Best mortgage rates - Vancouver

If you live on the west coast of Canada, you are used to the great scenery, fantastic skiing, and world class facilities. These are just a few of the reasons that Vancouver won the rights to host the Winter Olympics in 2010 where the world will be watching, and this has helped the property market boom over the past few years. If you're lucky enough to be a Vancouver home owner or are looking to purchase property it's very important to make sure you get the best mortgages rates Vancouver. As the economic situation remains in a perilous state, value is becoming even more important, and mortgage rates are changing very frequently, so be sure to the compare the market and make sure you're getting the best mortgage rates Vancouver.

Vancouver mortgage rates

RateSupermarket.ca provides an easy to use comparison tool that enables our visitors to easily compare and find the best mortgage rates Vancouver. We compare mortgage rates from the top Vancouver lenders such as ResMor Trust, ING DIRECT, and RBC, to mortgage brokers such as True North Mortgage and Verico Advent Mortgage. Don't worry about having to call 4 or 5 different lenders and find out what their best rates are as we have all the top lenders listed, with some providing their posted rates and some with their best offers. You may as well give your business to the company that's upfront in telling you what their best mortgage rates Vancouver they have available and if you're able to qualify for that rate. If you want to contact any of the lenders or brokers listed on RateSupermarket.ca you can easily choose to arrange a call back, apply online, go to their website or use our Click to Talk service to speak to them instantly for free about best mortgage rates Vancouver.

Vancouver 2008 Housing Outlook

The CMHC believes that MLS sales in Metro Vancouver will come down off the near-record high reached in 2007, but stay well above the ten-year average of 31,000. Strong homebuyer demand, fuelled by job growth and a steady flow of people moving to the region will keep sales brisk. However, waning consumer confidence and high mortgage carrying costs will constrain home sales. MLS sales will dip 8% to 36,000 units in 2008, and a further three per cent in 2009 as mortgage rates start to creep up.

The main factors tempering homebuyer demand in Vancouver will be high home prices and softening consumer sentiment. With the average resale home price in Metro Vancouver at more than $600,000 and still rising, some potential buyers will opt to delay their purchase.

Some low equity and first time home buyers could find it difficult to negotiate a mortgage with achievable monthly carrying costs, in spite of low mortgage rates. First time homebuyers are an important source of homeownership demand, particularly for apartment condominium units, making up more than one-third of people who bought a home in Metro Vancouver over the past year. As mortgage rates were above year-ago levels, this led to a decline in home sales in the first quarter of 2008 and will keep sales flat in the near term.

CMHC Vancouver housing market & Vancouver mortgage rate forecast

Census Metropolitan Area		Total Housing Starts	MLS sales	MLS average price	Mortgage rates (1 year)	Mortgage rates (5 year)
Vancouver	2007	20,736	38,978	$570,795	7.35%	7.54%
	2008 (F)	18,500	36,000	$615,000	6.95%	7.01%
	2009 (F)	18,000	35,000	$645,000	6.83%	6.97%
Source = CMHC MLS = Multiple Listings Service

Mortgage shopping in Vancouver

What to look for when you are mortgage shopping? Well if you currently don't own a property, it's probably a good idea to see how much of a mortgage you can afford and this process is called getting pre-approved, which is very different than pre-qualified. If you secure one of the best mortgage rates Vancouver during the pre-approval process, that means that you've been approved by the lender and you usually are guaranteed that rate for 90 - 120 days. That gives you quite a bit of time to find a property.

If you already own a Vancouver house or property then you can still get pre-approved for a best mortgage rate Vancouver and you will usually get the same rate guarantee as a new home buyer, and as you probably already have built up equity in your house, you may qualify for a better rate.

The next step is to decide what type of mortgage you want: fixed rate, variable, closed, open, convertible. There are so many choices but a good mortgage broker or agent can help you with your decision dependent on your financial situation and they will also help you find the best mortgage rates Vancouver. It's probably very likely that the days of people and businesses over-leveraging themselves by taking on the maximum amount of debt are over, although Canada's historically conservative ways insulated us from the well-documented problems that happened in the US and UK. These country's mortgage lenders were giving people home loans based on ridiculous multiples of their salaries, like 6 or 7 times their earnings where any slight bump in the road would mean they couldn't afford their house payments, even if they had the same deals as the best mortgage rates Vancouver.

After the deal

Once you've secured the best mortgage rates Vancouver, have gotten pre-approved and found your ideal property, you're almost home free. You'll just need to organize your move. One of the things that many people overlook when searching for the best mortgage rates Vancouver is mortgage life insurance. You may have been offered a quote for creditor insurance by your lender or broker, but once again, it pays to compare quotes and speak to an expert just as you did for best mortgage rates Vancouver. RateSupermarket.ca also offers an easy mortgage life insurance comparison for people in BC, so be sure to make sure you check out the rates, as this coverage enables you to cover the home loan payments should any of the contributors pass away. As you can see it's not a simple process to find the best mortgage rates Vancouver, so you need to allow a suitable amount of time for it which can take from a few months to a year. We do hope to help you simplify the best mortgage rates Vancouver process by providing a simple, one-stop shop for your mortgage purposes and hope you can find the best deal for best mortgage rates Vancouver.

RateSupermarket.ca understands that it's important to gather information, compare the market, speak to an expert, then speak to an expert when looking for best mortgage rates Vancouver. Check out our mortgage guide, articles and blog for tips, handy things to look out for and quick wins. This information should help you during your search and simplify the search for best mortgage rates Vancouver.