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Mortgage rates in Vancouver reflect a dynamic market influenced by recent Bank of Canada policy shifts, local housing prices, and lender competition. Vancouver's mortgage rates are generally aligned with other major Canadian cities like Toronto but can differ due to provincial lender availability and regional market conditions.
Bank of Canada Rate Context: As of mid-2025, the Bank of Canada’s overnight rate is around 3.75%, down from a recent high of 5.00% in early 2024. Inflation has fallen below the 2% target, which may lead to further rate cuts in the near future.
Fixed vs Variable Trends: Fixed mortgage rates have recently been lower than variable rates in Vancouver due to bond yield movements, a reversal from the usual pattern. The lowest fixed rates are around 4.49% while variable rates start from about 5.45%.
| Term | Rate Range (Approx.) | Type | Notes |
|---|---|---|---|
| 5-Year Fixed | 3.84% – 4.49% | Fixed | Most popular fixed term; stable payments |
| 3-Year Fixed | ~3.89% – 4.44% | Fixed | Slightly lower than 5-year rates in some cases |
| 1-Year Fixed | ~3.94% – 4.99% | Fixed | Shorter term, potentially higher rates |
| 5-Year Variable | 3.95% – 5.45% | Variable | Rates tied to prime; recent upward trend |
| Homeprime Variable | ~4.55% | Variable | Vancity specific; prime-based with margin |
Note: Vancity pricing applies to properties under $1 million with 20%+ down payment.
| Lender | 5-Year Fixed Rate | 5-Year Variable Rate | Special Notes |
|---|---|---|---|
| RBC Royal Bank | 4.49% | Prime - 0.40% (~4.55%) | Limited-time offers up to $5,700 value |
| Vancity Credit Union | 4.49% (fixed) | 4.55% (variable) | Requires down payment ≥20%, price caps apply |
| TD Bank | ~4.54% | ~4.79% (prime linked) | Posted rates higher, with special discounted rates |
| Other Canadian Lenders | 3.84% – 4.29% | 3.95% – 4.30% | Competitive rates available via brokers |
| Mortgage Type | Typical Rate Range | Popular Term | Notes |
|---|---|---|---|
| Fixed Rate | 3.84% – 4.49% | 5 years | Most stable and common choice |
| Variable Rate | 3.95% – 5.45% | 5 years | Higher currently, tied to prime |
| Homeprime Variable | ~4.55% | 5 years | Vancity's prime-based variable |
| Shorter Fixed Terms | 3.89% – 4.99% | 1-3 years | Slightly higher variability |
To start a personalized mortgage application and compare competitive rates from top Canadian lenders, visit theratefinder.ca/onboarding.
This comprehensive overview should assist you in navigating Vancouver’s mortgage market effectively.