Mortgage Rates in British Columbia

There is no single answer, which is why this page no longer publishes a number. Fixed rates move with bond yields and can change more than once a week, and the rate you are actually offered depends on your down payment, credit, income type and the property. A posted number would be out of date almost immediately and would not be the rate you qualify for anyway. Contact me and I will pull live pricing from multiple lenders for your specific situation.

Because a rate table is only useful if it is accurate every single day, and anything less is misleading. Published rates are also a headline for the strongest possible borrower, which is not most people. I would rather quote you a real number for your file than advertise one you may not get.

Brokers shop your application across many lenders, including ones with no branch network and lower overhead, and that competition puts downward pressure on pricing. A bank can only offer you its own products. The size of the gap varies by lender and by file, so treat any fixed claim about the savings with caution.

It depends on your tolerance for payment changes and your view on where rates are heading. Fixed gives payment certainty for the term; variable moves with prime and can save money if rates fall. See my fixed vs variable guide for the full comparison.

For the sharpest pricing you generally want a score of 760 or higher. Between 700 and 759 still qualifies for strong rates. Below 680 your lender options narrow and pricing widens. The usual minimum for an insured mortgage is 600.

Variable rates are quoted as prime plus or minus a discount, so your rate moves when banks change prime — which normally follows a Bank of Canada policy decision. The Bank of Canada publishes its policy rate and its scheduled announcement dates directly, and that is the most reliable place to check the current figure.

Fixed rates can move daily with bond yields, though most lenders reprice every few days. Variable rates change when prime changes, which typically follows one of the Bank of Canada's eight scheduled announcements per year.

Yes. Most lenders offer a rate hold of 90 to 120 days, which protects your rate while you shop. If rates fall before you close you can usually take the lower one; if they rise you keep the held rate.

Contact me for a no-obligation mortgage review. I will review your situation, confirm what you qualify for, and bring back live pricing from multiple lenders. An initial assessment usually takes 15 to 20 minutes.