Rates & Calculators
Realistic numbers for your next move—payments, affordability, savings, and BC costs in one place.
Realistic numbers for your next move—payments, affordability, savings, and BC costs in one place.
Mortgage rates in British Columbia vary significantly based on your product type, borrower profile, and chosen term. Whether you're exploring insured mortgages (with less than 20% down), insurable mortgages (20%+ down on properties under $1M), or uninsurable mortgages (properties over $1M or refinances), each category comes with different rate structures and qualification requirements.
The difference between fixed and variable rates is crucial to understand. Fixed-rate mortgages lock in your interest rate for the entire term, providing payment stability and protection against rate increases. Variable-rate mortgages fluctuate with the prime rate, potentially offering lower rates but with payment uncertainty. In today's market, many borrowers are weighing the security of fixed rates against the potential savings of variable products.
The Stress Test: One of the most important factors in Canadian mortgage qualification is the stress test, mandated by OSFI's B-20 guidelines. Even if you're offered a rate of 5.49%, you must qualify at the higher of your contract rate plus 2% or 5.25%. This means if your actual rate is 5.49%, you'll be stress-tested at 7.49%. This ensures you can still afford your mortgage if rates rise during your term.
Our calculators below use realistic formulas to help you estimate payments, determine affordability, compare refinance scenarios, and understand BC-specific costs like Property Transfer Tax. We encourage you to run multiple scenarios—adjust your down payment, compare different amortization periods, and see how rate changes impact your monthly budget.
Important: All results are estimates based on the inputs you provide. They are not financial advice, rate offers, or guarantees of approval. Actual rates, payments, and qualification depend on lender assessment, credit profile, property details, and current market conditions. Once you've explored your options here, click "Get Pre-Approved" to receive a personalized rate quote and confirm your real borrowing power.
Ready to see what's possible? Choose a calculator below, enter your numbers, and discover your next steps. If you have questions or want to discuss your specific situation, our team is here to help—book a call or reach out anytime.
The percentage of your gross income that goes toward housing costs (mortgage, heat, taxes, condo fees). Typically capped at 39%.
The percentage of your gross income that goes toward all debt (housing + credit cards, loans, etc.). Typically capped at 44%.
You must qualify at the higher of your contract rate + 2% or 5.25%. This ensures you can afford payments if rates rise.
Insured: Less than 20% down, requires CMHC insurance, lowest rates.
Insurable: 20%+ down, property under $1M, mid-tier rates.
Uninsurable: Properties over $1M or refinances, higher rates.
A penalty calculation based on the difference between your contract rate and the current rate, multiplied by your remaining term and balance.
Sample rates for illustration only. Actual rates depend on product, borrower profile, and market conditions.
| Product Type | Term | Rate | APR | Notes |
|---|---|---|---|---|
| Insured/Insurable Fixed | 1 Year | 6.49% | 6.52% | Short-term flexibility |
| 2 Year | 6.29% | 6.32% | - | |
| 3 Year | 5.99% | 6.02% | Popular mid-term | |
| 5 Year | 5.49% | 5.52% | Most popular term | |
| 10 Year | 6.19% | 6.22% | Maximum stability | |
| Uninsurable Fixed | 1 Year | 6.79% | 6.82% | Properties over $1M |
| 2 Year | 6.59% | 6.62% | - | |
| 3 Year | 6.29% | 6.32% | - | |
| 5 Year | 5.79% | 5.82% | - | |
| 10 Year | 6.49% | 6.52% | - | |
| Variable/Adjustable | 3 Year VRM | Prime - 0.50% | 5.95% | Example: Prime 6.45% - 0.50% |
| 5 Year VRM | Prime - 0.65% | 5.80% | Example: Prime 6.45% - 0.65% |
Disclaimer: Rates shown are examples only and may change without notice. Not a rate offer. Actual rates depend on your credit profile, property details, down payment, and lender assessment. Contact us for a personalized rate quote.
Calculators use standard formulas and the inputs you provide. Lender quotes factor in your specific credit profile, property details, insurance requirements, and current market rates. Always get a personalized quote for accuracy.
The stress test is a regulatory requirement (OSFI B-20) that ensures you can afford your mortgage if rates rise. You must qualify at the higher of your contract rate + 2% or 5.25%, even if your actual rate is lower.
Insured: Less than 20% down, requires CMHC insurance, lowest rates. Insurable: 20%+ down on properties under $1M, mid-tier rates. Uninsurable: Properties over $1M or refinances, higher rates due to increased lender risk.
The PTT calculator uses simplified BC tax tiers and common exemptions. Actual PTT depends on eligibility criteria, property type, and current regulations. Always confirm with your lawyer or notary before closing.
3-month interest is a simple penalty (3 months of interest on your balance). IRD (Interest Rate Differential) is more complex, based on the rate difference between your contract and current rates, multiplied by your remaining term. Lenders charge the higher of the two.
Yes! The Payment Calculator includes a "Download Amortization Schedule (CSV)" button that generates a complete payment-by-payment breakdown you can open in Excel or Google Sheets.
Mortgage rates can change daily based on bond yields, Bank of Canada policy, and lender competition. The rates shown in our table are examples only. Contact us for today's best rates for your situation.
Get a personalized rate quote and confirm your real borrowing power with a pre-approval.
Important: All calculator results are estimates based on the inputs you provide. They are not financial advice, rate offers, or guarantees of approval. Rates and APRs are examples only and may change without notice. Mortgage solutions are subject to lender approval and applicant qualification. For personalized advice, contact Legacy Mortgage Group.
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