the help of a mortgage?
Consolidate Debt - helps lower your overall interest rate and reduce your monthly payments.
Tax Benefits
Invest in real estate
Use a mortgage to improve your home to increase the value and potentially earn a higher return on investment if you sell it later.
What kind of mortgages are offered in Canada?
Open Mortgage
Closed Mortgage
HELOC (Home Equity Line of Credit)
Reverse Mortgage
Conventional Mortgage
Convertible Mortgage
ARM (Adjustable-Rate Mortgage) or VRM (Variable Rate Mortgage)?
Variable mortgage your mortgage payment amount always remains the same it does not change even if the prime lending rate changes. While adjustable rate mortgage, the amount of your payment changes depending on the prime lending rate.
What mortgage rates are available?
Variable Rates
Fixed Rates
Adjustable Rates
What are today's Best Mortgage Rates?
4.29% - 5 year fixed
5.45% - 5 year variable
You can work with a Rateshop.ca Mortgage Advisors to help you compare options from multiple lenders and find the best mortgage for your needs. It's important to consider not only the interest rate, but also other factors such as the term of the loan, any fees or penalties, the lender's reputation and customer service.
What is a downpayment or Equity?
Downpayment is a payment made by the purchaser when buying a property which means the purchaser's initial investment in purchasing a property. While Equity is the value of your house minus the mortgage amount.
What's included in closing costs?
Closing cost is typically 1.5% of your purchase price. This includes but are not limited to
Land Transfer Tax
Lawyer and Legal Fees
Title Insurance
Mortgage Broker Fee
Property Insurance
What is Mortgage Insurance?
Mortgage insurance is an insurance that protects the mortgage lender or title holder if the borrower fails to make payments, dies, or is otherwise unable to meet the mortgage's terms and conditions.
Everything You Need to Know About Mortgages, Refinancing, and Finding the Best Rates
Portable or Transferable Mortgages
A portable mortgage allows you to transfer your existing mortgage from your current home to a new property while retaining the same terms and interest rates for Canada. This can save you from penalties and help you secure the best mortgage rates in Canada without reapplying.
Standard vs. Collateral Mortgages
Understanding the difference between a standard mortgage and a collateral mortgage is crucial. A standard mortgage uses the purchased property as collateral, while a collateral mortgage includes additional properties, offering flexibility to access more funds. However, collateral mortgages may have higher penalties and are harder to transfer to new lenders.
Steps in a Mortgage Closing
Pre-Qualification: Assess your financial situation to determine how much you can borrow.
Approval: Receive a mortgage offer outlining the terms, including Canada mortgage lending rates.
Conditions & Appraisals: Complete lender conditions and property appraisals.
Solicitor Instructions: Your solicitor receives instructions from the lender.
Signing: Review and sign the mortgage agreement and other legal documents.
Funding: The loan is funded, and the property purchase is complete.
Qualification Criteria
To qualify for a mortgage in Canada, lenders evaluate your income, credit score, and ability to pass the stress test.
Income
Lenders assess your gross debt service (GDS) and total debt service (TDS) ratios, which should not exceed 39% and 44%, respectively. Stable income from salaried jobs is preferred, but self-employed individuals can still qualify with the help of a mortgage broker.
Credit
Your credit score, provided by Equifax or TransUnion, reflects your financial reliability. A higher score can secure you the best mortgage loan rates in Canada.
Stress Test
The mortgage stress test ensures you can afford payments if interest rates for Canada rise. You must qualify at a rate 2% higher than your contract rate or the Bank of Canada’s benchmark rate.
Pitfalls of a Bad Mortgage
Avoid these common pitfalls:
Hidden Fees: Always read the fine print.
High Interest Rates: Compare mortgage rates and Canada to find the best deal.
Prepayment Penalties: Understand the costs of breaking your mortgage early.
Hefty Penalties
Breaking your mortgage early can result in significant penalties, including:
Prepayment Penalties: Charged for paying off your mortgage early.
Discharge Fees: Fees to release your mortgage from the property.
Refinance Restrictions
Refinancing in Canada comes with restrictions:
Maximum LTV: You can borrow up to 80% of your home’s appraised value.
Credit Score: A minimum score of 620 is required.
Income Verification: Lenders will reassess your income.
Appraisal Costs: You’ll need to pay for a property appraisal.
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RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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