British Columbia Mortgage Rates

Name: True North Mortgage Historical Rates for 5 year fixed rates in British Columbia
Creator: True North Mortgage
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Last Updated: Nov 20, 2024

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Historical Mortgage Rates

For British Columbia - Last Updated Nov 13 2024

5 Year Variable Rate

4.85% - 5.95%

2024 (average)

5.77%

7.04%

September

5.25%

6.45%

August

5.50%

6.70%

July

5.50%

6.70%

June

5.75%

7.05%

May

5.99%

7.30%

April

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

4.24% - 5.69%

2024 (average)

4.70%

6.52%

September

4.27%

5.77%

August

4.47%

5.79%

July

4.64%

5.79%

June

4.69%

6.89%

May

4.79%

6.89%

April

4.84%

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.

Several housing markets in BC have shifted in the past few months, showing more cooling by the end of Q3 2024.

In September 2024, British Columbia sales are down year-over-year to 1.8% (vs. the +8.0% at the end of Q1).

The average BC home price has decreased about 2.0% since last year to $969,959 — with declines in higher-priced Greater Vancouver and Victoria exerting the main drag. Some centres logged increases, with Kamloops, Fraser Valley, Kootenay, Vancouver Island, and Northern BC seeing gains ranging from 0.4% to 8.7% (yoy).

Seller listings are growing across the board (except for declines seen in Chilliwack, Kamloops, and Kelowna), easing the provincial SNLR ratio (sale-to-new-listings) to 43%, with more balanced markets and even relenting to a buyer's market in Fraser Valley and Kelowna. The only 'seller's market' holdout is Kootenay.

Housing starts are mixed across BC with an average increase of 27% from last month, but down by over 19% in Vancouver.

Higher mortgage rates combined with higher prices mean that many BC centres (especially Greater Vancouver) are more challenging for first-time home buyers.

As interest rates continue to decline, demand may come to bear once again to push more BC housing markets into seller's territory. Yet, investors and mortgagees are under pressure from higher mortgage payments and may look to sell.

BC Government restrictions on short-term rental and empty-home may also continue to pad the listings, opening up more homes as primary residences to help meet demand (part-way).

Data Source: Sagen Housing Market Updates

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