Mortgages

Creditor’s group insurance is optional and is underwritten by Co-operators Life insurance Company. Supporting services, such as enrolment intake, medical underwriting and claims administration, are provided by the employees of CUMIS services Incorporated, a subsidiary of Co-operators Life insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full Coverage details.

The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is based on a mortgage of $300,000 with monthly payments, a 25 year amortization and an appraisal fee of $300. Appraisal fees are subject to change and an increase may result in an increase to the APR. You may be required to pay additional fees which would increase your APR.  If there are no cost of borrowing charges, the APR and the interest rate will be the same. 5-Year Variable Rate Fixed Term Mortgage interest rate is compounded monthly, not in advance. Vancity’s Variable Rate mortgage offers you a variable interest rate based on Vancity’s Variable Rate over a 5-year fixed term. Rate changes when Vancity Variable Rate changes. Rates subject to change without notice. Refer to the Vancity Variable Rate section for more information.

Available to members with less than 20% down payment, a residential property with a purchase price under $1,500,000, the amortization is 30 years or less, owner occupied, and who are eligible for and purchase mortgage default insurance. Default insurance is subject to eligibility conditions, limitations and exclusions. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is based on a mortgage of $300,000 with monthly payments, a 25 year amortization and an appraisal fee of $300. Appraisal fees are subject to change and an increase may result in an increase to the APR. You may be required to pay additional fees which would increase your APR.  If there are no cost of borrowing charges, the APR and the interest rate will be the same. Rate is subject to change or may be withdrawn without notice at any time. This rate cannot be combined with the mortgage cash back offer.

Some conditions apply. This advertised rate is only available to members with 20% or greater down payment on the property, purchasing a residential owner-occupied property with purchase price under $1,000,000, and mortgage amortization of 25 years or less. All applicants must meet the Vancity lending criteria. The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is based on a mortgage of $300,000 with monthly payments, a 25 year amortization and an appraisal fee of $300. Appraisal fees are subject to change and an increase may result in an increase to the APR. You may be required to pay additional fees which would increase your APR.  If there are no cost of borrowing charges, the APR and the interest rate will be the same. Rate is subject to change or may be withdrawn without notice at any time.

You must qualify for a mortgage using a minimum qualifying rate set by the federal government to show you’ll be able to afford payments at an interest rate typically higher than the actual rate of your mortgage contract. As of Dec. 12, 2023, this minimum qualifying rate is either 5.25% or your interest rate plus 2%, whichever is higher.