Vancity Mortgage Rates & Reviews

This Page's Content Was Last Updated: December 9, 2022
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Vancity Background

vancity capital img

Vancity is Canada's largest credit union. It is headquartered in Vancouver, British Columbia and serves over 543,000 members with more than $28 billion in assets and assets under administration. Vancity has 55 branches across BC, including in Vancouver, Victoria, the Fraser Valley, Squamish, and as far as Alert Bay.

Established in 1946 as the Vancouver City Savings Credit Union, Vancity was founded by a group of 14 people who wanted to create a credit union that anyone could join. Since then, Vancity has grown to become the largest credit union in Canada, focusing on providing services and solutions tailored to meet their members' needs while having a positive impact on the community.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

Vancity Fixed Mortgage Rates

Vancity offers two types of fixed-rate mortgages: the Closed Term Fixed Rate mortgage and the Fixed Term Fixed Rate mortgage. The main difference between them is that the Closed Term fixed mortgage is insurable, and so it must follow CMHC mortgage rules. In exchange for that, Vancity’s Closed Term fixed mortgage mortgage has a lower mortgage rate than their Fixed Term fixed mortgage, which has less restrictions.

For Vancity fixed rate mortgages, the following term lengths are offered:

TermVancity RateCanada's Lowest Rate
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
7-Year Fixed
10-Year Fixed
0.5-Year Fixed

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false

Vancity Closed Term Fixed Rate Mortgage

Vancity’s closed term fixed mortgage is only available with a term length of 5 years. It also has the following restrictions:

  • Maximum property purchase price of $1 million
  • Maximum mortgage amortization of 25 years
  • Must be used as your primary residence
  • You cannot borrow against your home’s equity during your term
  • You can’t switch to another lender during your term
  • Blend and extend is not allowed

To follow CMHC rules to be eligible for mortgage default insurance, Vancity’s closed term mortgage can only be used for properties with a purchase price of $1 million or less. It allows weekly, bi-weekly, semi-monthly, and monthly mortgage payments. You can prepay up to 20% of your mortgage without penalties once a year, or increase your regular mortgage payments by up to 20% once a year.

This mortgage lets you make a down payment of as little as 5% for homes with a purchase price of $500,000 or less. For homes with a purchase price between $500,000 and $1 million, Vancity's minimum down payment requirement is 5% on the portion under $500,000 and 10% on the portion above $500,000, up to $1 million.

Vancity Fixed Term Fixed Rate Mortgage

Vancity's Fixed Term mortgage has a higher interest rate but is slightly more flexible, allowing term lengths from 6 months up to 10 years, and no limit on the property's purchase price. It also allows a maximum mortgage amortization of 30 years, and the home doesn't need to be your primary residence. This means that you could use Vancity's Fixed Term mortgage for rental properties. You’re also able to borrow against your home’s equity during your mortgage term. The Fixed Term mortgage has the same prepayment allowance as their Closed Term mortgage, of up to 20% per year.

For Vancity's 3, 4, 5, 7, or 10-year fixed term mortgages, you can also choose to get up to 5% cash back. This cash back mortgage allows you to use the cash for any purpose you choose, such as paying off debt or renovating your home.

Vancity Closed Term vs. Fixed Term Mortgages

Closed TermFixed Term
Mortgage RateFixedFixed
Term Options5 Years6 Months to 10 Years
Maximum Amortization25 Years30 Years
Maximum Purchase Price$1 MillionNo Limit
Property TypePrimary Residence OnlyPrimary Residence or Revenue-Generating Property
During your term, can you:
Borrow Home Equity?NoYes
Switch Lenders?NoYes
Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Select: Term

Vancity Variable Mortgage Rates

A variable mortgage rate means that the interest rate can change during your term. Vancity's variable mortgage option is called the Vancity Homeprime Variable Rate mortgage, and is only available for a 5-year term. You can choose to have an amortization period of up to 30 years.

Available payment frequencies include:

  • Weekly
  • Bi-Weekly
  • Monthly
  • Semi-Monthly
  • Accelerated Weekly
  • Accelerated Bi-Weekly

One perk that Vancity offers is the ability to convert your variable rate mortgage into a fixed rate mortgage at any time. This lets you lock-in a fixed mortgage rate if you think interest rates will increase in the future.

Vancity's variable mortgage rate is based on the Vancity Homeprime Rate, which is also known as the prime rate. As of , Vancity’s prime rate is %.

TermVancity RateCanada's Lowest Rate
5-Year Variable

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false

Vancity Variable Rate Mortgages

For Vancity's 5-year Fixed Term variable mortgage, the mortgage rate is Prime - 0.20%. This is a closed mortgage. For Vancity's 5-year Open Term variable mortgage, which is their open mortgage, the mortgage rate is Prime + 3.30%.

Vancity Variable Mortgage Rates

Closed MortgagePrime - 0.20%
Open MortgagePrime + 3.30%

Will my Vancity variable mortgage payment change if rates increase?

No, your mortgage payment amount is fixed for your 5-year term, even if the variable rate changes. Instead, the amount that goes towards paying down your mortgage principal will change.

For example, if your Vancity variable mortgage rate decreases, more of your mortgage payment will go towards paying down the principal. If your Vancity variable mortgage rate increases, less of your payment will go towards paying down the principal. This can have an impact on how long it takes to pay off your mortgage, as well as how much mortgage interest you’ll end up paying over the life of your loan.

Other Vancity Mortgages

Vancity Mixer Mortgage

Something that limits how much mortgage you can borrow is your debt service ratio. Your debt service ratio is a measure of how much you can afford to put towards your mortgage payments each month. The GDS ratio looks at your monthly housing costs, such as the principal and interest on your mortgage loan, property taxes, heat and other essential costs associated with owning a home. The TDS ratio adds in any other debts or financial obligations you have each month, such as car loans or credit card payments.

With the Vancity Mixer Mortgage, you can split your property costs and homeownership costs with other co-owners. This reduces your debt service ratio and allows you to borrow a larger mortgage amount. To qualify, you’ll need to be a first-time home buyer.

Vancity Construction Mortgage

A construction mortgage is used to finance the construction of a new home. Vancity's construction mortgage can be used for building a home that will be your primary residence, or to build a home to later sell.

Only interest payments are needed for the first 18 months, or up until the home has been finished, and the construction mortgage turns into a regular fixed rate mortgage once construction is complete. You can borrow up to 80% of the finished home's value. Vancity can also consider future potential rental income when determining your eligibility for the mortgage.

Vancity Laneway Housing

If you're looking to build a laneway house, you can get lower rates on Vancity's 5, 7, or 10-year fixed rate mortgages, or on their 5-year variable rate mortgage. You can also receive $750 to cover closing costs, a free home appraisal, and up to 1% cash back if you transfer an existing mortgage to Vancity.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Select: Term

Vancity History

Vancity provides a range of products and services including chequing and savings accounts, foreign currency exchange, mortgages, credit cards, investments, loans, business accounts, and insurance. Throughout its history, Vancity has remained committed to improving the quality of life in the communities it serves by supporting local businesses as well as spearheading various initiatives.

Vancity has accomplished many firsts. For example, Vancity was the first financial institution in Canada to offer their own socially-responsible mutual fund. Vancity was also the first North American financial institution to achieve carbon neutrality, the first Canadian financial institution to join the UN's Collective Commitment to Climate Action, and the largest in Canada to adopt a Living Wage policy. Through its innovative products, services and impactful initiatives, Vancity is making a positive difference in the lives of its members and the communities it serves.

Vancity Shared Success

Since 1994, Vancity has shared 30% of its net profits to its members and to the wider community. This has totalled $375 million since then.

In 2021, Vancity paid out $31.9 million through its Shared Success program. $15.9 million will be paid back to Vancity members as dividends or bonus interest. The remaining $15.9 million will support organizations in the community.

For Vancity members, the amount that you receive is based on the total interest earned on savings, total interest paid on loans, and/or your average balance held in an investment account.

Vancity Rebates/Dividends for 2021

Shared Success Bonus
7.52% bonus on interest earned in:
  • Savings accounts
  • Chequing accounts
  • GICs and term deposits
  • Registered savings accounts
Shared Success Rebate
1.25% rebate on interest paid on:
Shared Success Dividend
5.00% on:
  • Personal and business Membership shares

For example, let’s say that you earned $100 in interest from your high-interest savings account (HISA) in 2021. With the 7.52% bonus interest, you’ll receive an extra $7.52.

As an example of the interest rebate, let’s say that you paid $10,000 in interest on your Vancity mortgage and line of credit. With the rebate, you’ll receive $125 back.

Vancity Reviews

Vancity has earned numerous awards over the years. This includes being named the #1 Best Bank in Canada by Forbes in 2020, the Best Local Employer and Best Credit Union by the Georgia Straight in 2020, and #1 in the Banks group for the Corporate Knights Best 50 Corporate Citizens list in 2020.

Appearing recently on the list of Canada's Top 100 Employers for 2019 and 2023, Vancity is rated 3.9/5 on Glassdoor and 3.8/5 on Indeed by employees.

For 2022, Forbes ranked Vancity as the 4th best bank in Canada, after Servus, EQ Bank, and Tangerine. Vancity Savings Credit Union is A+ accredited by the BBB.

Vancity Locations

Vancity has 55 community branches across 20 cities and towns in British Columbia. The table below shows the number of Vancity branches in each city and town.

CityNumber of Branches
Cormorant Island1
Maple Ridge1
New Westminster1
North Vancouver4
Pitt Meadows1
Port Coquitlam1
Port Moody1
Squamish Savings1
West Vancouver1
White Rock1
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.