You’re looking for a home under $1 million to use as your primary residence.
Closed-term fixed-rate mortgages have additional restrictions that you should consider:
With a fixed-rate mortgage, you get the same interest rate for the entire term of your mortgage, so you can count on making the same payment every month.
Get some repayment flexibility, with options to prepay up to 20% of your original balance once per mortgage year and increase payments by up to 20% once per mortgage year.
Choice of payment frequency
Make payments weekly, bi-weekly, monthly, semi-monthly, accelerated weekly or accelerated bi-weekly. Paying more frequently will save you interest and shorten the time it takes to pay off your mortgage.
Bring this mortgage with you if you move
When you buy a new home, you can transfer this mortgage to your new property and keep the same terms and conditions, including the interest rate.
Ability to assign the mortgage to another party
Transfer your mortgage with the original rates and terms to someone else. If you’re selling your home, this can give you a market advantage if current rates are higher than when you first took on your mortgage.
5-year closed-term fixed-rate residential mortgage | 4.29%§ |
With CMHC mortgage loan insurance, you could put as little as 5% down on the first $500,000 and 10% on the rest for a home that costs under $1 million. You’ll also get a reasonable interest rate, even with your smaller down payment.
After December 15, 2024, purchases up to $1.5 million will also be eligible for this benefit.
You are at least 19 years old.
You live in British Columbia and have a BC address.
The home you’re looking to purchase or build is in British Columbia.
You pass the stress test.
The stress test is a formula set by the Federal Government to ensure you’ll be able to afford your mortgage. To pass the stress test, you'll need to qualify at the greater of the contractual mortgage rate plus 2%, or the OSFI Minimum Qualifying Rate (5.25%, as of December 15, 2022).
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† The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees which would increase your APR. 5-Year Homeprime Fixed Term Mortgage interest rate is compounded monthly, not in advance. Vancity's Homeprime mortgage offers you a variable interest rate based on Vancity's Homeprime rate over a 5-year fixed term. Rate changes when Vancity Homeprime changes. Rates subject to change without notice. Refer to the Vancity Homeprime Rate section for more information.
§ Some conditions apply. Available to Vancity members on new and renewing mortgages where the amortization is 25 years or less, and residential property with a purchase price under $1,000,000. Must be owner occupied. All applicants must meet the Vancity lending criteria. Rate is subject to change or may be withdrawn without notice at any time.