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The Best Mortgage Rates in Vancouver

Looking to live in the most beautiful city in Canada? Get the best Vancouver mortgage rates at RateSupermarket.ca

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About Vancouver

Ranked #3 Best City To Live In The World

Known for its breathtaking views and mild (albeit rainy) climate, Vancouver ranks as the third best city to live in in the world. But besides the laid-back atmosphere and stunning nature, Vancouver remains the most expensive city in Canada – which is certainly something to consider when preparing for a big move.

Fun facts:

  • Vancouver is Canada's third-largest city (behind Toronto and Montreal)
  • Vancouver has one of the most ethnically diverse populations in the world – this population is constantly replenished by the thousands of immigrants who move here every year
  • You can ski, golf, bike, sail and kayak in Vancouver – all in the same day
  • Vancouver is a world leader in TV and Film production

5 Things You Need To Know About Buying In Vancouver

  1. Vancouver is the most expensive city to live in in Canada
  2. The average home price in Vancouver is $802,763 (compared with Toronto, which is the second most expensive city in Canada, at $546,303)
  3. Vancouver's housing market has rebounded from its slump, and prices of detached homes have hit new records
  4. Can't afford a detached home? Vancouver's condo market is also booming, with the average price sitting around $519,082
  5. Vancouver is home to many high-end homes and neighbourhoods, which tend to skew average home prices in the city. Suburbs such as Surrey generally cost less to live in.

Frequently Asked Question: I know Vancouver is expensive to live in, but is there any way to make it a bit more affordable?

As expensive as it is, Vancouver is a very appealing city to live in, and there are some ways to cut down on costs. Of course, the standard frugal living and budgeting rules apply, but beyond that, there are several options for buying in Vancouver without (completely) breaking the bank. For instance, not all neighbourhoods are created equal – in aesthetic but also in price. Surrey, for example, is much cheaper to live in than West Vancouver (which has some of the priciest homes in the province). In fact, Vancouver has many high end homes which have skewed the average home price in the entire area. This means that you might actually be able to find housing that doesn't cost an arm and leg! Look for more affordable areas, and if you can, explore the options of condominiums and townhouses.

Vancouver Housing Statistics

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

Buying Property in Vancouver – Important Links

Knowledge is power when it comes to making the most of your money, and this old adage is especially true when talking about mortgages. RateSupermarket.ca recommends the following resources to get you started on your mortgage journey in Vancouver:

Get Vancouver regional housing statistics from the Canada Mortgage and Housing Corporation

The Economist lists Vancouver as the #3 best place to live in the world. Learn more about this data-driven ranking.

Ever wonder what everyday items will cost you in Canada's biggest city? You can compare the cost of living around the world here.

Get all the information you need about Vancouver public transit on the TransLink Website.

For many families, nearby schools are a big factor in home buying decisions. Learn more about the Vancouver School Board and school locations here.

Vancouver is one of the most ethnically diverse cities in the world, with many new immigrants arriving each year. Are you new to Canada? British Columbia has a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.

Your Top Mortgage Questions Answered

Whether you’re a First Time Home Buyer or buying your second, third or fourth home, it pays to compare mortgage rates with Ratesupermarket.ca.