Trusted mortgage services
Your Victoria mortgage broker
Condos downtown, heritage homes in Rockland and new houseplexes in older neighbourhoods. We compare over 50 lenders for you.
- 5-yr fixed
- 4.69%
- 5-yr variable
- 3.70%
Updated Oct 8 · on approved credit · Compare to bank rates
Mortgages in BC's capital
The City of Victoria is a compact city of twelve neighbourhoods at the southern tip of Vancouver Island. Downtown and Harris Green have the condo towers, James Bay mixes older apartment buildings with houses near the Legislature, Rockland is known for its historic architecture, and Fairfield, Gonzales, Fernwood, Oaklands, Jubilee, North Park, Hillside-Quadra, Burnside Gorge and Victoria West fill in with houses, suites and low-rise buildings.
Saanich, Oak Bay and Esquimalt are separate municipalities next door. Inside the city, older houses can be converted into several suites, and the City's Missing Middle rules allow houseplexes and corner townhouses on many residential lots, so buyers often weigh a character house, a unit in a converted home or a brand-new small strata. Lenders treat each of those differently, and we compare banks, credit unions and specialist lenders to find the right fit.
What Victoria buyers ask us about
Houseplexes and corner townhouses
Victoria's Missing Middle rules allow houseplexes of three to six homes, and corner townhouses, on many traditional residential lots. Buying a unit in one is usually a strata purchase in a new building; building one yourself calls for a construction loan.
House conversions
Houses built in 1984 or earlier can be converted into several units under the City's rules. Lenders want to see that each suite is permitted, and splitting the units into separate strata titles is a separate City approval.
Heritage homes
On a heritage-designated house, work that needs a building permit and affects the protected parts of the building needs Council's consent. Allow time for that in your renovation plans, and ask about the City's heritage grants and tax incentives.
How it works
Your Victoria 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!
Victoria mortgage questions
Does the foreign buyer tax apply in Victoria?
Yes. The whole Capital Regional District, including Victoria, Saanich, Oak Bay and Esquimalt, is 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. Confirmed BC Provincial Nominees buying a home to live in can be exempt.
Can I rent out my Victoria condo short term?
Only if it is your principal residence. The City licenses stays shorter than 30 nights only in the operator's own home, the provincial principal residence requirement applies here too, and your strata's bylaws can ban short-term rentals outright. If you are buying to rent, plan around long-term tenants.
Is Victoria in the speculation and vacancy tax area?
Yes, along with every other municipality in the Capital Regional District. Owners declare by March 31 each year. Living in the home, or renting it to long-term tenants for at least six months of the year, generally exempts you, but you still have to declare.
Can I get a mortgage on a unit in a converted house?
Yes. Units in converted houses are often sold as strata lots, and lenders review them like any other strata: the bylaws, insurance, contingency reserve fund and any repairs ahead. Small stratas in older houses can have thin reserves, so we read the documents with you before subjects come off.
Are Saanich, Oak Bay and Esquimalt part of Victoria?
No. They are separate municipalities, each with its own property taxes, zoning and permits, though all of them are in the Capital Regional District. The lending rules are the same, but lenders use the property tax and strata details for the home you are actually buying.
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 8.
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 | 7.89% | 4.79% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.64% | Get this rate: 1 year fixed |
| 2 year fixed | 5.44% | 4.44% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.54% | Get this rate: 3 year fixed |
| 4 year fixed | 6.01% | 4.39% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.69% | Get this rate: 5 year fixed |
| 7 year fixed | 6.41% | 4.79% | Get this rate: 7 year fixed |
| 10 year fixed | 6.81% | 4.79% | 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