- Closing costs in British Columbia: B.
- The federal stress test and down payment rules apply in every province.
- Mortgage brokers are regulated by the BC Financial Services Authority (BCFSA). Lawyers or notaries complete the conveyance.
What are today's best mortgage rates in British Columbia?
| Term | Rate | Lender type | Shelf / note | Payment on $400,000 |
|---|---|---|---|---|
| 5-year fixed | 4.04% | Credit union | uninsured | $2,113/mo |
| 5-year variable | 3.70% | Brokerage | prime − 0.75% | $2,046/mo |
| 3-year fixed | 4.19% | Monoline | uninsured | $2,145/mo |
| HELOC | 4.95% | Bank | prime + 0.50% | — |
Payments on a $400,000 mortgage, 25-year amortization, fixed rates compounded semi-annually. Prime 4.45% (Bank of Canada policy rate 2.25%), October 7, 2026.
Who lends in British Columbia?
What does it cost to close in British Columbia?
B.C. charges property transfer tax: 1% on the first $200,000, 2% to $2 million, 3% above $2 million, plus a further 2% on residential value over $3 million. First-time buyers pay no tax on the first $500,000 when the home is worth $835,000 or less (partial exemption up to $860,000).
| Item | Amount |
|---|---|
| Transfer tax / registration fees (incl. mortgage fee where charged) | $16,000 |
| Effective rate | 1.78% |
Mortgage registration estimated at 80% of price where charged. Rules checked October 7, 2026.
Mortgage rules in British Columbia
Mortgage brokers are regulated by the BC Financial Services Authority (BCFSA). Lawyers or notaries complete the conveyance. National rules apply everywhere: minimum down payment of 5% to 20%, the stress test (the greater of your rate + 2% or 5.25%), and insured mortgages only on homes under $1.5 million.
HELOC in British Columbia
British Columbia homeowners can get a HELOC up to 65% of value, or 80% combined with a mortgage. Bids show the rate as prime plus a margin. See HELOC.
First-time home buyer programs in British Columbia
First-time home buyers' property transfer tax exemption (full to $835,000, partial to $860,000); newly built home exemption; federal FHSA, Home Buyers' Plan and new-home GST rebate. First-time home buyer programs in British Columbia
Mortgage rates by city in British Columbia
Frequently asked questions
Are mortgage rates different in British Columbia?
Most national lenders price provinces similarly; differences come from which lenders serve the area, property type and local closing costs.
Do I need a mortgage broker in British Columbia?
Not to get bids. Licensed brokerages bid alongside lenders on MortgageBids.ca.
Can I renew with a different lender in British Columbia?
Yes, at maturity with no prepayment penalty.
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