The Best Mortgage Rates in British Columbia

Save money by finding the best mortgage rates in British Columbia at RateSupermarket.ca. We've searched over 500 mortgage rates from lenders including the big banks, credit unions, mortgage brokers and specialty lenders to find you the best mortgage rate on the market - and save you money!

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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.