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British Columbia Mortgage Rates

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About British Columbia

More About: Living In British Columbia

As the most westerly province in Canada, British Columbia offers stunning natural scenery and is home to some of the country's most beautiful cities. B.C. is the third most populous province, and is larger than any U.S. state (except Alaska). Here are some more fast facts about beautiful British Columbia:

  • The city of Victoria, located on Vancouver Island, is the capital city of British Columbia (not Vancouver – which has the highest population)
  • The four main industries in B.C are forestry, tourism, mining and fishing
  • The climate varies depending on where you are in the province, but B.C is generally known for its mild, rainy weather. The annual mean temperature in the most populated areas of the province is up to 12 degrees Celsius – the mildest in Canada
  • B.C has over 1,000 provincial parks and protected areas, which attract roughly 20 million visits each year
  • B.C is quite mountainous, with the Rocky Mountains to the east and the Outer and Coastal Mountains to the West

5 Things You Need To Know About Buying In British Columbia

  1. The average home price in British Columbia is roughly $575,000 – that's $175,000 over the national average
  2. Vancouver is Canada's most expensive city to live in. This housing market skews the provincial averages – while B.C. is more expensive than other provinces, there are certainly more affordable options than Vancouver
  3. B.C's economic conditions are on an upward trend, which leads to a growing housing market
  4. Declining affordability is a growing concern in British Columbia. The CREA reported a 11.9 per cent increase in home prices in 2014, marking the largest increase in the country
  5. Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise

Frequently Asked Question: I'd love to live in British Columbia, but Vancouver is just way too expensive! What are some more affordable cities to live in B.C?

Don't be discouraged by those shockingly high Vancouver home prices! There are plenty of affordable areas to live in beautiful British Columbia. These include Kamloops, Surrey, Nanaimo – just to name a few! You can compare the cost of living in various cities here. It's also important to speak with a real estate professional when making these decisions. They're knowledgeable of the real estate market trends and will be able to guide you towards your ideal destination for buying.

British Columbia Housing Statistics

British Columbia is a stunning province and has plenty to offer in terms of outdoor adventure, culture and professional opportunity. The housing prices are quite high in some areas, which tends to skew provincial averages, but affordable housing can be located all across the province.

Property Prices: High Quality of Life Index: High
Cost of Living: High Traffic Index: High

Buying Property in British Columbia – Important Links

Thinking of buying a home in British Columbia? Here are some important links to help you learn more about the province and get you started on your mortgage journey in British Columbia:

Get British Columbia regional housing statistics from the Canada Mortgage and Housing Corporation.

Ever wonder what everyday items will cost you in British Columbia? You can compare the cost of living across Canada and around the world here.

Are you new to Canada? British Columbia is very ethnically diverse and has a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.

Health care varies from province to province. Find out all you need to know about the British Columbia health care system and how to qualify for coverage here.

Get up to speed on provincial politics – learn more about the B.C. provincial government here.

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