British Columbia Mortgage Rates

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Last Updated: Apr 23, 2024

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Historical Mortgage Rates

For British Columbia - Last Updated Apr 02 2024

5 Year Variable Rate

5.99% - 7.3%

  2024 (average)

5.99%

7.30%

  March

5.99%

7.30%

  February

5.99%

7.30%

  January

5.99%

7.30%

  2023 (average)

5.77%

6.96%

  December

5.99%

7.30%

  November

5.99%

7.30%

  October

5.99%

7.30%

  September

5.99%

7.30%

  August

5.99%

7.30%

  July

6.00%

7.19%

  June

5.75%

6.85%

  May

5.50%

6.60%

  April

5.50%

6.60%

  March

5.50%

6.60%

  February

5.50%

6.60%

  January

5.50%

6.60%

  2022 (average)

2.94%

3.77%

  December

5.25%

6.28%

  November

4.75%

5.70%

  October

4.75%

5.70%

  September

4.25%

4.95%

  August

3.50%

4.45%

  July

3.50%

4.45%

  June

2.46%

3.39%

  May

1.95%

2.75%

  April

1.78%

2.50%

  March

1.13%

1.84%

  February

0.99%

1.65%

  January

0.99%

1.55%

  2021 (average)

1.14%

1.58%

  December

0.99%

1.55%

  November

0.90%

1.55%

  October

1.09%

1.55%

  September

1.09%

1.55%

  August

1.09%

1.55%

  July

1.09%

1.55%

  June

1.19%

1.55%

  May

1.19%

1.55%

  April

1.24%

1.55%

  March

1.24%

1.55%

  February

1.24%

1.65%

  January

1.29%

1.75%

  2020 (average)

1.90%

2.25%

  December

1.38%

1.79%

  November

1.55%

1.80%

  October

1.55%

1.90%

  September

1.61%

1.87%

  August

1.66%

2.00%

  July

1.79%

2.10%

  June

1.79%

2.10%

  May

1.95%

2.25%

  April

2.00%

2.43%

  March

2.25%

2.50%

  February

2.65%

3.10%

  January

2.65%

3.10%

  2019 (average)

2.68%

3.20%

  December

2.65%

3.10%

  November

2.65%

3.10%

  October

2.65%

3.10%

  September

2.65%

3.10%

  August

2.65%

3.10%

  July

2.65%

3.10%

  June

2.68%

3.10%

  May

2.70%

3.20%

  April

2.75%

3.20%

  March

2.75%

3.35%

  February

2.70%

3.45%

  January

2.65%

3.45%

  2018 (average)

2.35%

2.88%

  December

2.65%

3.35%

  November

2.65%

3.25%

  October

2.55%

2.90%

  September

2.40%

2.80%

  August

2.40%

2.80%

  July

2.40%

2.80%

  June

2.15%

2.60%

  May

2.21%

2.55%

  April

2.21%

2.85%

  March

2.21%

2.85%

  February

2.21%

2.85%

  January

2.21%

3.00%

  2017 (average)

1.89%

2.46%

  December

1.95%

2.75%

  November

1.95%

2.75%

  October

2.05%

2.75%

  September

2.15%

2.65%

  August

1.90%

2.50%

  July

1.95%

2.50%

  June

1.75%

2.25%

  May

1.75%

2.25%

  April

1.78%

2.25%

  March

1.80%

2.30%

  February

1.80%

2.30%

  January

1.90%

2.30%

  2016 (average)

2.02%

2.30%

  December

1.90%

2.30%

  November

1.90%

2.30%

  October

1.90%

2.30%

  September

1.95%

2.30%

  August

1.95%

2.30%

  July

1.95%

2.30%

  June

2.05%

2.30%

  May

2.10%

2.30%

  April

2.10%

2.30%

  March

2.10%

2.30%

  February

2.15%

2.30%

  January

2.15%

2.30%

  2015 (average)

1.98%

2.15%

  December

2.10%

2.20%

  November

2.05%

2.15%

  October

1.90%

2.05%

  September

1.90%

2.05%

  August

1.85%

2.05%

  July

1.90%

2.15%

  June

2.05%

2.15%

  May

2.00%

2.15%

  April

2.00%

2.15%

  March

2.00%

2.15%

  February

2.00%

2.25%

  January

1.95%

2.30%

  2014 (average)

2.30%

2.43%

  December

2.15%

2.35%

  November

2.15%

2.35%

  October

2.15%

2.35%

  September

2.25%

2.35%

  August

2.25%

2.35%

  July

2.30%

2.40%

  June

2.40%

2.50%

  May

2.40%

2.50%

  April

2.40%

2.50%

  March

2.40%

2.50%

  February

2.40%

2.50%

  January

2.40%

2.50%

5 Year Fixed Rate

4.84% - 6.89%

  2024 (average)

4.87%

6.89%

  March

4.79%

6.89%

  February

4.92%

6.89%

  January

4.90%

6.89%

  2023 (average)

5.03%

6.33%

  December

5.12%

6.89%

  November

5.44%

6.89%

  October

5.62%

6.89%

  September

5.47%

6.89%

  August

5.37%

6.89%

  July

5.19%

6.39%

  June

4.92%

5.95%

  May

4.57%

5.84%

  April

4.84%

5.84%

  March

4.65%

5.84%

  February

4.67%

5.84%

  January

4.49%

5.84%

  2022 (average)

4.03%

4.82%

  December

4.69%

5.82%

  November

4.92%

5.74%

  October

5.01%

5.70%

  September

4.44%

5.54%

  August

4.34%

5.54%

  July

4.52%

5.54%

  June

4.37%

5.10%

  May

3.89%

4.66%

  April

3.72%

4.23%

  March

3.14%

3.64%

  February

2.74%

3.20%

  January

2.52%

3.07%

  2021 (average)

1.89%

2.43%

  December

2.39%

2.94%

  November

2.37%

2.91%

  October

2.12%

2.56%

  September

1.84%

2.39%

  August

1.79%

2.39%

  July

1.79%

2.39%

  June

1.79%

2.39%

  May

1.79%

2.39%

  April

1.89%

2.39%

  March

1.89%

2.32%

  February

1.62%

1.99%

  January

1.43%

1.99%

  2020 (average)

2.02%

2.43%

  December

1.49%

1.99%

  November

1.59%

1.99%

  October

1.59%

2.04%

  September

1.79%

2.04%

  August

1.79%

2.19%

  July

1.89%

2.39%

  June

1.99%

2.39%

  May

2.24%

2.59%

  April

2.44%

2.89%

  March

2.29%

2.84%

  February

2.44%

2.84%

  January

2.64%

2.99%

  2019 (average)

2.72%

3.09%

  December

2.39%

2.89%

  November

2.29%

2.94%

  October

2.54%

2.94%

  September

2.49%

2.84%

  August

2.39%

2.79%

  July

2.49%

2.84%

  June

2.59%

2.84%

  May

2.79%

3.09%

  April

2.89%

3.19%

  March

3.14%

3.39%

  February

3.34%

3.59%

  January

3.29%

3.72%

  2018 (average)

3.15%

3.62%

  December

3.39%

3.82%

  November

3.49%

3.84%

  October

3.19%

3.64%

  September

3.19%

3.67%

  August

3.19%

3.67%

  July

3.14%

3.64%

  June

3.14%

3.64%

  May

3.14%

3.64%

  April

2.99%

3.54%

  March

2.99%

3.54%

  February

3.09%

3.49%

  January

2.89%

3.34%

  2017 (average)

2.54%

2.87%

  December

2.79%

3.29%

  November

2.69%

3.29%

  October

2.84%

3.29%

  September

2.84%

3.20%

  August

2.59%

2.99%

  July

2.64%

2.69%

  June

2.39%

2.49%

  May

2.24%

2.49%

  April

2.29%

2.59%

  March

2.39%

2.74%

  February

2.39%

2.74%

  January

2.44%

2.69%

  2016 (average)

2.30%

2.56%

  December

2.44%

2.64%

  November

2.29%

2.39%

  October

2.14%

2.39%

  September

2.14%

2.49%

  August

2.24%

2.49%

  July

2.24%

2.49%

  June

2.24%

2.59%

  May

2.34%

2.59%

  April

2.34%

2.59%

  March

2.34%

2.69%

  February

2.39%

2.69%

  January

2.44%

2.69%

  2015 (average)

2.45%

2.65%

  December

2.54%

2.69%

  November

2.44%

2.69%

  October

2.29%

2.59%

  September

2.39%

2.59%

  August

2.39%

2.59%

  July

2.39%

2.59%

  June

2.44%

2.59%

  May

2.44%

2.59%

  April

2.44%

2.69%

  March

2.49%

2.69%

  February

2.59%

2.69%

  January

2.59%

2.79%

  2014 (average)

2.88%

3.02%

  December

2.74%

2.89%

  November

2.74%

2.89%

  October

2.74%

2.89%

  September

2.74%

2.89%

  August

2.74%

2.89%

  July

2.79%

2.99%

  June

2.94%

3.09%

  May

2.94%

3.09%

  April

2.94%

3.09%

  March

2.94%

3.09%

  February

3.09%

3.19%

  January

3.19%

3.29%

Beautiful British Columbia: A desirable housing market, tougher affordability.

The housing markets in BC haven't shifted significantly in the past few months, though in Q1 2024, sales are up about 8.0% year-over-year, and the average home price has increased about 5.0% since last year. Seller listings are growing, allowing for more balanced markets (or even pushing to a buyer's market in some areas). Many buyers are still in holding mode, waiting for interest rates to start easing around mid-year.

Housing starts are showing gains in certain areas, like Vancouver (surging by over 80%), though smaller centres, like Abbotsford, saw declines of about 30% (though still strong in the multi-family start category).

Higher mortgage rates combined with higher prices mean that many BC centres (especially Greater Vancouver) are more challenging for first-time home buyers. When interest rates start to decline, will home prices push up? Investors under pressure from higher mortgage payments may look to sell, and continued short-term rental and empty-home restrictions may lead to higher listings, opening up more homes as primary residences.

Data Source: Sagen Housing Market Updates

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