BC Mortgage Rates — Current Ranges by Lender Tier
A working snapshot of BC mortgage rate ranges across the three lender tiers as of mid-2026. These are general market ranges, not promises. Your actual rate depends on your beacon, LTV, income source, property type, and lender. OAC. Subject to change without notice.
Headline rate is only half the story. On private and B-lender deals, the all-in cost includes 1–3% in lender fees plus broker fees and legal — sometimes those fees make a "low rate" offer more expensive than a "higher rate" offer. Use the calculator to model your specific situation.
A-lender mortgage rates (banks, credit unions, monolines)
The cheapest tier on rate. Reserved for borrowers who pass the B-20 stress test, have 680+ beacon, and have provable income via T4 or a 2-year self-employed average.
| Product | Rate range | Term | Notes |
|---|---|---|---|
| 5-year fixed (insured purchase) | ~4.6–5.2% | 5 yr | Best rates require CMHC insurance, <20% down on first $500K |
| 5-year fixed (uninsured / refinance) | ~5.0–5.6% | 5 yr | 20%+ equity required for refinance |
| 3-year fixed | ~5.0–5.5% | 3 yr | Shorter term, common for those expecting rates to fall |
| 5-year variable | ~prime −0.5% to prime +0.5% | 5 yr | Prime is currently ~5.45% — variable in 4.95–5.95% range |
| HELOC (home equity line) | ~prime +0.5–1.5% | Open | ~6–7.5% range; interest-only, secured against property |
B-lender mortgage rates (alternative lenders)
For borrowers who don't fit A-lender boxes — bad credit, self-employed with heavy write-offs, short time in business, recent credit events. B-lenders price for risk and charge a lender fee.
| Product | Rate range | Lender fee | Notes |
|---|---|---|---|
| B-lender 1-year fixed | ~6.5–8.0% | ~1% | Common for credit rebuild — refinance to A-lender at term end |
| B-lender 2-year fixed | ~6.75–8.25% | ~1% | Slightly higher rate but more time before re-shopping |
| B-lender stated income | ~7.0–8.5% | ~1% | Bank statement program, self-employed under 2 years |
| B-lender 2nd mortgage | ~8.0–10.0% | ~1% | Behind a 1st, combined LTV typically max 80% |
Private mortgage rates (MICs and individual lenders)
Equity-based lending. Approval depends on the property's value and your equity position, not your beacon or income. Used for fast closes, urgent funding, properties banks won't lend on, or situations where every other tier has said no.
| Product | Rate range | Lender fee | Notes |
|---|---|---|---|
| Private 1st mortgage | ~8.99–12.99% | ~1–2% | 12-month interest-only, exit plan required |
| Private 2nd mortgage | ~10.99–14.99% | ~1.5–3% | Behind existing 1st, max combined LTV 75% in metro |
| Bridge financing (open) | ~9.5–12% | ~1–2% | Open prepayment, 3–12 month term, fast close |
| Construction completion | ~10.5–13.5% | ~2–3% | Specialized — for partial-completion files |
Total all-in cost — example for a $400,000 loan, 12-month term
Headline rate vs. real cost over the term, including fees:
| Tier | Rate | Lender fee | Monthly | 12-month all-in* |
|---|---|---|---|---|
| A-lender 5-yr fixed | 5.0% | $0 | $1,667 | ~$20,000 |
| B-lender 1-yr fixed | 7.5% | $4,000 (1%) | $2,500 | ~$34,000 |
| Private 1st (mid range) | 10.99% | $6,000 (1.5%) | $3,663 | ~$54,000 |
| Private 2nd (mid range) | 12.99% | $8,000 (2%) | $4,330 | ~$63,000 |
*Includes interest + lender fee + ~$2,500 estimated legal/appraisal + ~1% broker fee on B-lender and private. Real-world quotes vary. Use the calculator for your specific numbers.
Things to ask before signing any mortgage commitment
- Is the offered rate the contract rate, or the qualifying rate? The contract rate is what you'll actually pay. The qualifying rate (contract + 2%, or the BoC qualifying rate, whichever is higher) is used by A-lenders for the stress test.
- What are ALL the fees? Lender, broker, legal, appraisal, title insurance. Ask for the full breakdown in writing.
- What's the prepayment penalty? On a fixed rate at an A-lender, this can be 3 months interest OR an IRD (interest rate differential) — sometimes $10,000+ on a 5-year deal. Privates and B-lenders are usually open after 3–6 months.
- What happens at renewal? Some lenders charge a renewal fee (1–2%) if you don't pay out at maturity. Others don't.
- What's the exit plan on a private? Refinance to a bank? B-lender? Sale? A private without a clear exit becomes much more expensive at the second renewal.
Want a real quote, not just a range?
Take the 2-minute qualifier and a licensed BC mortgage professional will pull 2–4 competing offers tailored to your specific situation.
Check My OptionsRates last reviewed: May 20, 2026. All rates are general market ranges and subject to change without notice. OAC. Information for educational purposes only — not a commitment to lend. Speak with a BCFSA-licensed mortgage professional for offers specific to your situation.