5-year fixed broker floor: 4.04% · Variable broker floor: 3.60% · Qualifying income for median British Columbia home (~$750K): approximately $191,625/yr.
Paid report options after the free check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
Canadian mortgage rates are set nationally — the benchmark is the same in British Columbia as across Canada. The table below shows current estimated benchmark rates for all terms, based on Bank of Canada data. Rates assume excellent credit (750+ score) and represent the best available pricing tier.
| Term | Fixed broker floor | Fixed bank avg | Variable broker floor |
|---|---|---|---|
| 1-Year | 4.54% | 4.79% | 3.60% |
| 2-Year | 4.34% | 4.59% | 3.60% |
| 3-Year | 4.19% | 4.44% | 3.60% |
| 4-Year | 4.09% | 4.34% | 3.60% |
| 5-Year | 4.04% | 4.29% | 3.60% |
| 7-Year | 4.24% | 4.49% | 3.60% |
| 10-Year | 4.49% | 4.74% | 3.60% |
BC charges a Property Transfer Tax (PTT) on all residential real estate transactions.
An additional 2% applies on the portion above $3,000,000. Foreign buyers may face additional transfer taxes in designated areas.
First-time buyer rebate: BC first-time buyers may qualify for a full PTT exemption on homes under $835,000 (2024 threshold). Partial exemption on homes up to $860,000. Verify current thresholds before closing.
| Value threshold | Tax rate / fee |
|---|---|
| Up to $200,000 | 1.0% |
| Up to $2,000,000 | 2.0% |
| Up to $3,000,000 | 3.0% |
| Above prior bracket | 5.0% |
For the British Columbia median purchase price of approximately $750,000 with 10% down ($75,000):
Mortgage amount: $675,000 · Stress test qualifying rate: 6.04% · Monthly P&I at qualifying rate: $4,335/month · Annual PITH: ~$61,320 · Required gross income (32% GDS): approximately $191,625/year.
BC borrowers qualify under the standard federal stress test. Greater Vancouver purchases frequently exceed insured mortgage thresholds, requiring 20% down.
Mortgage brokers and lenders in British Columbia are regulated by the BC Financial Services Authority (BCFSA). Borrowers in British Columbia can access the full range of federally regulated banks, provincially regulated credit unions, and monoline lenders through the broker channel.
Major cities in British Columbia: Vancouver, Surrey, Burnaby, Richmond.
CMHC mortgage insurance applies in British Columbia for eligible purchases under $1,500,000 with less than 20% down (as of December 2024).
Select your term, rate type, credit tier, and intent to see a detailed rate page for your exact borrower scenario in British Columbia.
Many British Columbia borrowers are renewing mortgages locked in at historically low rates between 2019 and 2023. If you locked in during this period, your renewal represents a significant payment change.
Select your original term and year to see your specific renewal shock analysis:
The current 5-year fixed mortgage broker floor in British Columbia is approximately 4.04% and the bank average is 4.29%. Variable rate broker floor is approximately 3.60%. These are national benchmark rates that apply equally in all provinces.
BC charges a Property Transfer Tax (PTT) on all residential real estate transactions. An additional 2% applies on the portion above $3,000,000. Foreign buyers may face additional transfer taxes in designated areas.
For a British Columbia median home price of approximately $750,000 with 10% down, you need approximately $191,625 in gross annual income under the 2026 stress test at 6.04%. This is an estimate — your lender calculates your exact qualifying income.
Yes — BC first-time buyers may qualify for a full PTT exemption on homes under $835,000 (2024 threshold). Partial exemption on homes up to $860,000. Verify current thresholds before closing. The federal FHSA is also available to eligible first-time buyers in all provinces.
Mortgage brokers in British Columbia are regulated by the BC Financial Services Authority (BCFSA).