Mortgage rates
It’s pretty simple. A mortgage rate is the interest rate you pay on the money you borrow to buy your home Vancity offers 2 types: fixed mortgage rates and Homeprime mortgage (or variable) rates.
A fixed mortgage rate means that the interest rate will stay the same throughout the mortgage term. Let’s say you have a 5-year fixed rate mortgage term. That means you can count on your interest rate staying the same for 5 years. Fixed mortgage rates are great if you want the same, guaranteed rate for your whole term and predictable mortgage payments.
A Homeprime mortgage rate is a variable interest rate that is often lower than the fixed mortgage rate and offers predictable fixed monthly payments. If the variable rate goes down, more of your payment goes toward paying down the principal. You have the option to convert to a fixed mortgage rate if you would like to (terms and conditions apply).
| Quick Close Mortgage Offers | Rates1
(2023-02-14) |
|---|---|
| 5 Year Fixed Term Insured Residentialᶲ | 4.99%1 |
| 5 Year Homeprime Fixed Term Insured (Vancity Homeprime Rate – 0.48%)ᶲ 5 |
6.22%1 |
| Closed Term Mortgage | Rates1
(2023-03-23) |
|
|---|---|---|
| 5 Year Closed Term Fixed Rate Residential Mortgage | 5.04%4 | |
| Fixed Term Mortgages | Rates1
(2023-03-23) |
|---|---|
| 6 Month Fixed Term Residential | 6.74% |
| 1 Year Fixed Term Residential | 6.09%2 |
| 2 Year Fixed Term Residential | 5.84%2 |
| 3 Year Fixed Term Residential | 5.59%2 |
| 4 Year Fixed Term Residential | 5.54%2 |
| 5 Year Fixed Term Residential | 5.49%2 |
| 5 Year Fixed Term Insured Residential | 5.04%3 |
| 7 Year Fixed Term Residential | 5.94%2 |
| 10 Year Fixed Term Residential | 6.80%2 |
| Open Term Mortgages | Rates1
(2023-03-23) |
|
|---|---|---|
| 6 Month Open Term Residential | 9.15% | |
| 1 Year Open Term Residential | 9.15% | |
| 2 Year Open Term Residential | 7.24% | |
| 3 Year Open Term Residential | 7.24% | |
| 5 Year Open Term Residential | 7.34% |
| Homeprime Mortgages | Rates1
(2023-03-23) |
|
|---|---|---|
| 5 Year Homeprime Fixed Term (Vancity Homeprime Rate - 0.20%)5 |
6.50%2 | |
| 5 Year Homeprime Open Term (Vancity Homeprime Rate + 3.30%)5 |
10.00% | |
| Vancity Homeprime Rate5 | Rates
(2023-02-01) |
|---|---|
| Vancity Homeprime Rate | 6.70% |
Make your mortgage work for you.
If you’re ready to buy a home or are looking for a change in your current mortgage, start thinking about which type of mortgage rate works best with your life and budget. Then get in touch with one of our mortgage specialists to learn more about the interest rates we have available, or to start your application.
1The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees which would increase your APR.
5-Year Homeprime Fixed Term Mortgage interest rate is compounded monthly, not in advance. Vancity's Homeprime mortgage offers you a variable interest rate based on Vancity's Homeprime rate over a 5-year fixed term. Rate changes when Vancity Homeprime changes. Rates subject to change without notice. Refer to the Vancity Homeprime Rate section for more information.
2Some conditions apply. Available to Vancity members on new and renewing mortgages where the mortgage loan-to-value is less than 75% and the amortization is 25 years or less. Must be owner occupied. Additional qualification criteria apply to the 7-year Fixed Term Residential Mortgage. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.
3Some conditions apply. This rate is only available to members with less than 20% down payment, a residential property with a purchase price under $1,000,000, the amortization is 25 years or less, owner occupied, and who are eligible for and purchase mortgage default insurance. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees which would increase your APR. Rate is subject to change or may be withdrawn without notice at any time.
4Some conditions apply. Available to Vancity members on new and renewing mortgages where the amortization is 25 years or less, and residential property with a purchase price under $1,000,000. Must be owner occupied. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.
5The interest rate for a Vancity Homeprime (variable rate) mortgage is tied to the Vancity Homeprime Rate. As mortgage interest rates fluctuate, they move in sync with the Vancity Homeprime Rate. This is why interest rates are written as Vancity Homeprime Rate "+" or "-" a certain interest rate amount to show how the interest rate is calculated based on the Vancity Homeprime Mortgage Rate.
ᶲ Some conditions apply. The mortgage application must be funded by Vancity within 60 days of the date the application is started. This rate is only available to members with less than 20% down payment, a residential property with a purchase price under $1,000,000, the amortization is 25 years or less, owner occupied, and who are eligible for and purchase mortgage default insurance. All applicants must meet the Vancity lending criteria.
