Vancity (Vancouver City Savings Credit Union) is BC's largest credit union with over $36 billion in assets and more than 550,000 members. Founded in 1946 with a $5 deposit in a shoe box, Vancity has grown into one of Canada's most influential financial cooperatives. With a highly competitive 3-year fixed rate in Canada at 3.64%*, Vancity consistently undercuts the Big Six banks by meaningful margins — the product of a cooperative ownership model that returns profits to members rather than outside shareholders.
As a cooperative, Vancity is deeply committed to community investment. The credit union returns over 30% of its annual profits to members and community organizations — a value proposition that goes beyond just competitive rates. Vancity also offers green mortgage products with additional rate discounts for borrowers purchasing or renovating energy-efficient homes. Their Bright Ideas Home Renovation Program provides financing for eco-friendly upgrades including heat pumps, insulation, and solar panels.
Membership is open to anyone in Greater Vancouver and several BC communities including Burnaby, New Westminster, Richmond, Surrey, and the Fraser Valley. Vancity supports federal homebuyer programs including the First Home Savings Account (FHSA) and the First-Time Home Buyer Incentive. For BC residents seeking competitive 3-year fixed rates combined with green home financing incentives and cooperative values, Vancity is a strong option to consider.
Vancity calculates break penalties on fixed-rate mortgages using a standard Interest Rate Differential (IRD) methodology, comparing your contracted rate against the current rate for a term equivalent to your remaining term. Variable-rate mortgages and HELOC products carry a three-month interest penalty for early termination. Vancity uses standard charge registration rather than collateral charges, which means if you choose to switch to another lender at renewal, you can do so without incurring the legal discharge and re-registration costs associated with collateral charge lenders.
Vancity membership is open to individuals and businesses located in Greater Vancouver and select BC communities including Burnaby, New Westminster, Richmond, Surrey, Langley, Abbotsford, and the Fraser Valley. If you live, work, or operate a business in a Vancity-served area, you can join by purchasing a $5 member share. Residents of other BC communities outside Vancity's service area, or residents of other provinces, are not eligible for membership. For BC residents outside Vancity's area, Coast Capital Savings is an alternative with similar rate competitiveness and a broader BC geographic footprint.
Vancity offers green home financing products that provide additional rate discounts or financing for energy-efficient homes and renovations. Their Bright Ideas Home Renovation Program offers financing specifically for eco-friendly upgrades including heat pumps, insulation, windows, solar panels, and electric vehicle chargers. Borrowers purchasing a home with an EnerGuide rating of 80 or higher may qualify for a discounted mortgage rate. These green products align with Vancity's broader mission of community sustainability and climate action, and can provide meaningful savings for environmentally conscious borrowers.
Vancity's 3-year fixed rate is a highly competitive 3-year fixed rate — significantly below the big banks (who are typically in the 5.50–6.00% range on posted rates) and even below most broker-channel monoline lenders. The rate advantage stems from Vancity's cooperative ownership structure, which eliminates the need to generate profits for outside shareholders. Vancity funds mortgages through member deposits, which can be a lower-cost funding source than some wholesale markets. The result is a rate that saves BC borrowers thousands of dollars compared to the big banks over a 3-year term.
Have a specific question about Vancity rates, products, or eligibility? A licensed broker will review your question and be in touch.