Burnaby Mortgage Rates

Looking for Burnaby’s best mortgage broker? Look no further.

Our expert, friendly True North Mortgage brokers in Burnaby can offer you mortgage rates that are even lower than the banks, thanks to our large network of lenders and volume discounts. We'll provide your lowest possible rate (for which you qualify), and we guarantee it — or we'll give you $500. Every step of your mortgage process is clearly outlined, for an easy, stress-free home-buying experience. We know the Burnaby housing market inside and out, and we work hard to find the best lender for your unique needs.

Metrotown burnaby2

Visit our store located in Metropolis at Metrotown.

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

Burnaby Store or 1-778-654-7931

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 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 default insurance is required in Burnaby if you're buying a home with a down payment of less than 20% (high-ratio mortgage). This insured mortgage standard is a federal requirement across Canada.

By requiring buyers with a high-ratio mortgage to purchase mortgage insurance, lenders reduce their risk that the borrower will default on the mortgage. The reduced risk in turn allows them to offer competitive interest rates and lower down payment requirements for your mortgage loan.

Mortgage insurance can be purchased from either the CMHC (Canada Mortgage and Housing Corporation), Sagen or Canada Guaranty. Regardless of which insurer you choose, insurance premiums will be calculated as a percentage of your total mortgage amount, and the cost will be added to each monthly payment or can be paid in full before the mortgage loan is advanced.

We deal with the lenders and details for you.

The real estate market in Burnaby shows no sign of slowing down. Our True North Mortgage brokers are here to help you secure your best mortgage rate — which can help increase your buying power and save you thousands of dollars over the life of your mortgage.

We're unified, salaried mortgage specialists, and we do not work for one particular lender. At no cost or obligation, we check with all the banks and lenders, and pass along our volume discount so that you receive your lowest available rate, for which you'll need to qualify through federal stress test requirements.

Our access to a variety of tools and thousands of mortgage products also help ensure that you receive the best mortgage product for your situation, which can help you save even more on pre-payment penalties when it's time to renew, or for a refinance.

Check out our 5-star reviews, and see for yourself what our happy clients have to say about their experience with True North Mortgage!

Give us a shout today, or easily apply online for your better mortgage experience.

Burnaby Mortgage Rates

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

Canada Wide Mortgages

True North Mortgage can efficiently complete your mortgage anywhere you are in Canada — online, over the phone or at our store locations.