Trusted mortgage services
Your Richmond mortgage broker
City Centre condos, Steveston family homes and everything along the Canada Line. We compare over 50 lenders for you.
- 5-yr fixed
- 4.89%
- 5-yr variable
- 3.70%
Updated Oct 25 · on approved credit · Compare to bank rates
Mortgages for Richmond homes
Richmond is built on the islands at the mouth of the Fraser River, with the Canada Line running through City Centre to Vancouver. City Centre has highrise condos and presales, Steveston keeps its fishing-village character, and neighbourhoods like Terra Nova, Seafair, Broadmoor and East Richmond have family homes and townhomes.
Many Richmond buyers are new to Canada, earn income from more than one source, or are buying a presale. We compare banks, credit unions and specialist lenders, including those with programs for new permanent residents and work permit holders.
What Richmond buyers ask us about
Newcomers to Canada
Mortgage insurers and several lenders have programs for newcomers with limited Canadian credit history. Requirements differ, so we match you to the ones that fit. Our newcomer credit tracker helps you build your profile.
Presale condos
Much of City Centre is presale. Your financing is finalized close to completion, so keep your income documents current and avoid taking on new debt during the build.
Funds from outside Canada
Down payment money from abroad usually needs to be in a Canadian account before closing, with statements showing where it came from. Start the transfer early.
How it works
Your Richmond mortgage in 3 steps
We do the shopping, you get the keys
Schedule a consultation- Step 1: Easily apply online in 5 minutesWith some simple questions, we build your profile and match you with mortgages that fit it. No cost to you for most mortgages, and no obligation.
- Step 2: We compare 50+ lenders to find the right mortgage for youWe compare rates and features from 50+ lenders and give you transparent options. Your options side by side: rate, penalties and flexibility.
- Step 3: Approved, with human supportFrom approval to closing, you have an advisor who gives you clear, transparent advice about your mortgage. Nick stays with you from approval to keys.
Frequently asked questions
You have questions — we have answers!
Richmond mortgage questions
Can I get a mortgage on a work permit?
Often, yes. Several insurers and lenders have programs for non-permanent residents with a valid work permit. The minimum down payment and other requirements depend on the program, so we check the current rules for your situation.
How do lenders verify a down payment from overseas?
They want to see the money arrive in a Canadian account, with statements showing where it came from and how it moved. Lenders usually ask for about three months of history on your down payment, and large deposits need an explanation. Keep the transfer records and any proof of the source, such as a property sale or savings. Start early, because international transfers and lender checks both take time, and the funds need to be in Canada before closing.
Can I use income from more than one job?
Yes, as long as it is documented and stable. Lenders usually want a steady history with each employer or in the same line of work. Variable income such as commissions, overtime or bonuses is usually averaged over two years, using your Notices of Assessment. Part-time work and a new job are treated differently from one lender to the next, so we match you with one whose rules fit how you are paid.
Does the foreign buyer tax apply in Richmond?
Yes. Richmond is in Metro Vancouver, one of the areas where foreign nationals, foreign corporations and taxable trustees pay BC's additional 20% property transfer tax on their share, on top of the regular tax. Canadian citizens and permanent residents don't pay it, and confirmed BC Provincial Nominees buying a home to live in can be exempt. Separately, federal rules bar most non-Canadians from buying a home for now, with some exceptions for work-permit holders.
Can I buy with 5% down as a newcomer?
If you are a permanent resident, yes: the same rules as citizens apply, 5% of the first $500,000 and 10% of the rest for a home under $1.5 million. Work-permit holders can qualify for insured newcomer programs too, though some insurers and lenders ask for a larger down payment, often 10% or more. A thin Canadian credit file can be supported by an international credit report or a letter from your bank at home.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 25.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 5.54% | 5.09% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.79% | Get this rate: 1 year fixed |
| 2 year fixed | 5.39% | 4.59% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.69% | Get this rate: 3 year fixed |
| 4 year fixed | 5.99% | 4.84% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.89% | Get this rate: 5 year fixed |
| 7 year fixed | 6.40% | 5.09% | Get this rate: 7 year fixed |
| 10 year fixed | 6.80% | 5.09% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Contact us
Have a question about your mortgage?
Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca