Current British Columbia Mortgage Rates

About British Columbia

British Columbia – Canada’s westernmost province – is defined by its Pacific coastline and mountain ranges. Nature areas like Glacier National Park offer hiking and biking trails, as well as campgrounds. Whistler Blackcomb is a major ski resort that hosted the 2010 Winter Olympics. The scenic Sea-to-Sky Highway links Whistler with Vancouver.

Key facts about British Columbia:

• Vancouver is the fourth largest film and TV production hotspot in North America. If you’ve ever questioned if that was a famous Vancouver landmark you saw in a movie or in your favourite show, it most likely was
• Half the population of BC lives in the Metro Vancouver area. The city has a thriving food scene, mountain views and is surrounded by sparkling waters
• Osoyoos Lake is the warmest fresh water lake in Canada
• Khutzeymateen Provincial Park is Canada’s only Grizzly Bear sanctuary, home to more than 50 grizzlies across its 44,300 hectare grounds
• The cosmetic treatment known as Botox was pioneered in Vancouver in the late 1980s

About the British Columbia Housing Market

While COVID-19 lockdowns in March and April slowed down the housing market in BC, transactions in Kelowna and Vancouver resumed by May, with sales in both May and June surpassing year-over-year levels. Many buyers put their plans on hold at the peak of COVID-19 lockdowns, but they returned to the market quickly to make up for lost time. Overall, RE/MAX is estimating steady activity to round out 2020.

What are the Different Types of Mortgages?

• Fixed Mortgages. Fixed-rate mortgages make up 70% of all mortgages in Canada. A fixed-rate mortgage keeps your interest rate steady over the term of your mortgage (1-10 years). There’s no doubt that the five-year fixed-rate mortgage is the most common choice selected by Canadian homeowners. But, this isn’t the best option for everyone, regardless of its popularity. Fixed-rate mortgages appeal to homebuyers who are looking for a dependable payment schedule, manage a tight monthly budget or are generally more conservative. For instance, Millennials with large mortgages relative to their income may be better off opting for the peace of mind provided by a fixed rate and payments. 
• Variable Mortgages. A variable-rate mortgage fluctuates with the lender’s prime rate throughout your mortgage term. While your mortgage payment will remain the same over your term, your interest rate may change based on market conditions. So, if the prime rate rises or falls, this impacts the amount of principal you pay off each month. When rates on variable-rate mortgages drop, more of your payment is applied to your principal balance. And, conversely, if rates increase, more of your payment will go towards the interest portion of your mortgage. Historically, variable rates have paid off for Canadians over time.

How nesto Works

We offer all the help of a mortgage broker, without the commission. Simply put, our salaried mortgage advisors are rewarded based on your satisfaction. We’re here to help you reach your goal and guide you through the complicated world of home financing. #yesyoucan #empowermentisthenewsexy

Every mortgage professional knows the market’s best rates every time they check their email. Only a few of them will give you that rate without making you work for it. nesto’s here to change the industry for this very reason. You always get the best rate upfront with nesto.