Best mortgage rates - Victoria

If you are looking to search for the best mortgage rates in Victoria, you've come to the right place. RateSupermarket.ca compares over 55 mortgage lenders and Victoria mortgage brokers so you'll be sure to find the best mortgage rates in Victoria.

You can either go compare Victoria's current mortgage rates now or look at the latest Victoria mortgage news listed below.

Victoria Mortgage Rates Will Remain Relatively Flat

The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest Victoria Housing Association Market Outlook that posted mortgage rates eased by about 50 basis points in the first four months of this year, although rates in late April were 30 to 35 basis points higher than they were 12 months prior. Mortgage rates are expected to trend marginally lower throughout 2008, but will be within 25-50 basis points of their current levels.

For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the one-year posted mortgage rate is forecast to be in the 6.50-7.50 per cent range, while three and five-year posted mortgage rates are forecast to be in the 6.75-7.50 per cent range.

Victoria 2008 Housing Outlook

The CMHC believes that buyer demand in Victoria, BC, will soften over the next two years and the supply of listings will increase. For each of the next two years, at least 4,200 singlefamily units and 2,500 multi-family units will be exchanged on the resale market, a slight decline relative to 2007. While buyer demand is expected to trend lower, the sales forecast for 2008 and 2009 is on par with the historical 15 year average.

CMHC Victoria housing market & Victoria mortgage rate forecast

Census Metropolitan Area		Total Housing Starts	MLS sales	MLS average price	Mortgage rates (1 year)	Mortgage rates (5 year)
Victoria	2007	2,579	8,403	$466,974	7.35%	7.54%
	2008 (F)	2,275	7,700	$487,000	6.95%	7.01%
	2009 (F)	1,845	7,300	$498,000	6.83%	6.97%