Best mortgage rates in Vancouver

A mortgage refinance is when you are breaking your current mortgage and starting a new mortgage, either with the same lender or a different one. Refinancing can help you take advantage of a better mortgage offer, unlock equity in your home, or to consolidate your debt. When you refinance, you will need to pay penalties (fees) to break your mortgage. The penalties will vary based on the lender, so it’s important to understand how to calculate these fees before you move forward. From there, you can make an informed decision whether it’s financially beneficial for you to refinance.


Perch can help you decide if it makes sense to refinance your mortgage in Vancouver, British Columbia. Our mortgage penalty calculator helps you calculate the costs of breaking your mortgage. When you set up an account with Perch, we’ll automatically monitor the mortgage market and let you know when there’s an opportunity to save money by switching mortgages. Perch can calculate the difference between your mortgage penalty costs and the amount of money you could save with a lower mortgage rate, and tell you exactly how much money you can get back.

1. Your mortgage advisor will review your situation and discuss what mortgage options make the most sense for you. Ideally, you’ve already gotten pre-approved, so they’re familiar with your preferences.
2. The mortgage advisor will submit your application to the lender.
3. The lender reviews your deal and issues a commitment letter, which outlines what conditions need to be met for you to get a mortgage. If your application is rejected, you will need to either revise your application or go to a different lender.
4. The mortgage advisor will work with you to collect any additional documents to meet the mortgage commitment conditions in advance of your closing date. To be safe, you’ll want to fulfill all conditions at least 10 days prior to closing.
5. Once the mortgage conditions are met, the lender will then send the mortgage instructions to your real estate lawyer.

• Do you see yourself selling your property or otherwise breaking your mortgage during the length of your current term? If the answer is yes, you may want to go with a variable rate to avoid the higher mortgage break penalty fees that come with a fixed rate mortgage.
• Do you believe the Bank of Canada will set rates lower during the length of your mortgage term? If the answer is yes, you may want to go with a variable rate and have the option of locking in to a fixed rate later.
• Are you comfortable with fluctuations in your mortgage rate? If the answer is yes, you may want to go with a variable rate in order to maintain flexibility. While your monthly mortgage payment amount stays the same, you could have more or less of your payment go towards your mortgage principal when rates change.

• RBC
• TD Bank
• Scotiabank
• BMO
• CIBC
• National Bank
• HSBC
• First National

• Burnaby
  The benchmark average home price in Burnaby is $800,000 as of June 2021, compared to the Vancouver area average of $1,175,000.


• Richmond
  The average home price in Richmond is $923,000 as of June 2021 but has more homes below $1,000,000 in purchase price. This means you will need a lower down payment with only $67,300 required compared to $235,000 required for the Vancouver area.


• Coquitlam & Port Coquitlam
  The average home price in Coquitlam & Port Coquitlam is $843,000 and $790,900 as of June 2021, which are fairly more affordable for first time home buyers compared to the Greater Vancouver area.


• Maple Ridge
  Maple Ridge is far from the Greater Vancouver area but offers some of the lowest average home prices, being $682,800. This means you will only require a down payment of $43,300.


• Port Moody
  The average home price in Port Moody is $751,900 and will require a minimum down payment of $50,300, which is much more affordable compared to the Greater Vancouver area.