Best Mortgage Rates in BC
Compare today’s lowest mortgage rates available in British Columbia. I have access to rates from 50+ lenders — including major banks, credit unions, and monoline lenders — so I can find the best rate for your specific situation.
Rates as of February 21, 2026 · Prime Rate: 4.45% · BoC Rate: 2.75%
Bank of Canada Rate
2.75%
Policy rate
Prime Rate
4.45%
Drives variable rates
5-Year Bond Yield
~3.0%
Drives fixed rates
Today’s Best Mortgage Rates in BC
These are the lowest rates currently available through a mortgage broker. Your actual rate depends on credit score, property type, and other factors.
Insured
Down payment less than 20%
3-Year Fixed
3.54%
5-Year Fixed
3.69%
5-Year Variable
3.34%
Insurable
20%+ down, under $1M
3-Year Fixed
3.79%
5-Year Fixed
3.94%
5-Year Variable
3.49%
Uninsurable
Refinance / over $1.5M
3-Year Fixed
4.04%
5-Year Fixed
4.19%
5-Year Variable
3.69%
Mortgage rates shown are for well-qualified borrowers and are subject to change without notice. Actual rates depend on your credit score, down payment, property type, and other factors. Rates are updated regularly but may not reflect real-time changes. Contact me for a personalized rate quote based on your specific situation. Aman Nanda is licensed as a mortgage broker with DLC A.I.M.I. Collective Mortgage Group in British Columbia.
Why Use a Mortgage Broker in BC?
Compare what the big banks are offering versus what I can get you through my network of 50+ lenders.
TD Canada Trust
RBC Royal Bank
BMO
Scotiabank
CIBC
Through Broker (Best Available)
What does a 1.86% rate difference actually save you?
On a $600,000 mortgage over 25 years, a 1.86% lower rate saves you approximately $2,502/month or $150,120 over a 5-year term. That is money that stays in your pocket instead of going to the bank.
Understanding Mortgage Rates in BC
Mortgage rates in British Columbia vary based on several factors, but the most important ones are your down payment size, the type of property you are buying, and whether you are purchasing or refinancing.
As a mortgage broker serving BC, I have access to rates from over 50 lenders — including major banks, credit unions, monoline lenders, and alternative lenders. This allows me to find the best rate for your specific situation, often significantly lower than what you would get walking into your bank.
As of February 21, 2026, the best mortgage rates available in BC are:
Current BC Mortgage Rate Snapshot:
While mortgage rates are largely national, some lenders have BC-specific offerings, and certain products are more competitive in the BC market. The high property values in Metro Vancouver and the Fraser Valley mean more borrowers fall into the “uninsurable” category (purchases over $1.5 million or refinances), which comes with different rate options.
Insured vs Insurable vs Uninsurable Mortgages
The type of mortgage you qualify for significantly affects your rate. Here is what each category means and why the rate differs:
Insured Mortgages (Best Rates)
Insurable Mortgages (Good Rates)
Uninsurable Mortgages (Standard Rates)
In BC’s expensive housing market, many purchases in Metro Vancouver fall into the uninsurable category simply because home prices exceed $1.5 million. This is one reason why working with a broker who can access multiple lenders is especially important for BC buyers.
Fixed vs Variable Mortgage Rates in BC
Choosing between a fixed and variable rate is one of the biggest decisions you will make when getting a mortgage.
Fixed Rate Mortgages
Variable Rate Mortgages
Studies have shown that variable rate mortgages have outperformed fixed rates approximately 80-90% of the time over the past several decades. However, the 2022-2023 rate hiking cycle was a notable exception where fixed rate holders benefited.
With the Bank of Canada cutting rates and more cuts expected, variable rates are currently attractive. The 0.35% spread between fixed and variable gives you immediate savings, and further rate cuts could widen that gap. However, if you prioritize payment certainty, today’s fixed rates are also historically reasonable.
I discuss this decision with every client based on their risk tolerance, financial situation, and how long they plan to stay in the property.
How to Get the Best Mortgage Rate in BC
Getting the best mortgage rate in BC requires understanding what lenders look for and how to position your application. Here are the key factors:
Credit Score
760+ gets you the very best rates. Scores between 700-759 still qualify for excellent rates. Below 680, you may face limited lender options. Even a 20-point increase can save thousands over your mortgage.
Down Payment Size
Counterintuitively, putting less than 20% down can get you a LOWER rate because your mortgage qualifies for default insurance. The best rates in BC right now are for insured mortgages.
Employment Type
Salaried employees with 2+ years at the same employer qualify for the best rates. Self-employed borrowers may face slightly higher rates or need to use alternative documentation.
Use a Mortgage Broker
The single most effective way to get a better rate is working with a broker. I have access to wholesale rates that banks do not offer to walk-in customers. On a typical BC purchase, I can often find rates 1.5% – 2.0% below posted bank rates.
Timing
Mortgage rates change daily based on bond yields. Locking in your rate with a 120-day hold protects you from increases while you search for a home.
What Affects Mortgage Rates in BC?
Mortgage rates in BC are influenced by both national economic factors and local market conditions.
Bank of Canada Policy Rate: The Bank of Canada sets the overnight rate, which directly affects variable mortgage rates. When the Bank raises rates, variable mortgages get more expensive. The current overnight rate is 2.75%, with prime rate at 4.45%.
Bond Yields (Fixed Rates): Fixed mortgage rates are tied to Government of Canada bond yields with similar terms. When 5-year bond yields rise, 5-year fixed mortgage rates follow. The current 5-year bond yield is approximately 3.0%.
Lender Competition: Competition between lenders keeps rates low. This is why broker rates are lower than bank rates — brokers create competition by shopping multiple lenders.
BC-Specific Factors: BC’s high property values mean more mortgages exceed the $1.5M insured limit. The proportion of uninsurable mortgages in BC is higher than the national average, which affects overall rate dynamics in our market.
Current Mortgage Rate Trends
Here is where mortgage rates stand in BC as of February 21, 2026 and where I expect them to head:
Where We Are Now:
Most economists expect the Bank of Canada to continue adjusting rates through 2026 as inflation returns to target. If this happens, variable rate holders could see their rates decrease further, and fixed rates may also drift lower.
What This Means for BC Buyers: If you are currently shopping, today’s rates are attractive by historical standards. Variable rates offer immediate savings with potential for further decreases. Fixed rates provide certainty if you are concerned about potential rate increases. Locking in a rate with a 120-day hold protects you while you shop for a home.
I update the rates on this page regularly. For the most current rate for your specific situation, contact me for a personalized quote.
Why Use a Mortgage Broker in BC?
Working with a mortgage broker instead of going directly to your bank can save you tens of thousands of dollars over the life of your mortgage. Here is why:
Access to More Lenders
I work with 50+ lenders, including major banks, credit unions, monoline lenders, and alternative lenders. Your bank can only offer their own products.
Wholesale Rates
Brokers access wholesale rates that are not available to the public. These are the rates you see on this page — significantly lower than posted bank rates.
No Cost to You
For standard mortgages, you pay nothing for my services. Lenders pay brokers a finder's fee. This means you get better rates AND free service.
Advocacy
If your application hits a snag, I advocate on your behalf with lenders. Bank employees work for the bank — I work for you.
Time Savings
Instead of visiting multiple banks and filling out multiple applications, you work with me once and I shop your application to multiple lenders.
BC Market Knowledge
I understand the BC market — the unique challenges of Metro Vancouver pricing, strata requirements, leasehold properties, and local credit unions that offer competitive rates.
The average homebuyer who uses a broker saves $10,000 – $30,000 over a 5-year term compared to accepting their bank’s first offer.
Mortgage Rate FAQs for BC Buyers
What is the best mortgage rate in BC right now?+
The best 5-year fixed mortgage rate in BC is currently 3.69% for insured mortgages (less than 20% down payment). For insurable mortgages (20%+ down), rates start at 3.94%. Variable rates start at 3.34%. These rates are available through mortgage brokers and are significantly lower than bank posted rates.
Why are broker rates lower than bank rates?+
Mortgage brokers access wholesale rates that banks do not offer to walk-in customers. Banks have higher overhead and less price competition. Brokers create competition by shopping your application to multiple lenders, which drives rates down. The savings typically range from 1.5% to 2.0% compared to bank posted rates.
Should I choose fixed or variable in BC?+
It depends on your risk tolerance and market outlook. Variable rates are currently 3.34%, which is lower than the best fixed rate at 3.69%. If the Bank of Canada continues cutting rates, variable could save you more. However, fixed rates offer payment certainty. I recommend variable for borrowers comfortable with rate fluctuations and fixed for those prioritizing stability.
What credit score do I need for the best rates?+
For the very best rates, you need a credit score of 760 or higher. Scores between 700-759 still qualify for excellent rates. Below 680, you may face limited lender options and higher rates. The minimum score for an insured mortgage is 600.
What is the current prime rate in Canada?+
The current prime rate is 4.45%, which is set by Canadian banks based on the Bank of Canada's policy rate (currently 2.75%). Variable mortgage rates are expressed as prime plus or minus a percentage (e.g., prime minus 1.00%).
How often do mortgage rates change?+
Fixed rates can change daily based on bond yield movements, though most lenders update every few days. Variable rates change when banks adjust their prime rate, typically following Bank of Canada announcements (8 scheduled dates per year). I update the rates on this page regularly.
Can I lock in a rate before finding a home?+
Yes. Most lenders offer rate holds of 90-120 days. This locks in your rate while you search for a property. If rates decrease, you can usually take the lower rate. If rates increase, you are protected at your locked rate.
What is the difference between insured and uninsured mortgages?+
Insured mortgages have CMHC insurance (required when down payment is less than 20%) and qualify for the lowest rates. Uninsured mortgages (20%+ down, over $1.5M purchase price, or refinances) have slightly higher rates because the lender bears more risk.
Why are rates higher for homes over $1.5 million?+
Properties priced over $1.5 million cannot qualify for CMHC mortgage insurance, making them uninsurable. Without insurance backing, lenders charge higher rates to compensate for increased risk. This affects many purchases in Metro Vancouver.
Do mortgage rates vary by property type in BC?+
Slightly. Condos may have marginally higher rates than single-family homes due to perceived volatility. Leasehold properties and strata corporations with financial issues can also affect rates. Rural properties may have fewer lender options.
What is a stress test and how does it affect my rate?+
The mortgage stress test requires you to qualify at the higher of: your actual rate plus 2%, or the Bank of Canada's benchmark rate (currently 5.25%). This does not affect your actual rate — it determines how much you can borrow. Passing the stress test is required for insured mortgages and when switching lenders with an uninsured mortgage.
Can I get a better rate at renewal?+
Yes. Renewal is one of the best times to negotiate or switch lenders for a better rate. Your current lender may offer you their loyalty rate, which is often still higher than what a broker can find. I help clients at renewal secure rates that beat their bank's offer.
What fees are associated with mortgage rates?+
Lower rates may come with restrictions such as higher prepayment penalties or limited portability. Some no-frills mortgages have the lowest rates but less flexibility. I help clients understand the full picture, not just the rate number.
How much difference does 0.5% make?+
On a $600,000 mortgage over 25 years, a 0.5% rate difference saves approximately $150/month or $9,000 over a 5-year term. This is why finding the best rate matters — small differences add up to significant savings.
How do I get started?+
Contact me for a free consultation. I will review your situation, check your credit, and provide personalized rate quotes from multiple lenders. There is no cost or obligation. The process typically takes 15-20 minutes for an initial assessment.
Related Calculators
Mortgage Affordability Calculator
Calculate how much home you can afford based on income, debts, and the Canadian stress test.
CMHC Insurance Calculator
Calculate your CMHC mortgage default insurance premium including 2024 rule changes.
HELOC Calculator
Calculate how much you can borrow with a home equity line of credit in Canada.
Property Transfer Tax Calculator
Estimate your BC property transfer tax including first-time buyer exemptions.
Get Your Personalized BC Mortgage Rate
The rates above are general guidelines. Your actual rate depends on your specific situation — credit score, down payment, property type, and more. Contact me for a free, no-obligation rate quote. I will shop your application to 50+ lenders and find you the best rate available.