Buying your next home
Get ready to make your next move.
Whether you’re upsizing, downsizing or relocating, we can help you get ready to buy your next property.
If you’re moving to a new home before your current mortgage is paid off, you’ll still need to repay what you’ve borrowed. Here are a few options to help you out.
Mortgage options.
- Port your Vancity mortgage
Porting your existing mortgage with Vancity allows you to transfer the remainder of your mortgage terms over to the new property. You benefit from the rate and term you originally negotiated, and there’s no prepayment fee for settling the original mortgage early. Porting your mortgage is not available for every mortgage or borrower. Check with your mortgage specialist to see if you qualify. - Assumption of your mortgage
With an assumable mortgage, a qualified buyer could take on the remainder of your mortgage. They may want to do this if your original rates are lower than what they could get now. If you’re downsizing, this can help you avoid prepayment fees on the remainder of the term. - Take out a new mortgage
If you’re unhappy with your current mortgage lender, their services or their rates, you can choose to break your contract and pay a fee. Under Canada’s Stress Test Guidelines, you need to reapply to take out a new mortgage.
When you need to buy before you sell.
In an ideal world, the timing of selling and buying your home would line up perfectly. But this isn’t always the case. If you need to buy your next home before you sell your current one, there are ways you can still make a smooth transition.
Vancity offers financing that allows you to carry the mortgage on two properties for a specified amount of time to help bridge the gap between the closing of your current home. To learn more about your financing options, connect with a mortgage specialist.
Find a specialist near you.
Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area
Talk through your questions.
For general mortgage inquiries or help with renewing your mortgage, book a time that works for you and we’ll give you a call back.
Mortgage savings for Vancity members.
Get a member preferred rate on eligible mortgages, including 3.42% on a 5-year variable
mortgage. Plus up to $5,800 in value with your new mortgage. Terms and conditions
apply. Offer is valid until August 14, 2026.
3.82% APR¤
Member preferred rates
3-year fixed-term fixed-rate high-ratio insured
3.92% APR◊
Member preferred rates
3-year fixed-term fixed rate
3.42% APR◊
Member preferred rates
5-year fixed term variable rate††
Tools to help you get on track.
Some conditions apply. This advertised rate is only available to members with 20% or greater down payment on the property, purchasing a residential owner-occupied property with purchase price under $1,000,000, and mortgage amortization of 25 years or less. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is based on a mortgage of $300,000 with monthly payments, a 25 year amortization and an appraisal fee of $300. Appraisal fees are subject to change and an increase may result in an increase to the APR. You may be required to pay additional fees which would increase your APR. If there are no cost of borrowing charges, the APR and the interest rate will be the same. Rate is subject to change or may be withdrawn without notice at any time.
Some conditions apply. This advertised rate is only available to members with 20% or greater down payment on the property, purchasing a residential owner-occupied property with purchase price under $1,000,000, and mortgage amortization of 25 years or less. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is based on a mortgage of $300,000 with monthly payments, a 25 year amortization and an appraisal fee of $300. Appraisal fees are subject to change and an increase may result in an increase to the APR. You may be required to pay additional fees which would increase your APR. If there are no cost of borrowing charges, the APR and the interest rate will be the same. Rate is subject to change or may be withdrawn without notice at any time.