Debt Consolidation Mortgages in British Columbia
Rolling credit cards at 22% into a mortgage at single digits is usually the cheapest money available to someone carrying balances. Here is how it works in British Columbia, and where it goes wrong.
Who this covers
- Borrowers carrying revolving balances above roughly $20,000
- Anyone whose minimum payments have stopped touching the principal
- Files where consolidating would fix the TDS ratio, not just the payment
What lenders look for
| 80% loan-to-value ceiling | Same limit as any refinance. Consolidation is a refinance with a purpose attached. |
| Payoff direct to creditors | Most lenders insist on paying the debts directly at closing rather than advancing the cash. This is a feature, not an obstacle. |
| Amortization reset | Spreading card debt over 25 years lowers the payment enormously and can raise the total interest paid. The saving is real only if you do not re-run the balances. |
| Alternative lenders | If credit has already been damaged by the debt, a B lender will still consolidate at a higher rate, then refinance to prime once the bureau recovers. |
British Columbia rates for this file
Consolidation is a refinance and prices on the uninsured shelf. Even at the top of that shelf it is a fraction of card rates.
| Lender | Type | 5-year fixed |
|---|---|---|
| Strive Capital | Monoline | 4.15% |
| MCAP | Monoline | 4.16% |
| First National | Monoline | 4.17% |
| Merix Financial | Monoline | 4.18% |
| RFA Mortgage Corporation | Monoline | 4.19% |
Lowest five-year fixed on the uninsured shelf, 2026-08-21. Full board →
What a typical purchase looks like
| Typical price | $1,018,000 |
| Minimum down payment | $76,800 |
| PTT | $18,360 |
Averaged across 6 British Columbia markets we track. Calculate yours →
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Debt Consolidation mortgages across British Columbia
Prices and property tax vary widely inside the province, and both feed your qualification.
| Market | Typical price | Minimum down | |
|---|---|---|---|
| Vancouver | $1,099,100 | $84,910 | Affordability → |
| Surrey | $936,004 | $68,600 | Affordability → |
| Burnaby | $1,025,316 | $77,532 | Affordability → |
| Victoria | $1,311,000 | $106,100 | Affordability → |
| Kelowna | $1,072,400 | $82,240 | Affordability → |
| Abbotsford | $665,000 | $41,500 | Affordability → |
Questions
How much will it actually save me?
On $50,000 of card debt at 22% moved to a mortgage at 5%, roughly $700 a month of interest. The catch is amortization: over 25 years the total interest can exceed what you would have paid clearing the cards in three. Run both.
Will it hurt my credit?
Short term, paying revolving balances to zero usually helps materially — utilisation is a large part of the score. The risk is behavioural: cards paid off and then re-run leave you with both debts.
What if I do not have 20% equity?
A refinance stops at 80% LTV. Below that threshold the options are a second mortgage, a consumer proposal, or waiting. A broker should tell you which honestly, including when the answer is none of the above.
What does it cost to close in British Columbia?
BC property transfer tax on a $1,018,000 purchase comes to $18,360, due in cash on closing. Full British Columbia closing costs →
Debt Consolidation in British Columbia?
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