British Columbia counts itself among the provinces where you can consistently find the lowest mortgage rates in the country. Like Ontario, there are more brokers and lenders competing for your business, which stokes competition and helps drive down prices. Check out the lowest mortgage rates in British Columbia below, as surveilled by the Spy…
British Columbia (BC) Mortgage Rates
Rate Market Overview: B.C. has a robust credit union market with three of the five biggest cooperative lenders in the country. It also sees aggressive competition from international banks (especially HSBC) and the Big 5 (particularly CIBC and BMO for high end properties). Mortgage brokers add a third vital component of B.C.’s competitive landscape, and are a major reason the province has the second best mortgage rates of any province in the country.
Province in Brief: British Columbia is Canada’s most westernmost province and renowned worldwide for its natural beauty. B.C., as it’s commonly called, is dominated by mountain ranges that form part of the Canadian Rockies and is home to 1,030 parks, seven of which are national parks. Roughly half of the province’s population lives within the Greater Vancouver Area, which includes 19 cities and municipalities. B.C. is also home to more than 860 vineyards, many of which produce world-class wines.
Population: 4,631,300 (Source: StatsCan, 2011)
Capital City: Victoria
Largest City: Vancouver (Vancouver Mortgage Rates)
Bank Mortgage Regulators: Office of the Superintendent of Financial Institutions and Financial Consumer Agency of Canada
British Columbia Mortgage Broker Regulator: The Financial Institutions Commission (FICOM)
British Columbia Regulators of Credit Union Mortgages: The Financial Institutions Commission (FICOM)
(Images source: Wikipedia)