Buyer's Market

Mortgage Rates in British Columbia

British Columbia has Canada's highest home prices, with Metro Vancouver averaging over $1.1M. BC buyers benefit from several provincial programs to offset high costs.

Avg Home Price

$950,000

Benchmark Price

$890,000

Year-Over-Year

↓ 3.2%

Best 5-Yr Fixed

4.89%

Today's Best Rates in BC

📅 Page updated: July 8, 2026·⚡ Rate data: May 25, 2026·Methodology

Rate Type	Best Rate	Monthly Payment*	Term
5-Year Fixed	4.89%	~$2,301/mo	5 Years
5-Year Variable	5.45%	~$2,430/mo	5 Years
3-Year Fixed	4.74%	~$2,268/mo	3 Years
2-Year Fixed	5.1%	~$2,349/mo	2 Years
HELOC	6.2%	~$2,583/mo (interest only)	Revolving

*Based on $500K mortgage, 25-year amortization, Canadian semi-annual compounding. Last updated: May 25, 2026.

Bank vs. Broker Rate Comparison

See how Big 6 posted rates stack up against the best broker rates available in British Columbia.

Lender	Type	5-Yr Fixed	3-Yr Fixed	5-Yr Variable	Action
National Bank	Bank	4.43%	4.44%	4.49%	Get Quote →
CIBC	Bank	4.51%	4.51%	4.12%	Get Quote →
RBC Royal Bank	Bank	4.62%	4.43%	3.98%	Get Quote →
BMO	Bank	4.76%	4.67%	4.12%	Get Quote →
TD Bank	Bank	4.96%	4.72%	4.31%	Get Quote →
Scotiabank	Bank	6.09%	6.05%	4.90%	Get Quote →
TOPTop Broker 🏆	Broker	4.89%	4.74%	5.45%	Get My Rate →

Bank rates shown are posted rates sourced from Bank of Canada. Actual rates may vary. Broker rates reflect best available insured rates from 50+ lenders. Last updated: May 25, 2026.

Land Transfer Tax in British Columbia

BC First-Time Home Buyers PTT Exemption up to $500K

First-Time Buyer Programs in British Columbia

First Home Savings Account (FHSA)
RRSP Home Buyers Plan
CMHC Mortgage Insurance
BC Property Transfer Tax Exemption

Mortgage Rates by City in British Columbia

Vancouver

Avg $1,200,000

-3.8%

Victoria

Avg $850,000

-2.9%

Surrey

Avg $980,000

-2.1%

Burnaby

Avg $1,050,000

-2.4%

Kelowna

Avg $720,000

-4.2%

Abbotsford

Avg $780,000

-1.8%

Richmond

Avg $1,100,000

-2.6%

Coquitlam

Avg $920,000

-2%

Nanaimo

Avg $620,000

-3.1%

Kamloops

Avg $520,000

-2.4%

Frequently Asked Questions

What is the average mortgage rate in BC?

The best 5-year fixed mortgage rate in BC is currently around 4.89%. Rates are the same nationally but your qualifying amount differs based on BC's higher home prices.

How much do I need for a down payment in BC?

In BC, homes under $500K require 5% down. The portion between $500K-$999K requires 10% down. Homes over $1M require 20% down — which is most of Metro Vancouver.

Is there a property transfer tax in BC?

Yes, BC charges a Property Transfer Tax (PTT) of 1% on the first $200K and 2% on the remainder. First-time buyers may be exempt on homes up to $500K.

What BC programs help first-time home buyers?

BC first-time buyers can access the PTT exemption, the federal FHSA (up to $40K tax-free), the Home Buyers Plan (RRSP withdrawal up to $35K), and CMHC mortgage insurance with 5% down.

Should I buy in Vancouver or wait?

Vancouver's market has softened with prices down 3-4% year over year. With rate cuts expected, many buyers are entering now to lock in before demand recovers.

What is the BC Home Owner Grant?

The BC Home Owner Grant reduces property taxes for eligible homeowners. The basic grant is up to $570, with higher amounts for seniors and people with disabilities.

How do mortgage brokers work in BC?

BC mortgage brokers are licensed by the BC Financial Services Authority (BCFSA) and can shop your mortgage to dozens of lenders. The service is free to borrowers.

What credit score do I need for a mortgage in BC?

Most BC lenders require a minimum 680 credit score for the best rates. Given BC's high home prices, a strong credit profile is especially important for qualifying.

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