Best Mortgage Rates Victoria
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Best Variable Closed Mortgage Rates
| Company | Rate | Term | Offers & details | Get details |
|---|---|---|---|---|
|
2.80% | 3 Years | BC residents only. | Get Rate |
|
2.85% | 5 Years | Get Rate | |
Rates updated February 3, 2012 09:30:38 | ||||
Best Variable Open Mortgage Rates
| Company | Rate | Term | Offers & details | Get details |
|---|---|---|---|---|
|
|
3.70% | 1 Year | Get Rate | |
|
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3.50% | 3 Years | Home equity line of credit | Get Rate |
|
4.00% | 5 Years | Get Rate | |
Rates updated February 3, 2012 09:30:38 | ||||
Best Fixed Closed Mortgage Rates
| Company | Rate | Term | Offers & details | Get details |
|---|---|---|---|---|
|
4.40% | 6 Month | Get Rate | |
|
2.74% | 1 Year | Rates may vary Province to Province. Rates subject to change without notice. *O.A.C E&O.E | Get Rate |
|
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2.74% | 2 Years | Rates may vary Province to Province. Rates subject to change without notice. *O.A.C E&O.E | Get Rate |
|
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2.89% | 3 Years | Rates may vary Province to Province. Rates subject to change without notice. *O.A.C E&O.E | Get Rate |
|
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2.95% | 4 Years | BC residents only. | Get Rate |
|
|
3.19% | 5 Years | Rates may vary Province to Province. Rates subject to change without notice. *O.A.C E&O.E | Get Rate |
|
|
5.79% | 6 Years | Get Rate | |
|
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3.99% | 7 Years | Rates may vary Province to Province. Rates subject to change without notice. *O.A.C E&O.E | Get Rate |
|
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6.55% | 8 Years | Get Rate | |
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6.55% | 9 Years | Get Rate | |
|
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3.99% | 10 Years | Rates may vary Province to Province. Rates subject to change without notice. *O.A.C E&O.E | Get Rate |
Rates updated February 3, 2012 09:30:38 | ||||
Best Fixed Open Mortgage Rates
| Company | Rate | Term | Offers & details | Get details |
|---|---|---|---|---|
|
6.20% | 6 Month | Get Rate | |
|
|
6.30% | 1 Year | Get Rate | |
Rates updated February 3, 2012 09:30:38 | ||||
More About Victoria
- Population: 352,400 (Stats Canada 2009)
- Positive net migration growth resulting in 4,00o to 5,000 persons per year in 2010 and 2011
- A 3.4% increase in employment expected
- GDP to increase 3.2% in 2010 and 2.8% in 2011.
Victoria Mortgage Rates Will Slowly Increase in 2010
The CMHC best case scenario, expect mortgage rates will continue to slowly increase in 2010 with a one year mortgage rate to be in the 3.6 to 4.8% range and the three and five year mortgage rates to be in the 4.2 to 6.7% range. In 2011, CMHC forecasts that the one year mortgage rate will be in the range of 5.0 to 6.0% whereas, the three and five year mortgage rate will be in the range of 5.6 to 7.2%. However, if the economy recovers at a faster rate than expected, mortgage rates may increase at a more rapid rate.
Victoria 2010 Housing Outlook
The CMHC believes that the resale market will decline in 2010 and further decrease in 2011 due to higher mortgage rates and low demand for first time home-buyers. An expected 7,300 units is forecast for 2010 and 7,200 units in 2011. Existing home prices are expected to increase 7% in 2010 and an additional 3% 2011.
As a result of positive net migration to Victoria and an increase in economic growth single starts are believed to increase in 2010 and 2011. A 50% is expected in 2010 with 1,570 units and an additional 22% increase in 2011. Multiple starts are also expected to increase in the 2010-2011 period.
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) |
|---|---|---|---|---|---|
2009 |
1,034 |
7,660 |
$476,137 |
7.35% |
7.54% |
2010 (F) |
1,570 |
7,300 |
$508,000 |
6.95% |
7.01% |
2011 (F) |
1,910 |
7,200 |
$522,000 |
6.83% |
6.97% |
Source = CMHC
MLS = Multiple Listings Service
*Last updated January 2010