Burnaby Mortgage Rates

If you are looking for Burnaby’s best mortgage broker, look no further.

True North Mortgage can offer mortgage rates that are even lower than the banks, thanks to our large network of lenders and volume discounts. We are confident that we can find you the lowest rate, we guarantee it - or we'll give you $500.Our expert brokers will provide excellent customer service and help you every step of the way to ensure you have the best possible home-buying experience. We know the Burnaby housing market best, so we will work to find the best lender for your unique needs.

Visit our store located in Metropolis at Metrotown.

Unit 1143 - 4700 Kingsway
Burnaby, BC, V5H 4M1

Burnaby Store or 1-778-654-7931

Apply for your TrueRate in minutes.

Rules have changed. Everyone's rate is unique.

Canadian regulations have changed the way mortgages work. You must now qualify for your rate. Factors like equity in your home and personal credit will impact the rate.

Get Your Best Rate
Mortgage
Size
Term
Rates From
Payments as low as
1 Year Fixed
2.14%
$1678 /mo
2 Year Fixed
1.89%
$1678 /mo
3 Year Fixed
1.89%
$1678 /mo
4 Year Fixed
1.99%
$1678 /mo
5 Year Fixed
1.69%
$1678 /mo
5 Year Variable
1.60%
$1678 /mo
HELOC Open
2.95%
$1678 /mo

*Illustration purposes only. Use our Mortgage Calculator for accurate payments

Overview of the Burnaby Real Estate Market

Burnaby is the third-largest city in BC and has a population of over 220,000 people. New home constructions in Burnaby are known for their sustainable and eco-friendly designs, and about 25% of the land area is designated for parks. Its strong job market and close range to Vancouver has also made it an attractive place to purchase a home

The cost of a home in Burnaby can range from $300,000 to $1.5 million. Housing prices have grown at a very rapid rate, and this has made it difficult for first-time homebuyers to move forward.

To combat these issues, the BC government began taxing foreign investment in the housing market. They also included domestic speculation in the tax.

These actions were effective in regulating the overgrowth of property values and have provided great opportunities for younger buyers to get into the market.

Historic Mortgage Rates

Mortgage rates change over time, and there are two different types of mortgage rates - variable or fixed.

If you choose a variable-rate mortgage, the interest rate on the loan will move over time and is linked to an underlying rate benchmark. These rates are generally lower because you are not paying a premium to guarantee stability.

On the other hand, a fixed-rate mortgage is exactly as it sounds. The interest rate is determined at the time the loan is initiated and remains the same throughout the mortgage term.

Five-Year Variable Rate

2019 - 2.71%

2018 - 2.33%

2017 - 1.94%

2016 - 2.02%

Five-Year Fixed Rate

2019 - 2.79%

2018 - 3.15%

2017 - 2.59%

2016 - 2.26%

How are Mortgages Regulated?

The BC Financial Services Authority, or BCFSA, is responsible for regulating mortgages in Burnaby, BC. The BCFSA has regulatory oversight of mortgage brokers, insurance companies, and trust companies. Their goal is to protect consumers by enforcing high standards of professionalism in the mortgage broker industry.

The Registrar of Mortgage Brokers enforces specific laws such as the Mortgage Brokers Act. All companies that engage in activities like mortgage lending must register with them.

An additional regulator is the Real Estate Council of British Columbia, or the RECBC. They also serve to protect the best interest of the public, and consumers can submit complaints or tips for investigation.

Mortgage Insurance in Burnaby

Mortgage insurance is required in Burnaby if you are buying a home with a down payment of less than 20%. This is a standard requirement across Canada and is typically called CMHC - referring to the Canada Mortgage and Housing Corporation.

By requiring buyers to purchase mortgage insurance, lenders reduce their risk that the borrower will default on the mortgage. Mitigating this risk allows them to offer competitive interest rates and lower down payment requirements.

Mortgage insurance can be purchased from either the CMHC, Genworth Financial, or Canada Guaranty. Regardless of which insurer you choose, these insurance premiums will be calculated as a percentage of the total mortgage amount, and the cost will be added to each monthly payment.

How We Work with Our Clients

The real estate market in Burnaby shows no signs of slowing down, so we are here to help you secure the best mortgage rate - giving you an increase in buying power and saving you thousands of dollars over the life of the loan.

At True North Mortgage, we offer a variety of online tools to help you make the most informed decision possible, regardless if you are buying new, renewing, or refinancing.

We understand that buying a home can be stressful and time-consuming, so our expert agents will help you analyze all of your options and what rates you can expect.

Our brokers are salaried agents that do not work for one particular lender, so they can go above and beyond to ensure that you not only get the lowest rate available, but also the highest quality of service from your lender.

Check out our Google reviews so you can see the quality experience you will have with True North Mortgage!

Burnaby Mortgage Rates

Mortgage Rates are different across Canada. Rates are shown based on your location. If you are planning to purchase out-of-province, be sure to choose rates where the property will be located.

Canada Wide Mortgages

True North Mortgage can complete mortgages anywhere in Canada efficiently over the phone.