Rates Updated June 17, 2013 09:30:48
Best Closed Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
3.95%
|
||||
| 1 Year |
|
2.39%
|
|
2.80%
|
||
| 2 Years |
|
3.14%
|
||||
| 2 Years |
|
2.39%
|
||||
| 3 Years |
|
2.49%
|
|
2.80%
|
||
| 4 Years |
|
2.64%
|
||||
| 5 Years |
|
2.83%
|
|
2.50%
|
||
| 6 Years |
|
3.39%
|
||||
| 7 Years |
|
3.38%
|
||||
| 8 Years |
|
6.55%
|
||||
| 9 Years |
|
6.55%
|
||||
| 10 Years |
|
3.54%
|
||||
| 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 Surrey
Surrey Key Stats
- Surrey population (2011): 468,251
- Dwelling units (2012): 163,986
- Unemployment Rate (2012): 7
- Average Individual Income (2012): $32,733
Source: Stats Canada, City of Surrey
About Surrey
Surrey is the second largest city in British Columbia, and the 12th largest in Canada. Located on the Canada-U.S. border, the city is part of the Gateway to the Pacific, making it an attraction for business development as well as transportation. In addition to these assets, the city's key sectors include clean energy development, finance, insurance and real estate
As of 2011, there were 1,094 single detached start units commissioned, compared to Vancouver's levels of 3,686. Multiple starts in that year were also less than half of the province's biggest city with 1655 units started for townhouses and apartments.
The CMHC does not report directly on Surrey's economic and housing factors. The following economic data is representative of the housing market outlooks for the nearby regions of Vancouver and Victoria, respectively.
Surrey Mortgage Rates to Moderate in 2013
Mortgage rates are expected to remain at historical lows for the first portion of 2012 before moderating later in the year. The CMHC forecasts that the one-year posted mortgage rate will be within the 3.1 to 3.6 range, with five-year posted rates in the range of 5.0 to 5.4 per cent. Rates are expected to rise in 2013 to 3.5 to 4.1 per cent for one-year, and 5.1 to 5.6 per cent for five-year mortgage rates.
Source: CMHC Housing Market Outlook
Vancouver & Victoria Housing Market & Mortgage Rate Forecast
| Census Metropolitan Area | Total Housing Starts |
MLS sales | MLS average price |
Mortgage rates (1 year) |
Mortgage rates (5 year) |
| Vancouver 2011 | 17,867 | 32,936 | $779,730 | 3.52% | 5.37% |
| 2012 (F) | 19,000 | 29,000 | $739,500 | 3.37%. | 5.26%. |
| 2013 (F) | 19,200 | 32,500 | $759,000 | 3.78% | 5.37% |
| Victoria 2011 | 1,642 | 5,773 | $498,300 | 3.52% | 5.37% |
| 2012 (F) | 1,650 | 5,600 | $490,000 | 3.37%. | 5.26% |
| 2013 (F) | 1,800 | 5,800 | $495,000 | 3.78% | 5.37% |
| Source = CMHC MLS = Multiple Listings Service *Last updated August 2012. |
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