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Tiff - Victoria BC

Andrew helped my husband and I purchase our first home! He was very attentive and great at explaining our options and helped us get a great rate. We had a lot of questions and he always responded quickly and thoroughly. I definitely recommend the team at Victoria’s Best Mortgage and will be using them in the future! Thanks again, Andrew!

Paul - Victoria BC

I had a superb experience in dealing with Andrew Libera he is a true professional, very knowledgeable, relaxed, honest, courteous, great listener/adviser, prompt at returning calls/e-mails he’s got everything you’re looking when trying to find a Great Mortgage Broker! I would be happy to recommend him to any family member or friend of mine without hesitation. Look no further you’ve found your Broker!

Kevin - Victoria BC

Andrew provided top notch service. We were first home buyers and he went above and beyond the call to explain and make sure everything was crystal clear and easily understood. The myriad of forms and requests were handled quickly and courteously, more than once coming to our home in person to pick up or deliver documents. We wouldn’t hesitate to recommend Andrew to anyone searching for personal service with a very approachable and knowledgeable background. We literally wouldn’t have gotten our new home without him.


Andrew Libera | Founder

Your Best Local Mortgage Options

Your Victoria Mortgage Broker Experts

The number one question we get; "Is it good to get a mortgage from a bank or a broker?"

Answer: Getting Your mortgage with the right lender can save You Tens of Thousands of Dollars, and a lot of stress. A mortgage broker can match you with the right lender for your specific situation. How does that benefit you?

So if you are looking for a low-rate flexible home loan, we are your local home finance experts – your 5 Star Mortgage Broker in Victoria BC. You are unique and deserve a personalized solution. Don’t settle for the limited offerings of a single financial institution; a bank, credit union or other lender. We are specialists dedicated to matching you with the ideal home mortgage product, with the best rate, and greatest pre-payment flexibility.

Whether you are a first-time home buyer, buying your next home, or purchasing an income property we have the right home purchase financing solution. We also provide to refinancing solutions to create a purchase down payment or for debt consolidation of existing high interest loans.

If you have any questions you can contact us directly via email or by phone at 250-483-5558. Call us today to make an appointment for a private consultation in our office. Our expert advice will surely be of great help in finding you the right mortgage that offers true value for your money.

As part of Mortgage Alliance we have direct access to high quality lenders’ mortgage products. Whether it is negotiating for the lowest rate, ensuring pre-payment flexibility, or planning for the future growth of your investment property portfolio, you can relax while we get to work and take care of everything.

Victoria Mortgage News

Bank of Canada to maintain current level rate policy

Bank of Canada will keep present level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program The Bank of Canada today maintained the target of its for the overnight price on the highly effective lower bound of ¼ %, with the Bank Rate at ½ % along with the deposit rate at ¼ %. The Bank is keeping its remarkable forward direction, reinforced and also supplemented by its quantitative easing (QE) program. The Bank is recalibrating the QE system to shift purchases towards longer term bonds, that contain much more immediate impact on the borrowing fees

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2020 Thoughts on Fixed vs Variable

Fixed or adjustable – it is the ongoing mortgage product decision many mortgage buyers are faced with. And it has only been made more complex since the beginning of the pandemic. Towards the second half of 2019, variable rates have been the most obvious and popular choice. But a great deal has changed since then. In March, fears over the COVID 19 pandemic as well as the consequent lockdown forced the majority of banks along with other mortgage lenders to reduce their key rates from 3.95 % to 2.45 % within the span of only one month. Higher funding costs

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Affordability and Alternative Lending Options Part 1

Motions within the rental market are excellent signs of the state of housing affordability. When folks cannot find the money to purchase, they rent, and also when there is an influx of renters in a field with constrained housing supply, landlords are in a position to demand more. In Victoria we’re seeing increasingly low residential vacancy rates and higher rents. Consequently, any improvements are welcome to the stakeholders of the real estate market. Housing affordability in Canada has at last started seeing good fashion, thanks in large part to depreciating appreciating wages and also interest rates. Mortgage interest rates are

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Mortgage Stress Test Rate Drops to 4.79%

The Canadian national mortgage benchmark qualifying rate, or stress-test rate, has dropped for the second time in the past three months after 5-year fixed posted rate cuts by Canada’s major banks. The qualifying rate is now 4.79%, down from 4.94%. The current benchmark rate of 4.79% is just 0.15% above the all-time 2017 low of 4.64%. 4.79% is still over 2.0% above any of the available 5 year rates currently offered by MCAP, First National, RMG Mortgage, Scotia or TD. This is slightly better for buyers but still significantly impacts borrowing power particularly for BC First Time Home Buyers where

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Canadian & U.S. Central Banks Respond to Covid-19

On Friday afternoon March 13, 2020, Canadian policymakers from the Department of Finance, the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) announced a coordinated response to alleviate economic stress caused by the COVID-19 pandemic. The emergency measures, which are intended to ensure that the Canadian financial system has sufficient liquidity, included: a 50-basis point drop in the Bank of Canada’s overnight rate to ¾ percent, effective today (Monday, March 16, 2020) a reduction in the Domestic Stability Buffer requirement for systemically important Canadian banks, a move that is intended to support in excess of

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Canada Mortgage Qualifying Rate Lowered to 5.19%

Bloomberg Canada – July 19, 2019 The Bank of Canada has lowered the rate used by mortgage stress tests, used to qualify homeowners for mortgage borrowing limits, for the first time in three years. The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. It’s the first decrease in the five-year fixed mortgage rate since September 2016, when it dropped from 4.74 per cent to 4.64 per cent, and increased steadily since. Rob McLister, founder of mortgage comparison website, says the dip will increase the buying power for mortgage borrowers by allowing

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What are the Best Mortgage Rates in BC

Understand Discounted Rates and Understand the Possible Penalties.  The truth about the Best Mortgage Rates in BC. If it’s too good to be true it often is… Sometimes you’ll see a  you found a deeply discounted rate advertised in BC.  Is the broker local in Victoria or in another city and can you go and meet with them to discuss the critical details?  Is it a national bank offer or and can they clearly explain the penalty structure to you?  We pride ourselves on offering the best rates, on mortgage products that are client-friendly, meaning flexible and low-fee.  Our clients

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NDP Government Changes BC Housing Landscape

The NDP provincial government has released its new budget. From a housing perspective here are the highlights (or lowlights depending on your perspective). 1. Speculation Tax This new, annual property tax will apply to foreign and domestic homeowners who do not pay income tax in BC, including those who leave their properties vacant. The new tax will initially apply to homes in Metro Vancouver, the Fraser Valley and capital regional districts in Victoria and Nanaimo, Kelowna and West Kelowna. In 2018, the tax rate will be 0.5% of assessed value. In 2019, it will rise to 2.0% of assessed value.

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Stress Test Mortgage Update – November 2017

New “Stress-Test” 2017 / 2018 Mortgage Rules Changes Explained Recently as you have probably heard in the major news media, like Global News and CBC, late in 2016, new rules were announced by OSFI with respect to residential home mortgages. The decisions leading up to these new rules are primarily driven by ‘expert’ concerns about rising home prices in a few Canadian markets Vancouver, and Toronto.  Prices in Victoria, BC are up significantly as well but our demand continues to outstrip supply even after the first wave of new rules have been implemented.  The thinking behind making it more difficult

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May 2017 – Victoria Real Estate Market Update

Victoria Real Estate Board – Basic Stats from APRIL 2018 vs APRIL 2017 Net Unconditional Sales APR 2018: 775 Net Unconditional Sales APR 2017: 885 Active Listings End of APR 2018: 2.002 Active Listings End of APR 2017: 1,690 In most price ranges throughout the greater Victoria Real Estate Board it continues to be a ‘sellers market’. Inventory continues to build slightly. The new NDP government punitive real estate related taxes combined with the national mortgage stress-test changes has made it more difficult to buy in theory but what we are seeing is the continuation of multiple-offer situations and aggressive

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