Find the best mortgage rate in British Columbia
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Current British Columbia mortgage rates
The rate table shows 5-year fixed mortgage rates in British Columbia. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
British Columbia mortgage rates: FAQ
What are interest rates in BC right now?
Check our rate table above to ensure you see the most current mortgage rates in BC. We update these tables regularly throughout the day to ensure that any mortgage rate changes from various lenders are reflected instantly.
Which bank has the lowest interest on mortgage loans?
As of April 17, 2025, CIBC is offering the best rates with the lowest mortgage 5-year fixed of 3.99% and 5-year variable rate of 4.25%.
While these are the lowest Big Bank rates available in BC, they are not the lowest mortgage rates in the market. To find the best mortgage rates in BC, be sure to check out our mortgage tables above and shop around among the different providers. Our mortgage rate tables are regularly updated to ensure that they always display the lowest mortgage rates in BC at any given time.
Can you get a 30-year amortization?
The short answer is: yes, you can get a 30-year amortization period. Traditionally, the maximum amortization period for homes purchased with a down payment of 20% or less has been capped at 25 years, while buyers putting down over 20% can opt for a longer amortization period.
However, new rules introduced on December 15, 2024, provide exceptions for both first-time homebuyers and people who purchase new construction properties. These buyers can now choose a 30-year amortization period and still remain eligible for mortgage insurance, offering greater flexibility in their borrowing terms.
While a longer amortization period reduces monthly mortgage payments, it also increases the total interest paid over the life of the loan. Many homebuyers opt for shorter amortization periods to save on overall interest costs, even if it means higher monthly payments.
Are interest rates expected to go down in 2025?
After one of the steepest rate-hiking cycles in Canadian history, with 10 increases between March 2022 and July 2023, many borrowers and homebuyers are eager to know if rates will continue to decline.
There’s reason for cautious optimism. From June 2024 to March 2025, the Bank of Canada implemented seven consecutive rate cuts, bringing the overnight rate down to 2.75%. In its most recent announcement on April 16, 2025, the Bank held the rate steady. The prime rate, which currently stands at 4.95%, will remain unchanged for now, providing stability for variable-rate mortgage holders and those with prime-based loans. Future rate decisions will depend on how global trade conditions and inflation evolve, particularly the impact of U.S. tariffs on the Canadian economy.
Fixed mortgage rates, influenced by bond market dynamics rather than directly by the BoC’s policy rate, have also adjusted. Following a dip in five-year government bond yields to around 2.6%, the lowest five-year fixed rate in Canada is currently 3.79%. If bond yields remain low or continue to decline, further reductions in fixed mortgage rates could follow.
How long can you lock in a mortgage rate in Canada?
In Canada, mortgage rate preapprovals typically last between 30 and 120 days, depending on the lender and the type of mortgage. This feature is particularly useful for buyers who are still house-hunting but want to protect themselves from potential interest rate increases.
A rate pre-approval is an agreement between the borrower and the lender that guarantees a specific interest rate for a set period, even if market rates increase during that time. If interest rates drop during this time, some lenders may allow you to adjust to the lower rate.
WATCH: April 16, 2025 Bank of Canada announcement
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Guide to getting the best BC mortgage rates

Jamie David, Sr. Director of Marketing and Mortgages
We help you find and compare the best rates from the Big 5 Banks, small banks, credit unions and BC’s best mortgage brokers, at no cost to you. Using our rate tables, you can compare the most current mortgage rates instantly, all in one place. By comparing the best mortgage rates and products in BC, you'll save yourself thousands of dollars and find the right mortgage for you.
Best mortgage rates in BC +
Rates updated:
Rate | Term | Type | Provider |
---|---|---|---|
3.84% | 5 years | Fixed | Canadian Lender |
3.99% | 3 years | Fixed | Canadian Lender |
4.24% | 2 years | Fixed | Canadian Lender |
4.34% | 4 years | Fixed | MCAP |
5.14% | 6 years | Fixed | Bank of Montreal |
British Columbia at a glance
- Population: 5 million - 3rd largest in Canada after Ontario and Quebec
- Average Household Income: $69,995
- Percentage of Homeowners: 68%
British Columbia housing market: April 2025 update
According to the latest housing data from the Canadian Real Estate Association (CREA) released on April 15, 2025, British Columbia experienced a decline in activity in February. Sales activity decreased by -9.6% year-over-year, with 5,915 properties changing hands. The average home price in the province also dropped by -4.8%, settling at $963,431.
On the supply side, new listings increased by 16.3% year-over-year, with 16,964 homes entering the market. Given this rise in inventory and drop in sales, the months of inventory — which reflects the long-term supply of homes — increased to 6.4 months, up by 1.8 months compared to the same time last year. This suggests that supply is beginning to outpace demand, creating more favourable conditions for buyers.
The sales-to-new-listings ratio (SNLR) decreased by -10.0 percentage points to reach 34.9% in March, indicating a buyer's market. CREA considers a ratio between 45% and 65% to represent a balanced market, with anything above 65% signalling a seller’s market and anything below 45% indicating a buyer’s market.Â
Read more: Canadian March home sales fall to 16-year low as tariff fears persist
April 16, 2025: Bank of Canada announcement highlights
On April 16, 2025, the Bank of Canada (BoC) decided to keep its benchmark overnight lending rate at 2.75%, bringing a halt to what would have been the eighth consecutive rate cut. This decision reflects the BoC’s careful approach in response to ongoing inflationary pressures and the continued uncertainty surrounding tariffs.
- While March's inflation rate slowed to 2.3%, it remains above the BoC’s 2% target. This continued inflationary pressure, coupled with unpredictable global economic conditions, led the Bank to hold the rate steady.
- With the prime rate staying stable at 4.95%, variable-rate mortgage holders and borrowers with other variable-rate financial products, such as HELOCs, and lines of credit, will see no change to their rates.
- Fixed mortgage rates, which are influenced by government bond yields rather than the BoC's overnight rate, have also seen some relief due to bond yields stabilizing around 2.6%. This has allowed lenders to offer more competitive fixed mortgage rates, with the lowest five-year insured fixed rate now at 3.79% (3.74% in Quebec).
- Savers with high-interest savings accounts (HISAs) and Guaranteed Investment Certificates (GICs) will experience stability in their returns, as the rate hold means no changes to these products.
- The BoC has indicated that it will continue to monitor global economic conditions closely, remaining flexible and responsive as needed.
How do I get the best mortgage in BC?
Thanks to some beautiful countryside, some of the most livable cities in the world, as well as a busy local and tourist economy, British Columbia is home to a vibrant mortgage and real estate industry. You'll find all the Big 5 Banks and numerous national banks and credit unions here, as well as local banks and credit unions like VanCity Savings Credit Union and Coastal Capital Savings Credit Union. To find the best mortgage rates available in BC right now, consult the rate tables above.
However, the mortgage with the lowest rate is not always the best mortgage for you. The ideal mortgage is the one that best suits your needs and financial situation. It's critical to shop around and consult a mortgage broker who can provide you with expert, personalized advice and guidance, all for free.
What factors affect the mortgage rate I get?
The mortgage rates available in BC are only one part of the equation. Your financial situation will greatly determine what rates you’re actually able to qualify for. Here are the most important factors that will affect your personal mortgage rate:
- Down payment: All property purchases in Canada require a down payment. The minimum down payment ranges from 5% to 20%, depending on how expensive the property is. If your down payment is under 20%, you’ll be required to take out mortgage default insurance (often called CMHC insurance). While having an insured mortgage will cost you more overall, it allows you to access lower mortgage rates, as there’s less risk to your lender. That said, it’s almost always better to put in a larger down payment if you can afford to do so, even if your mortgage rate ends up being slightly higher, as you will still save more overall through the life of your mortgage by not having to pay for mortgage insurance. Remember that BC - and Vancouver in particular - is more expensive than the rest of Canada. In the Greater Vancouver area, where the average home price is over $1 million, a 20% minimum down payment is often required, as homes priced over $1 million are not eligible for mortgage default insurance.
- Amortization period: Mortgages with amortization periods above 25 years can’t be insured and therefore come with higher mortgage rates. However, a longer amortization period will give you more time to pay off your mortgage thereby lowering your monthly payments. You can use our amortization calculator to see how your monthly payments would vary under different amortization length scenarios.
- What the property will be used for: Mortgage rates are lower for properties that are owner-occupied, rather than those that are occupied by renters.
- Mortgage type: Mortgages for renewals and purchases typically have lower rates than mortgages for refinancing.
- Income and credit score: With prices in BC being as high as they are, lenders will be especially vigilant about making sure that you’ve got a steady source of income and a good credit history. You can learn more about how to understand your credit score elsewhere on our site.
Historical trends in BC mortgage rates
BC mortgage rates rise and fall, as do rates throughout Canada. Have a look at this interactive graph showing the lowest mortgage rates in the country over the last several years to give you an idea of how today's rates compare historically.
Source: Ratehub Historical Rate Chart
British Columbia land transfer tax
If you purchase property in British Columbia, you’ll be required to pay the provincial land transfer tax. This is sometimes forgotten by home buyers, despite being one of the largest closing costs associated with buying a home.
In BC, land transfer tax is based on the cost of the property, with a marginal tax rate that increases with the purchase price.
Purchase Price | BC land transfer tax rate |
0 - $200,000 | 1.0% |
$200,000 - $2,000,000 | 2.0% |
$2,000,000 - $3,000,000 | 3.00% |
$3 million + | 3.00% for non-residential property 5.00% for residential property |
Source: Province of British Columbia
BC first-time home buyer rebate
First-time home buyers in British Columbia may be eligible for a full or partial rebate of the BC land transfer tax for property purchases of less than $525,000. The full tax may be eligible for a rebate if the price is less than $500,000, while a partial rebate may apply for home worth between $500,000 and $525,000.
It’s best to speak to a BC mortgage broker to determine your eligibility. For information on other opportunities for first-time homebuyers, read our guide to first-time home buyer incentives in Canada.
BC home buyer protection period
On July 21, 2022, the government of British Columbia introduced a home buyer protection period that allows home buyers to back out of a residential purchase up to three business days after they have signed a contract. The goal of this legislation is to ensure that home buyers have the opportunity to arrange for home inspections, secure financing or otherwise conduct due diligence. If, after conducting due diligence, you wish to back out of the deal, there is a relatively low cancellation fee of 0.25% of the purchase price, or $250 for every $100,000. As an example, the cancellation fee for backing out of a deal to buy a $1-million home would be $2,500. The home buyer protection period came into effect on January 1, 2023.
For more information, check out these helpful pages and articles!
- Mortgage Affordability Calculator
- Mortgage Payment Calculator
- Amortization Calculator
- Variable or Fixed Mortgage Rates
- British Columbia First-Time Home Buyers
- BC Land Transfer Tax Calculator
Sources:
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio