Best mortgage rates - British Columbia (BC)

RateSupermarket.ca is the place to search and compare for the best mortgage rates in BC, and is the only Canadian site to compare rates from British Columbia's mortgage brokers, banks, credit unions, trusts and mortgage companies.

Consumers who are looking to purchase a home in British Columbia, whether it be in Burnaby, Vancouver, Victoria, or Surrey, can visit RateSupermarket.ca to view the latest up to date mortgage rates from both local and national mortgage lenders and brokers.

Best mortgage rates - British Columbia (BC)

You'll find the best mortgage rates on RateSupermarket.ca listed below by Rate type. Click on the "Get details" button to find out more, or you can compare mortgage rates now to find the best rate in your area.

Best variable closed mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Variable closed Search all	1 Year	2.60%		Full Feature Mortgage. Free Appraisals! 20%/20% Pre Payments.
	3 Years	2.10%		Full Service Mortgage. 20%/20% Pre Payment privileges.
	5 Years	2.00%		25%/25% Pre Payment Privileges. Full Service Mortgage. Free Appraisals!

mortgage rates updated: September 9, 2010 02:30:32

Best variable open mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Variable open Search all	3 Years	3.75%
	5 Years	3.50%		Plus $750 cash back

Mortgage rates updated: September 9, 2010 02:30:32

Best fixed closed mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Fixed closed Search all	6 month	3.95%
	1 Year	2.44%
	2 years	3.25%
	3 years	3.34%		60 Day Ratehold. Pre Approvals OK. Free Appraisals!
	4 years	3.59%
	5 years	3.69%		Full Service Mortgage. Free Appraisals!
	6 years	4.50%
	7 years	4.85%
	8 years	5.13%
	9 years	5.22%
	10 years	5.19%
	15 years	9.55%

Mortgage rates updated: September 9, 2010 02:30:32

Best fixed open mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Fixed open Search all	6 month	6.30%
	1 Year	6.30%
	3 years	6.30%

Mortgage rates updated: September 9, 2010 02:30:32

British Columbia housing and mortgage overview

The latest data from the Canadian Mortgage Housing Corporation (CMHC) reveals that the forecasted rise in the BC population during 2008, will increase demand for houses, while price growth will slow.

British Columbia's natural beauty will drive demand for home ownership

Housing starts will be above average, but decline slightly in 2008 and 2009 as economic and job growth slow. Single detached home starts will move lower to levels very near their 10-year average. High land, labour and material costs will result in even higher home prices and an above average share of multiple-unit projects.

Tight labour markets will also keep wages and incomes rising, as well as people moving to the province. B.C.s natural beauty, mild climate and abundant recreational opportunities will cause retirees from other parts of Canada to gravitate to Vancouver Island and interior communities. The increase in population will fuel demand for both home ownership and rental accommodation. Consumer confidence, while down slightly, is relatively positive, boosted by past strong job growth and the increased buying power of the high Canadian dollar. New jobs added in 2007 will drive housing demand through 2008. Consumer spending and investment will be the key drivers of economic growth.

First-time and small down payment buyers will decrease

Expect slightly slower growth in the B.C. economy and employment to lessen housing demand. Financial market volatility and uncertainty stemming from the U.S. housing slowdown are clouding the economic outlook for British Columbia. A strong Canadian dollar and low level of new home construction south of the border will have a negative impact on the provinces exports, particularly softwood lumber and tourism. The negative demand effects of growing mortgage carrying costs will be offset somewhat by those homebuyers opting for longer amortization periods. Existing home sales through the Multiple Listings Service (MLS) will edge down slightly, as first-time buyers and buyers with small down payments play a diminishing role in the market. Price growth will slow as increased listings and fewer resales bring supply and demand for existing homes into balance.

Existing home sales will edge lower in 2008 as buyers face higher mortgage rates. Homebuyers will see more choice in existing home markets as listings rise, keeping resales above their average level.

British Columbia's home prices will outpace inflation

While home prices will grow more slowly, the average MLS price will outpace the general rate of inflation. Increased home listings and fewer resales will bring supply and demand for existing homes into balance. High home prices in the Vancouver CMA will result in some people selling their homes and relocating to other, less expensive, areas of the province.

British Columbia key stats

Source: Stats Canada

2007 E = estimated by the CMHC
* Canada calculation excludes Yukon and Northwest Territories
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
Quebec data is understated due to low response rate to the surveys in that province.
*Conventional Lending data only

Local Market Indicators

Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada
MLS = Multiple Listings Service