Looking for a mortgage in B.C.? Don’t limit your options to the big banks

You can often find better rates and terms, if you shop around. Coast Capital offers some of British Columbia’s best mortgage rates, plus cash back. The post Looking for a mortgage in B.C.? Don’t limit your options to the big banks appeared first on MoneySense.

Apr 3, 2025 - 21:04

Looking for a mortgage in B.C.? Don’t limit your options to the big banks

At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rates fall even more?

A little wisdom from those who’ve been there: this is not just a financial transaction—it’s your life. Sooner or later, you’ve got to get on with it. And over the 20 or 30 years it takes to pay off your mortgage, it won’t much matter what the rate was the day you first got approved.

Especially when you look beyond Canada’s Big Five banks, you’ll find attractive rates right now. For example, buyers in B.C. can find great rates at Coast Capital Savings Credit Union. Its five-year high-ratio fixed mortgage has a lower advertised rate than any of the Big Five (as at Oct. 30, 2024), based on independent, external third-party market research.

Plus, for a limited time, you can get a cash bonus when open a new mortgage or switch your existing mortgage to Coast Capital. This offer is available to current and new Coast Capital customers—more details below.

What is Coast Capital?

Coast Capital is different from a bank. It’s Canada’s largest credit union by membership, with a history going back over 80 years. It’s owned by its nearly 600,000 members, with headquarters in Surrey and 45 full-service branches across British Columbia.

Like any cooperative, Coast Capital is attentive to the needs of its members. In fact, it’s a Certified B Corporation, recognized for its social-purpose business model. Every year, Coast Capital reinvests 10% of its bottom line back into the communities it serves—with a focus on projects and initiatives that unlock financial opportunities and ways to grow income for people and businesses in Canada. Over the past two decades, those contributions have added up to more than $100 million.

“Budgeting and saving are important, but in many cases these strategies are no longer enough,” says Catherine Wood, Coast Capital’s chief strategy, product and marketing officer. “With more and more people unable to keep up with the rising cost of living, it’s clear that Canadians need to earn more to improve their financial reality. At Coast Capital, we believe that starts with access to education and training that empowers people to begin, advance or even change their careers.”

What is a credit union? (Tap to open.)

Credit unions are member-owned financial services cooperatives. They provide services like chequing and savings accounts, mortgages and investment products. Credit unions, which are federally or provincially regulated, typically offer higher rates on savings products and lower rates on mortgages than banks.

Learn more in the MoneySense Glossary.

What are Coast Capital’s mortgage rates?

Right now, Coast Capital is offering a five-year fixed high-ratio mortgage at 3.96% APR (annual percentage rate) and a five-year regular fixed mortgage at 4.14% APR. Five-year variable-rate high-ratio mortgages are available at 4.04% APR. (Rates are current as of March 25, 2025.)

And, if you act now, you can get one of Canada’s lowest advertised mortgage rates with Coast Capital’s five-year fixed high-ratio mortgage. Get a member-preferred rate and up to $4,600 with a mortgage and qualifying products. (Conditions apply. See full terms and conditions.) This offer expires June 30, 2025.

How is the APR calculated? It is based on a $300,000 mortgage at a 25-year amortization, assuming an appraisal fee of $300 (which includes fees associated with determining the value of the property). If there are no additional cost-of-borrowing charges, the APR and the interest rate will be the same. The APR assumes that the interest rate does not vary over time. Rates are subject to Coast Capital’s standard lending criteria.

How to apply for a Coast Capital mortgage

Whether you’re buying a home or looking to switch lenders, you can apply for a Coast Capital mortgage in three easy steps:

First, contact a Mortgage Advisor. They can guide you through the process.
Next, fill out the application and find the right rate and terms for you. Coast Capital will honour that rate for 120 days, regardless of what happens with interest rates.
Lastly, complete the process of purchasing your home or transferring your existing mortgage with the help of the Coast Capital team.

Compare mortgage rates—and more

Not convinced? Coast Capital encourages home buyers and mortgage holders to see what else is out there in terms of mortgage rates, services and incentives. Lower rates might be the reason you first connect with Coast Capital, but the benefits of a financial cooperative and how your membership helps give back to your community might be the reason you stay. Book an appointment today.

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This article is sponsored.

This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers and approved by the client.