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Rates Updated May 19, 2013 09:30:42
Best Closed Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
3.95%
|
||||
| 1 Year |
|
2.39%
|
|
2.80%
|
||
| 2 Years |
|
2.39%
|
||||
| 3 Years |
|
2.49%
|
|
2.80%
|
||
| 4 Years |
|
2.66%
|
||||
| 5 Years |
|
2.64%
|
|
2.50%
|
||
| 6 Years |
|
3.39%
|
||||
| 7 Years |
|
3.35%
|
||||
| 8 Years |
|
6.55%
|
||||
| 9 Years |
|
6.55%
|
||||
| 10 Years |
|
3.55%
|
||||
| 25 Years |
|
8.75%
|
||||
Best HELOC Mortgage Rates
| HELOC |
|
3.50%
|
Best Open Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
6.20%
|
||||
| 1 Year |
|
4.00%
|
|
3.70%
|
||
| 3 Years |
|
3.80%
|
||||
| 5 Years |
|
3.50%
|
||||
More About British Columbia
British Columbia Housing and Mortgage Overview
According to the CMHC, indicators show that British Columbia is due for moderate growth in residential, industrial and commercial investment this year and in 2013, and that this will continue to support housing demand. Available job opportunities continue to draw migrants and immigrants to British Columbia's urban centres, with Vancouver remaining in the highest demand. As a result, housing starts are predicted to grow to 28,600 in 2012 and 30,100 in 2013. British Columbia's average resale price is forecast to be $548,100 in 2012 and $566,900 in 2013.
In addition to Vancouver's popularity, the resale market will see activity in Vancouver Island, Northern British Columbia, as well as the province interior, and residential construction is expected to increase.
Source: CMHC
British Columbia Key Stats
Source: Stats Canada
|
Metric |
British Columbia |
Canada |
|
| Population (2011) | 4,573,3000 | 34,482,800 | |
| Consumer Price Index (2011) (2002=100) |
116.5 | 119.9 | |
| Average Earnings (2011) (Per Week, $) |
$841.86 | $874.76 | |
| Unemployment Rate (2012) (SA, %) |
6.6% | 7.2% | |
| Housing Starts (2011) | 26,400 | 193,950 | |
| Average Residential Resale Price (annual % change) |
2011 (A*) | $561,304 11.1% |
$339,042% 5.8% |
| 2012 (F) | $548,100 -2.4% |
$348,900* 2.9% |
|
| 2013(F) | $566,900 -3.4% |
$358,200* 2.7% |
|
| Mortgages Approved by Lenders, residential 2010 (thousands of dollars) |
Chartered banks | $121,478 | $932,617 |
| Other | $30,171 | $291,486 | |
| Total | $151,649 | $1,224,103 | |
| 2011 A = stated by the CMHC Data based on application received date Mortgage approval data are gross and may not fully capture lending activities of credit unions, caisses populaires, other smaller institutions and privately-insured loans in some areas |
|||
Local Market Indicators
|
Census Metropolitan Area |
Total Housing Starts |
MLS Sales |
MLS Average Price |
|
| Abbotsford | 2011 | 537 | 2,410 | $340,984 |
| 2012(F) | 575 | 2,200 | $340,000 | |
| 2013(F) | 675 | 2,100 | $344,000 | |
| Kelowna | 2011 | 934 | 3,330 | $404,756 |
| 2012 (F) | 850 | 3,600 | $409,000 | |
| 2013(F) | 1,150 | 4,100 | $417,000 | |
| Vancouver | 2011 | 17,867 | 32,936 | $779,730 |
| 2012(F) | 18,500 | 32,000 | $768,000 | |
| 2013(F) | 19,200 | 34,500 | $803,000 | |
| Victoria | 2011 | 1,642 | 5,773 | $498,300 |
| 2012(F) | 1,800 | 6,100 | $495,000 | |
| 2013(F) | 1,900 | 6,300 | $495,000 | |
| Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada MLS = Multiple Listings Service * Last updated July 2012 |
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Rate and product information are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details.