British Columbia

Best mortgage rates in British Columbia: compare today's fixed and variable offers

Q: What is the Property Transfer Tax in BC?

BC's Property Transfer Tax (PTT) is 1% on the first $200,000, 2% on $200,001–$2,000,000, 3% on amounts over $2,000,000, and an additional 2% (5% total) on residential properties over $3,000,000. First-time buyers may qualify for a full exemption on homes under $500,000.

Compare today's best mortgage rates in British Columbia for purchases, renewals, refinances, and home equity scenarios. See indicative fixed and variable offers, what type of borrower typically qualifies, and when a lower rate may come with trade-offs in penalties, portability, or flexibility.

Rates updated daily · Displayed rates are indicative and may change based on down payment, insurance status, property type, and borrower profile.

Live rates

British Columbia mortgage rates

Transaction

Purpose

Province

Purchase price

Down payment

$ 20%

Amortization

Term

Fixed

Variable

Current market rates are shown below as a quick reference. For a personalized quote based on your details, contact us or review our current Ontario rates overview.

Typical Canadian mortgage rates - Ontario, owner-occupied purchase (indicative, updated regularly)
Term	Fixed rate	Variable rate	Note
1 year	~4.69%	-	Short commitment
2 year	~4.39%	-	Rate reset opportunity
3 year	~3.94%	~3.55%	Mid-term flexibility
4 year	~4.39%	-
5 year	~4.04%	~3.44%	Most popular term

Rates are indicative and change daily. Speak with a Frank advisor for live lender pricing tailored to your profile.

Rates are from our lender network and shown for informational purposes only. Your actual rate depends on your borrower profile and selected product. Speak with a Frank advisor for a personalized quote.

Rate factors

What affects mortgage rates in BC?

High property values & stress test

BC's housing market means many purchases exceed $1M, requiring 20%+ down (uninsured). Uninsured mortgages carry slightly higher rates. The stress test at contract rate +2% applies to all insured and uninsured mortgages.

Down payment & insurance threshold

Insured mortgages (under 20% down, purchase price under $1.5M as of late 2024) qualify for lowest rates. Properties over $1.5M require 20% minimum and are uninsured.

Mortgage purpose

Purchase rates are lowest. Refinances are always uninsured. Renewals allow switching lenders for better terms - BC borrowers increasingly take advantage of this.

Credit & income documentation

Credit above 680 opens A-lender pricing. Self-employed and contract workers are common in BC - stated income products may be needed, which can carry rate premiums.

Rate strategy

Fixed vs. variable in BC right now

Fixed rate - predictability

Rate and payment locked regardless of BoC decisions
Better for tight budgets or first-time buyers
Protects against rate increases mid-term
Higher break penalty (interest rate differential)

Variable rate - flexibility

Mortgage cost drops if prime rate declines
Suitable if you expect rates to continue falling
Penalty is typically 3 months' interest only
If rates increase, mortgage cost will increase

Not sure which is right for you? A Frank advisor can model both scenarios for your specific purchase price, income, and timeline. Book a free consultation.

BC programs

BC first-time buyer programs

First Home Savings Account (FHSA)

Contribute up to $8,000/year (lifetime max $40,000). Contributions are tax-deductible; qualifying withdrawals are tax-free. Works well for BC buyers saving over time given higher prices.

BC Home Buyer Rescission Period

BC buyers have a 3-business-day rescission period after an accepted offer on most residential properties. You can withdraw with a 0.25% rescission fee.

PTT First-Time Buyer Exemption

First-time buyers in BC are fully exempt from Property Transfer Tax on homes under $500,000. A partial exemption applies on homes valued $500,000–$525,000. No exemption above $525,000.

Closing costs

BC Property Transfer Tax calculator

Estimate your BC Property Transfer Tax. First-time buyers purchasing under $500,000 pay no PTT - partial exemption applies up to $525,000.

Select province

Purchase price

LTT

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Total land transfer tax after rebates

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Rate brackets

Purchase price range	Marginal rate

FAQ

BC mortgage rate - common questions

What is the Property Transfer Tax in BC?

BC's PTT is 1% on the first $200,000, 2% on $200,001–$2,000,000, 3% on amounts over $2,000,000, and 5% total on residential properties over $3,000,000. First-time buyers purchasing a home under $500,000 are fully exempt.

Can I buy a home in Vancouver with less than 20% down?

Yes, if the purchase price is under $1.5M (as of December 2024). The federal government raised the insured mortgage cap to $1.5M to help high-cost markets like Vancouver. You still need a minimum 5% on the first $500,000 and 10% on the portion from $500,001 to $1.5M.

How do I get the best mortgage rate in BC?

Work with a mortgage broker who shops multiple lenders simultaneously. Keep your credit above 680, minimize other debts, and have at least 5% down. Frank is a licensed BC broker that charges no fee on prime (A) mortgages.

Does Frank charge a fee for BC mortgages?

No. Frank charges $0 for prime (A-lender) mortgages and alternative (B-lender) mortgages in BC. Frank is compensated by the lender. We only charge fees when a private mortgage is necessary.

Related resources

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