Current Rate Snapshot

🔹 Fixed‑Rate Mortgage Options

These offer predictable payments throughout the term:

• 5‑year fixed rates can be below ~3.7 %–3.9 % at some lenders/brokerage specials.

• 3‑year fixed often slightly lower (e.g., ~3.64 %–3.79 %).

👉 Long‑term fixed terms (like 10‑year) are often higher (above 5 %).

🔹 Variable‑Rate Mortgage Options

Variable rates move with the prime rate and can be lower initially:

• Some lenders list variable renewal/offer rates as low as ~3.35 %–3.5 %.

Tip: Variable rates can save interest if markets stay steady or rates drop, but your payments can change. Fixed rates give certainty.

🏦 Types of Lenders Worth Comparing

When renewing, you don’t have to stick with your current bank — comparing across lender categories can save money:

📍 1. Big Banks

• RBC, TD, Scotiabank, BMO, CIBC, National Bank

• Pros: Stability, widespread availability

• Cons: Often higher posted rates than broker/specialist channels

📍 2. Credit Unions

Credit unions in BC sometimes offer strong local rates and perks:

• Examples: Vancity, Prospera, Coast Capital Savings (rate specials + bonus offers)

Perks some credit unions may offer:

• Mortgage cashback programs (e.g., Prospera)

• Flexible payment options and member‑focused service

📍 3. Mortgage Brokers / Online Lenders

• Brokers shop multiple lenders (including exclusive deals) on your behalf

• Online lenders (e.g., technology‑driven lenders) can offer competitive rates and rate holds.

Why brokers are often recommended:
✔ Access to many lenders and specials not publicized widely
✔ Help with negotiation and paperwork
✔ No direct cost — most lenders pay the broker