Mortgage Rates in Victoria

Live national rates with B.C. PTT notes for Victoria and the Capital Region.

By Andrew · Last reviewed October 14, 2026Sources: national posted rates from the lenders we track, plus the provincial or municipal tax rules described on this page. Confirm any rate with the lender.

Current mortgage rates for Victoria shoppers

These are live national postings from lenders we track (updated Oct 14, 2026)—not a made-up “average Victoria rate.” Lenders generally price the product and the borrower, not the city. Closing costs in Victoria still follow British Columbia tax rules below.

Best 5-year fixed we track

4.29%

RFA Bank · uninsured

Best 5-year variable we track

3.25%

Butler Mortgage · insured

Compare all live rates →5-year fixed hub

Buying or renewing in Victoria

Victoria buyers pay B.C. property transfer tax and shop national mortgage rates. The Capital Regional District is a specified area for additional foreign PTT and for B.C.’s Speculation and Vacancy Tax. Credit unions remain part of a normal Island shopping list.

Ferry logistics do not change the rate. They can affect appraisal timing. Build that into subject dates, not into the rate shop.

B.C. property transfer tax (PTT)

Victoria purchases are registered in B.C., which charges property transfer tax rather than calling it land transfer tax. Standard PTT is 1% on the first $200,000 of fair market value, 2% on $200,000–$2 million, 3% on $2–$3 million, and 5% above $3 million (Province of British Columbia). Eligible first-time buyers can exempt PTT on the first $500,000 of value; since 1 April 2024 the province also ties eligibility to a higher fair-market-value ceiling (full program up to $835,000, partial to $860,000). Additional 20% PTT can apply to foreign entities in specified areas. Confirm current rules on gov.bc.ca and treat our calculator as a planning estimate.

Tax rules change. Confirm the figures with your lawyer or notary before you waive conditions. Amounts on this page follow the provincial and municipal programs described here. They are not a Victoria average sale price.

B.C. property transfer tax calculator →

First-time buyers in Victoria

Victoria first-time buyers should check fair market value against B.C.’s PTT exemption ceiling. Island prices can still exceed the program even when they sit below typical Metro Vancouver levels.

B.C. first-time PTT program

If you qualify, PTT is exempt on the first $500,000 of value (maximum $8,000). Since 1 April 2024 the home’s fair market value must be $835,000 or less for the full program; the exemption phases out between $835,000 and $860,000. You generally must be a Canadian citizen or permanent resident, meet B.C. residency or tax-filing tests, occupy the home, and not have owned a principal residence before.

FHSA

The First Home Savings Account lets eligible first-time buyers contribute up to $8,000 a year (lifetime $40,000). Contributions are tax-deductible and qualifying withdrawals for a first home are tax-free.

Home Buyers’ Plan

The RRSP Home Buyers’ Plan lets eligible first-time buyers withdraw up to $60,000 per person (couples can combine) to buy or build a home, then repay it over 15 years.

Stress test

Federally regulated lenders must qualify you at the greater of your contract rate plus 2% or the Bank of Canada’s qualifying rate. Run the numbers before you shop listings.

Renewing a mortgage in Victoria

B.C. renewals use the same national rates as other provinces. Credit unions such as Vancity and Coast Capital are often part of a Victoria shopping list alongside banks and monolines.

Shop before the lender’s offer

Your current lender’s renewal letter is a starting point, not a ceiling. Compare it with today’s posted 5-year fixed and variable rates on this site, then ask them to match.

Know the break cost

If you refinance or switch before maturity, the penalty can wipe out the rate savings. Estimate it with the penalty calculator before you sign a new term.

Lenders Victoria buyers often compare

Vancity
Metro Vancouver credit union; compare Mixer and other products on the Vancity page.
Coast Capital
B.C. credit union often shopped alongside the big banks.

Victoria mortgage FAQs

Does Victoria charge municipal land transfer tax?

No Toronto-style MLTT. You pay B.C. PTT. Additional foreign PTT and SVT can apply in the Capital Regional District.

Are Victoria mortgage rates lower than Vancouver?

Not as a published city rate. Compare the same live table. Your payment still follows the purchase price you actually offer.

Are Victoria mortgage rates higher because homes are expensive?

The contract rate is still a national product rate. Higher prices in Victoria mean a larger principal, so the same rate difference changes the payment more. Shop the live table on this page; do not assume a “Vancouver rate” or “Victoria rate” exists.

What transfer tax do I pay in Victoria?

B.C. property transfer tax on fair market value, plus legal/notary fees. First-time buyers may get a full or partial exemption depending on price and eligibility. Additional PTT can apply to foreign entities in specified areas.

Do B.C. credit unions beat the banks in Victoria?

Sometimes, sometimes not. Compare live Vancity and Coast Capital rates with the Big 6 and monolines on the same day. Membership rules apply for credit unions.

Is there a first-time land transfer rebate in Victoria?

B.C. uses a property transfer tax exemption, not Ontario’s dollar rebate. It is valuable when the home is within the provincial fair-market-value limits and you meet residency tests.