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TODAY'S
MORTGAGE RATES IN Victoria

One Search, All the Rates. One Site, Every Lender.

Compare Rates

(Results Last Updated: 8/1/2025)

Trending Mortgage Options

Type
Rate
1M
2M
1 5 Yr / fixed
4.62%
0.14%
0.14%
2 3 Yr / fixed
4.97%
0.55%
0.53%
3 4 Yr / fixed
5.02%
0.58%
0.71%

Lowest Rates

Lender
Term
Rate
1
Community Savings
Community Savings
5 Yrs / fixed
3.89%
2
Prospera
Prospera
5 Yrs / variable
4.00%
3
Vancity
Vancity
5 Yrs / fixed
4.09%
4
Simplii Financial
Simplii Financial
5 Yrs / fixed
4.09%
5
Think Financial
Think Financial
2 Yrs / fixed
4.19%

Housing Market

$1,326,600

Volume

$4.2B

Flexibility Index

46Buyers Market

Market Share

Big Banks54%
Credit Unions28%
Digital Lenders18%

Victoria MARKET INSIGHTS

No need to call multiple brokers or fill out countless applications.

We aggregated everything for you in one place.

Rate Forecast

3.95%

The 8-month outlook currently shows 5-year fixed mortgage rates at around 3.95%, with potential for further declines before returning and stabilizing at this level.

Rate Movement

0.5%

Two Bank of Canada rate cuts totalling 0.50% are expected in the next 12 months, likely providing relief for borrowers and supporting fixed-rate mortgages.

Housing Market

$1,326,600

In May 2025, Victoria’s benchmark price for a single-family home reached $1,326,600, up 1.3% year-over-year but down slightly from April. Condo benchmark prices dipped slightly to $564,100, reflecting a 0.9% annual decrease.

Forecasted Rate Cuts

Q2 2025

0 CUT
Projected

Q3 2025

1 CUT
Projected

Q4 2025

1 CUT
Projected

Q1 2026

0 CUT
Projected

Next BOC rate cut expected in Q3 2025, with a current market probability of over 70%. Only rate cuts with a likelihood of 70% or higher are displayed.

Fixed Rates

TRENDING DOWN ↓

Bank of Canada policy and bond yields are influencing direction.

Variable Rates

Worse
Better
DISCOUNTS IMPROVING

Prime discounts are widening, favouring buyers.

Top 20
Top 20
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Victoria
MORTGAGE RATES

Customize your rate research playing field

Lender
Rate
Term
1
Vancity
Vancity
3.89%
3-Yr / fixed
2
Community Savings
Community Savings
3.89%
5-Yr / fixed
3
Marathon Mortgage
Marathon Mortgage
3.95%
5-Yr / variable
4
Marathon Mortgage
Marathon Mortgage
3.95%
5-Yr / variable
5
Community Savings
Community Savings
3.99%
4-Yr / fixed
6
Community Savings
Community Savings
3.99%
3-Yr / fixed
7
Ratehub
Ratehub
3.99%
5-Yr / fixed
8
CIBC
CIBC
3.99%
5-Yr / fixed
9
Prospera
Prospera
4.00%
5-Yr / variable
10
B2B
B2B
4.00%
5-Yr / variable
11
Manulife Bank
Manulife Bank
4.00%
5-Yr / variable
12
Vancity
Vancity
4.04%
1-Yr / fixed
13
Vancity
Vancity
4.04%
4-Yr / fixed
14
Think Financial
Think Financial
4.04%
5-Yr / fixed
15
Ratehub
Ratehub
4.04%
3-Yr / fixed
16
Island Savings
Island Savings
4.05%
5-Yr / variable
17
MCAN Financial
MCAN Financial
4.05%
5-Yr / variable
18
MCAN Financial
MCAN Financial
4.05%
5-Yr / variable
19
Radius Financial
Radius Financial
4.05%
3-Yr / variable
20
Simplii Financial
Simplii Financial
4.09%
5-Yr / fixed
Victoria's Best 5-Year Fixed Mortgage Rates
BEST FOR

Consistent payments and financial security

If you want your payments to stay the same every month regardless of interest rate changes, a 5-year fixed mortgage can give you peace of mind. It makes budgeting easier, especially if you're settling into life on the island and want to avoid surprises.

We track rates from over 97 lenders across BC, including major banks, local credit unions, and online providers. If you seek steady payments to help you plan confidently, this is one of the most popular and predictable mortgage choices.

Lender
Rate
Term
1
Community Savings
Community Savings
3.89%
5-Yr / fixed
2
Ratehub
Ratehub
3.99%
5-Yr / fixed
3
CIBC
CIBC
3.99%
5-Yr / fixed
4
Think Financial
Think Financial
4.04%
5-Yr / fixed
5
Simplii Financial
Simplii Financial
4.09%
5-Yr / fixed
Victoria's Best 3-Year Fixed Mortgage Rates
BEST FOR

Stability with a little flexibility

With a 3-year fixed mortgage, you get locked-in payments for a shorter period. It's a smart choice if you're not ready to commit to a longer term or if you predict your situation or interest rates might change in the next few years.

We've gathered thousands of 3-year fixed rates from lenders across BC. If you want predictable payments now, without the five year commitment, this offers a good balance.

Lender
Rate
Term
1
Vancity
Vancity
3.89%
3-Yr / fixed
2
Community Savings
Community Savings
3.99%
3-Yr / fixed
3
Ratehub
Ratehub
4.04%
3-Yr / fixed
4
Pine
Pine
4.09%
3-Yr / fixed
5
Prospera
Prospera
4.14%
3-Yr / fixed
Victoria’s Top Variable Rate Mortgages
BEST FOR

Potential savings if you're okay with some risk

Variable-rate mortgages change with the prime rate, so your monthly payments can go up or down. If you're okay riding those waves and have some flexibility in your budget, this could save you money over time.

We compare variable rates from nearly 100 lenders, including online-only lenders and Victoria-based credit unions. If you're comfortable with change, this option could work in your favour.

Lender
Rate
Term
1
Marathon Mortgage
Marathon Mortgage
3.95%
5-Yr / variable
2
Marathon Mortgage
Marathon Mortgage
3.95%
5-Yr / variable
3
Prospera
Prospera
4.00%
5-Yr / variable
4
B2B
B2B
4.00%
5-Yr / variable
5
Manulife Bank
Manulife Bank
4.00%
5-Yr / variable

Who Offers Mortgages in Victoria, BC?

Whether you're buying your first home or refinancing, it helps to know your options. In Victoria, you can choose from big banks, local credit unions, mortgage brokers, and private lenders. Each one works a little differently, and each has pros and cons.

Big Banks in Victoria

Familiar names like RBC, TD, Scotiabank, CIBC, BMO, and National Bank offer a range of fixed and variable rate options. They're convenient and easy to deal with if you already bank with them, but their rates aren't always the most competitive. It's always smart to compare.

Local Credit Unions

Victoria's credit unions, like Vancity, Coast Capital, Island Savings, and Community Savings, tend to focus on the local community. That often means more personalized service and mortgage options that suit Vancouver Island homeowners better than one-size-fits-all bank products.

Mortgage Brokers in Victoria

Brokers are your personal rate hunters. They work with dozens of lenders to find a mortgage that suits your needs, not those of the lenders. Victoria has many strong brokerages including Select Mortgage Corp., Olympic Mortgage, Auxilium Mortgage, Wise Victoria Mortgages. Brokers are great for first-time buyers or anyone with a more complex financial situation.

Alternative and Private Lenders

A private lender might be your best bet if your credit isn't great or your income isn't regular. These lenders are more flexible but usually charge higher interest rates. A good broker can help you find the right one if the traditional options aren't working for you.

How to Choose the Right Lender

Start by determining your budget, credit score, and the kind of payments that feel manageable. Then, compare what different lenders are offering. You can check online, ask a broker, or use a tool like EveryRate to compare. Reviews from other borrowers can also help, especially when considering service and support.

Victoria's Housing Trends: What You Need to Know

Victoria's housing market has been bustling. While it's not the most affordable, it has remained relatively stable, and 2025 is shaping up to offer strong opportunities for both buyers and sellers.

Victoria Housing Market in 2024: A Quick Recap

In 2024, home sales in Victoria jumped 11% from the year before. There were 6,893 homes sold, up from 6,297 in 2023. That boost in activity showed growing buyer confidence.

Home prices stayed steady. The benchmark price for a single-family home in the core of Victoria was $1,295,500 in June 2024, just slightly down from May. Condo prices ticked up a bit to $567,900 in the same month.

By December, the city had over 2,290 active listings, up 7.4% from the year before. That extra inventory gave buyers more choices and helped the market stay balanced.

Victoria’s Housing Outlook for 2025

2025 is off to a strong start in Victoria's housing market. January saw 422 home sales, marking a 24% increase compared to January 2024. Prices are on the rise too, with the average price for a detached home reaching $1.27 million and the median price hitting $1.13 million.

New listings are also up, with over 1,000 new homes hitting the market in January alone – the highest number for that month in over a decade. Inventory has increased by 12% compared to last year, giving buyers more to choose from.

Lower interest rates from the Bank of Canada have helped boost demand, with buyers feeling more confident. We expect this momentum to continue through the year. While prices may rise around 4% overall, the increased inventory and favourable lending conditions mean it's not just a seller's market – buyers will still have opportunities.

Neighbourhood Spotlight

Looking for a place that fits your lifestyle and budget? Here are a few Victoria neighbourhoods worth watching:

  • Oak Bay: High-end homes and quiet streets close to amenities. Great for buyers looking for luxury and character.

  • James Bay and Fairfield: Walkable, charming, and popular with a wide mix of buyers and renters.

  • Westshore (Langford & Colwood): More affordable homes with growing demand. A good choice for families and first-time buyers.

  • Saanich East: Family-friendly with solid schools and easy access to downtown.
  • Victoria West (Vic West): A mix of condos, townhomes, and retail. Urban feel with a strong sense of community.

  • Fernwood: Artistic, historic, and a little offbeat. Great if you want a creative, close-knit neighbourhood.

  • Rockland: Known for heritage homes and peaceful streets. Appeals to buyers who want space and greenery.

  • Esquimalt: Waterfront access and more affordable homes close to downtown. Gaining popularity fast.

  • Sidney: A coastal town with a relaxed vibe. Ideal for retirees or anyone wanting a slower pace.

  • Central Saanich: Semi-rural and quiet, but still close to everything. Great for nature lovers.

  • North Saanich: Large properties and ocean views. Perfect if privacy and space matter most.

  • Metchosin: A rural retreat with a conservation focus. Quiet and surrounded by nature.

  • Highlands: Rugged and private, yet still part of Greater Victoria. This is for buyers wanting space without moving far away.

  • View Royal: Offers waterfront access and a mix of homes for different budgets.

What Does This Mean for You?

If you're planning on buying, this could be a good time to take action. More homes are on the market, prices are rising slowly, and mortgage rates have started to decrease.

If you're selling, demand is strong, but buyers have options. Homes that are priced right and are move-in ready are getting attention fast.

Victoria's First-Time Home Buyer Programs (2025)

If you're buying your first home in Victoria, there are a few programs that can make it easier to manage the cost:

  • BC First-Time Home Buyers' Program: Waives property transfer tax if the home is under $500,000. Partial discounts provided for homes up to $525,000.

  • BC Home Owner Grant: Reduces your property tax by up to $570 if your home is under $2.175 million and is your main residence.

  • Home Buyers' Plan (HBP): Lets you use up to $35,000 from your RRSP tax-free ($70,000 for couples). You'll repay it over 15 years.

  • Tax-Free First Home Savings Account (FHSA): Save up to $40,000 tax-free for your down payment. Contributions are tax-deductible and withdrawals are tax-free.

  • Newly Built Home Exemption: Waives property transfer tax for new homes under $750,000. Partial exemptions up to $800,000.

These programs can help stretch your budget and reduce what you owe upfront. It's smart to check your eligibility early so you can factor those savings into your purchase plan.