Current Real Estate Trends and Updates Archives - Jordan Thomson https://jordanthomson.ca/blog/category/current-real-estate-trends-and-updates/ Citywide Mortgage Services Fri, 03 Oct 2025 17:42:28 +0000 en-CA hourly 1 20 KEY CHANGES in BC Real Estate Since 2010 https://jordanthomson.ca/blog/2025/09/29/__trashed-2/ Tue, 30 Sep 2025 00:12:09 +0000 https://jordanthomson.ca/?p=1336 …and Why a Mortgage Broker Matters British Columbia’s real estate market has undergone dramatic transformation over the past 15 years. Since 2010, a series of new rules, taxes, zoning reforms, and consumer protections have reshaped not only how homes are bought and sold, but also how they are financed and lived in. For both first-time […]

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]]> …and Why a Mortgage Broker Matters

British Columbia’s real estate market has undergone dramatic transformation over the past 15 years. Since 2010, a series of new rules, taxes, zoning reforms, and consumer protections have reshaped not only how homes are bought and sold, but also how they are financed and lived in.

For both first-time buyers and seasoned investors, keeping up with these shifts can feel overwhelming. This is where the expertise of a mortgage broker becomes invaluable. My role is to help you understand what these changes mean for your financing, and to create strategies that align with your goals.

Here are 20 of the most significant real estate changes in BC since 2010—and why they matter.

1. Stricter Mortgage Down Payment Rules

  • 2010: A 20% minimum down payment was required for rental properties.

  • 2011: The maximum amortization for insured mortgages dropped from 35 to 30 years.

  • 2012: A 20% minimum down payment became mandatory for homes over $1 million.

2. Tiered Down Payment System Introduced

  • 2016: Buyers must put down 10% on the portion of a home’s price between $500,000 and $1 million. Borrowers with insured mortgages must also qualify at the higher “stress test” rate.

3. Strata Rental and Age Restrictions Reformed

  • 2022: Most rental restrictions in strata buildings were eliminated. Age restrictions are now limited to 55+ only.

4. Depreciation Reports Mandated

  • 2024: All strata corporations with five or more units must update depreciation reports every five years.

5. Foreign Buyer and Speculation Taxes

  • 2016: A 15% Foreign Buyer Tax was introduced, later increased to 20% in 2018.

  • 2018: The Speculation and Vacancy Tax was implemented in designated regions, including Metro Vancouver, Victoria, Kelowna, and Nanaimo.

6. Expanded Tax Zones

  • 2018, 2023, and 2024: Foreign Buyer and Speculation Tax zones were broadened to cover additional regions of BC.

7. Homebuyer Cooling-Off Period

  • 2023: A mandatory three-day rescission period was introduced, giving buyers time to review financing, inspections, and appraisals after an offer is accepted.

8. Home Flipping Tax

  • 2025: Properties sold within one year of purchase may face a provincial tax of up to 20% on profits, tapering to zero by year two.

9. Realtor Commission Structure Under Review

  • 2024–2025: Ongoing lawsuits and regulatory scrutiny are raising questions about how real estate commissions will be structured in the future.

10. End of Industry Self-Regulation

  • 2016: Oversight of real estate shifted from industry-led to government-supervised under the Real Estate Services Act.

11. Updated Real Estate Services Rules

  • 2021–2022: Licensing, brokerage relationships, and realtor conduct standards were revised to strengthen consumer protection.

12. BC Energy Step Code

  • 2017: New energy-efficiency requirements were introduced, with the goal of all new homes being net-zero ready by 2032.

13. Elimination of Single-Family Zoning

  • 2023–2024: Municipalities can no longer enforce single-family-only zoning. Multiplex and infill housing are now permitted in most urban areas.

14. Density and Parking Near Transit

  • 2023–2024: Provincial policies increased allowable density near transit hubs and removed minimum parking requirements.

15. Short-Term Rental Restrictions

  • 2023–2024: Many municipalities limited or banned short-term rentals such as Airbnb unless the unit is a principal residence.

16. Approval of Single-Stair Apartments

  • 2023–2024: Low-rise apartment buildings are now permitted to use single-staircase construction, reducing development costs.

17. Removal of Public Hearings for Code-Compliant Projects

  • 2023–2024: Developments that already comply with zoning and building codes no longer require public hearings, accelerating approval timelines.

18. Municipal Rental-Only Zoning Powers

  • 2018 and 2023: Municipalities were given authority to enforce rental-only zoning and monitor rental housing supply more closely.

19. Agricultural Land Reserve Housing Restrictions

  • 2018–2021: Principal dwellings on farmland were capped at 500 m², and secondary dwelling rules were tightened.

20. Online Resolution of Strata Disputes

  • 2016: The Civil Resolution Tribunal was granted authority to handle strata and small claims disputes online, streamlining conflict resolution.

Why Work with a Mortgage Broker

The last decade and a half of reforms in BC have not only influenced housing prices, but also redefined how buyers qualify for and secure financing. Here is how I help clients navigate these complexities:

Expert Guidance – I track every regulatory change, from flipping taxes to zoning reforms, and explain what matters for your financing.

Tailored Mortgage Solutions – Every buyer’s financial picture is unique. I match you with lenders and products suited to your needs, even as rules evolve.

Maximizing Affordability – From stress tests to amortization limits, I help structure your mortgage so that monthly payments work within your budget.

Advocacy – Whether you are buying your first home, moving up, or investing, I negotiate on your behalf and ensure your interests are protected.

Final Thoughts

Zoning reforms, new taxes, and changing lending rules have made real estate in BC more complex than ever. Having a mortgage broker by your side ensures that you are not navigating these shifts alone. You gain clarity, confidence, and access to the best possible financing strategies—so that every real estate decision is informed and strategic.

If you are considering buying or refinancing in today’s market, I would be happy to guide you through the current rules and help you plan for what lies ahead.

Thank you to Kelly Hudson ( Mortgage Architects) for compiling this list and article info.

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]]> MARKET UPDATE – Odds favour a Bank of Canada Rate Cut https://jordanthomson.ca/blog/2025/09/08/market-update-odds-favour-a-bank-of-canada-rate-cut/ Mon, 08 Sep 2025 22:24:56 +0000 https://jordanthomson.ca/?p=1327 Canada’s latest employment report has significantly increased the likelihood of an interest rate cut by the Bank of Canada on September 17. Statistics Canada’s Labour Force Survey (LFS) for August shows a loss of nearly 66,000 jobs for the month.  That follows a drop of 41,000 positions in July.  The August unemployment rate stands at […]

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]]> Canada’s latest employment report has significantly increased the likelihood of an interest rate cut by the Bank of Canada on September 17.
Statistics Canada’s Labour Force Survey (LFS) for August shows a loss of nearly 66,000 jobs for the month.  That follows a drop of 41,000 positions in July.  The August unemployment rate stands at 7.1%, up from 6.9% a month earlier.
Looking back to June, the Survey of Employment, Hours and Payroll (SEPH) – which is considered more reliable than the Labour Force Survey (LFS) – shows more than 32,000 jobs were lost; a significant reversal from initial reports of 83,000 jobs added for the month.
Most of the August loses came in part-time positions but had an inordinate impact on workers aged 25 to 54, which is an important demographic in the first-time homebuyer market.  On-going trade trouble with the United States is getting the blame.
Employment plays an important role in the Bank of Canada’s interest rate decisions.  Market watchers now say there is a better than 80% chance the Bank will cut its policy rate later this month.  However, inflation is still the key factor.
“All told, this weak report fully reinforces any bias for the BoC to ease somewhat further here, but inflation hasn’t quite given them the all-clear,” wrote bank economist Douglas Porter in a newsletter.
The next inflation report is due September 16, one day before the Bank of Canada’s next interest rate setting.
Thank you to First National for the Market Commentary

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]]> FIXED OR VARIABLE? The 2025 Mortgage Dilemma for Canadian Borrowers https://jordanthomson.ca/blog/2025/07/19/fixed-or-variable-the-2025-mortgage-dilemma-for-canadian-borrowers/ Sun, 20 Jul 2025 06:18:46 +0000 https://jordanthomson.ca/?p=1319 In 2025, the fixed vs. variable mortgage decision is less about chasing the lowest rate and more about aligning your loan with your financial strategy. After two years of economic turbulence—rate hikes, surprise inflation data, and shifting Bank of Canada signals—the path forward isn’t exactly clear. What is clear? The decision you make today could […]

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In 2025, the fixed vs. variable mortgage decision is less about chasing the lowest rate and more about aligning your loan with your financial strategy. After two years of economic turbulence—rate hikes, surprise inflation data, and shifting Bank of Canada signals—the path forward isn’t exactly clear. What is clear? The decision you make today could impact your financial flexibility for years to come.

Fixed-rate mortgages offer stability. If your top priority is budgeting with certainty and avoiding payment shocks, locking in a fixed rate may still be your safest bet. Fixed rates have settled in recent months, and while they’re not at record lows, they’re still relatively competitive given the past two years of volatility.

On the other hand, variable rates are gaining appeal again—especially for borrowers who believe the Bank of Canada has more cuts ahead. With some lenders already pricing in future reductions, the potential for lower payments down the road is real. Variable loans also come with a critical advantage: significantly lower break penalties. That matters, because a surprising number of Canadians—nearly 60%—don’t keep their mortgage for the full five-year term.

Caught in between? Consider a hybrid mortgage, which splits your loan into fixed and variable components. It’s a practical hedge against uncertainty, allowing you to benefit from rate drops while insulating part of your mortgage from rising costs.

But here’s the part most borrowers overlook: the structure of your mortgage often matters more than the rate itself. Features like portability, prepayment privileges, and blend-and-extend flexibility can save you thousands over the life of your mortgage—and give you more control if your plans change.

In today’s market, the smartest move isn’t about picking fixed or variable in isolation. It’s about building a mortgage strategy that fits your lifestyle, your timeline, and your risk tolerance. Because in 2025, it’s not just about rate—it’s about readiness.

Questions on your mortgage, or want to compare your mortgage to what is currently available? 

Want more info like this every month? Become part of my VIP Club to get important and current news on mortgages, real estate, finance and more? Email jordan@citywidemortgage with “VIP Club”!

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]]> PRE-SALE PITFALLS: WHAT TO KNOW BEFORE BUYING A CONDO OFF-PLAN https://jordanthomson.ca/blog/2025/07/04/pre-sale-pitfalls-what-to-know-before-buying-a-condo-off-plan/ Sat, 05 Jul 2025 00:04:58 +0000 https://jordanthomson.ca/?p=1316 Buying a condo before it’s built—often called buying “off-plan” or “pre-sale”—can seem like a smart move. Early access, lower prices, and VIP incentives are all part of the allure. But for many buyers, what starts as an exciting opportunity ends in costly frustration. Before you sign on the dotted line, here’s what you need to […]

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Buying a condo before it’s built—often called buying “off-plan” or “pre-sale”—can seem like a smart move. Early access, lower prices, and VIP incentives are all part of the allure. But for many buyers, what starts as an exciting opportunity ends in costly frustration.

Before you sign on the dotted line, here’s what you need to know.

1. Construction Delays Are the Rule—Not the Exception

That “anticipated completion date” on the brochure? Treat it as a guess, not a guarantee. Developers often face delays due to labor shortages, permitting issues, supply chain bottlenecks, or weather disruptions. Contracts usually allow for extensions, sometimes for years. If your life plans hinge on that closing date—renting out your home, relocating, or locking in financing—you could be in trouble.

Protect yourself by negotiating a firm outside completion date and understanding your rights if the project is delayed beyond that window.

2. Financing Isn’t Guaranteed

You won’t get a mortgage today for a home that doesn’t exist yet. Most lenders issue final approvals within 90–120 days of completion, not years in advance. Between now and then, your financial situation, credit score, or interest rates could change—affecting your ability to qualify. In a declining market, even the appraised value could come in lower than your contract price, leaving you short on funding.

Smart buyers stress-test their finances, secure long rate holds if possible, and build in a financing condition if the developer allows it.

3. Your Deposit May Be at Risk

Pre-construction deposits are typically 5%–20% of the purchase price and can be tied up for years. If your financing falls through or you can’t close, you could lose that money. Even worse, if the developer cancels the project, you might face delays getting your deposit back—or lose interest income on those funds.

Always ensure your deposit is held in trust or protected by deposit insurance. And be crystal clear on the terms under which it’s refundable.

4. The Market May Shift Beneath You

Pre-sales lock you into today’s pricing. But the real estate market—and your personal finances—can change dramatically before you ever take possession. If prices fall or interest rates spike, you may regret locking in that number. Worse, if you planned to flip the unit, shrinking demand or oversupply could derail your exit strategy.

This isn’t a problem if you’re buying to live. But if you’re banking on appreciation, understand the gamble you’re taking.

5. Not All Developers Are Created Equal

A glossy presentation doesn’t guarantee execution. Some developers have a history of late completions, poor workmanship, or walking away from projects entirely. If your builder cuts corners or fails to deliver on what was promised, your options may be limited—and expensive.

Research their track record. Visit past projects. Ask about their warranty coverage. And avoid builders without a long, successful completion history.

6. What You See Isn’t Always What You Get

Floorplans can change. Windows get smaller. Ceilings get lower. The high-end appliances in the showroom suite might be swapped for cheaper models by move-in. Unless your contract includes specific specs, you could end up with something very different than what you thought you bought.

Push for detailed finish schedules and insist on the right to inspect your unit before final closing.

7. The Contract Isn’t on Your Side

Pre-sale agreements are written by the developer’s legal team—and they’re not there to protect you. These contracts often include “sunset clauses” that allow the builder to cancel the deal if construction isn’t completed by a certain date, without penalty. Other clauses allow design changes, material substitutions, and possession delays.

Hire an experienced real estate lawyer to review every word. It’s not just about what’s in the contract—it’s about what’s missing.

Final Thoughts

Buying a pre-sale condo isn’t wrong—it’s just risky. If you understand those risks and structure the deal carefully, it can still be a smart move. But go in eyes open. Don’t let the showroom dazzle distract you from the fine print. The more you prepare, the better your chances of turning that empty blueprint into a solid financial win.

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]]> UNCERTAINTY TRIGGERS BANK OF CANADA RATE CUT https://jordanthomson.ca/blog/2025/03/17/uncertainty-triggers-bank-of-canada-rate-cut/ Mon, 17 Mar 2025 21:46:39 +0000 https://jordanthomson.ca/?p=1311 It has become the recurring theme in the Canadian economy: the on-again, off-again trade war with the United States. And in the tradition of hoping for the best and preparing for the worst the Bank of Canada is using the one weapon it has, interest rate policy. Last week the central bank trimmed its trend […]

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It has become the recurring theme in the Canadian economy: the on-again, off-again trade war with the United States. And in the tradition of hoping for the best and preparing for the worst the Bank of Canada is using the one weapon it has, interest rate policy.

Last week the central bank trimmed its trend setting Policy Rate for the seventh straight time, dropping it another 25 basis-points to 2.75%. Even though the year started strong, with good GDP growth and inflation under control, the uncertainty swirling around American tariff threats has caused a chill in the economy.

“While it is still too early to see much impact of new tariffs on economic activity, our surveys suggest that threats of new tariffs and uncertainty about the Canada-U.S. trade relationship are already having a big impact on business and consumer intentions,” Bank of Canada Governor Tiff Macklem said.

Macklem has also warned that the Bank cannot shield the Canadian economy from the financial impact of tariffs, but that it can use interest rates to manage a potential surge in inflation.

The chill in the broader economy is also being felt in the housing market. High hopes, mainly among sellers, have dropped as sales have dipped. Prices are also drifting lower in a number of bell weather markets.

On the positive side, buyers now have a wider selection of homes to choose from given the growth in new listings over the past several months. That, somewhat, better bargaining power might be enough to coax some reluctant house hunters back into the market.

First National Market Commentary, March 17

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]]> DOES CONSOLIDATION MAKE SENSE FOR YOU https://jordanthomson.ca/blog/2024/07/18/does-consolidation-make-sense-for-you/ Fri, 19 Jul 2024 02:20:42 +0000 https://jordanthomson.ca/?p=1306 Does Consolidation Make Sense For You As we move forward through the year, most of us have our eyes peeled on the slowing economy, the decrease in housing prices and how our household budgets will weather any storm that lies ahead. And while I don’t think now is a time to panic, I do think […]

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]]> Does Consolidation Make Sense For You

As we move forward through the year, most of us have our eyes peeled on the slowing economy, the decrease in housing prices and how our household budgets will weather any storm that lies ahead.

And while I don’t think now is a time to panic, I do think that now is a perfect time to take a detailed look at our monthly cash flow – plan for paying down high interest debts, cut unnecessary expenditures, start building an emergency fund and reset all payments possible to make sure we come out on top.

While cutting back on our daily coffee runs and canceling unused subscriptions are helpful, the truth is that for most Canadians the real budget buster is the interest accrued on high interest, unsecured consumer debt. Currently, the average Canadian carries around $20,000 in consumer debt whether they hold a mortgage or not. With that in mind we are seeing an uptick in homeowners looking to leverage their valuable equity to pay out high interest debts. But with mortgage rates increasing, will you really be saving?

To calculate if consolidation is the right choice for you, we must first understand your effective rate or the combined rate you are paying across all your outstanding debts, including both your mortgage and other facilities. If your effective interest rate is higher than your current mortgage rates (or in some cases, even if it’s not) then consolidation could be an amazing option for you. With equity still at an all-time high across the country, smart consolidation via a refinance may not just save you thousands in accrued interest and give you one manageable monthly payment, but may also leave you with additional freed-up cash after your debts are paid out to invest or save for a rainy day.

If you’ve got questions about how to calculate your effective monthly interest rate, or would like help combing through your outstanding debts to get a solid understanding of how you can start building your wealth faster, reach out! I am here to guide you through the whole process and help set you up for long term success!

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]]> BUYING A HOME IN BC JUST GOT CHEAPER WITH THE 2024 BC BUDGET https://jordanthomson.ca/blog/2024/02/23/buying-a-home-in-bc-just-got-cheaper-with-the-2024-bc-budget/ Fri, 23 Feb 2024 22:01:35 +0000 https://jordanthomson.ca/?p=1297 Buying a home in BC could now cost less! WATCH VIDEO HERE The 2024 BC BUDGET, in its goal to help with affordability and getting people into homes, tackles the property transfer tax exemption, flipping tax and building more homes and faster! Anything to help homeowners is a win, let’s hope it achieves its aim. […]

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Buying a home in BC could now cost less! 🏡
The 2024 BC BUDGET, in its goal to help with affordability and getting people into homes, tackles the property transfer tax exemption, flipping tax and building more homes and faster!
Anything to help homeowners is a win, let’s hope it achieves its aim.
Budget Recap –

Property Transfer Tax Exemptions: The 2024 budget introduces several changes to the Property Transfer Tax exemptions:

1. First-Time Homebuyers’ Program: The threshold for this program has been increased to reflect current market conditions. Qualifying first-time buyers can now benefit from a complete exemption on the first $500,000 of homes valued up to $835,000, potentially saving up to $8,000. According to the BC Government, this expansion is expected to make approximately 14,500 more individuals eligible for support in purchasing their first homes.

2. Newly Built Homes: Buyers of newly built homes valued up to $1.1 million will also see reduced costs through a newly implemented exemption.

3. Purpose-Built Rental Buildings: Eligible purpose-built rental buildings with four or more units will receive a property transfer tax exemption until 2030.
The BC Government estimates that adjustments to property transfer tax exemptions will save individuals approximately $100 million per year.

BC Home Flipping Tax: Starting from January 1, 2025, the BC Government is introducing the BC Home Flipping Tax as part of the Homes for People plan. This tax aims to deter speculators from inflating property prices by taxing profits made from selling residential properties within two years of purchase. There will be specific exemptions for life circumstances such as divorce, death, illness, and relocation for work. Revenue generated from this tax will be allocated towards building affordable housing across the province.

BC Builds: Budget 2024 allocates $198 million in new funding for BC Builds, a program that supports the development of new housing suitable for middle-income individuals and families. BC Builds utilizes government-owned and underused land, as well as lower borrowing rates, to offer low-cost financing for construction projects. By streamlining the development process and working closely with various stakeholders, BC Builds aims to deliver affordable housing within 12 to 18 months, significantly shorter than the current average timeframe of three to five years. These new units will be income-tested, ensuring that they remain affordable for middle-income earners, thereby addressing the housing needs of BC communities.

For more info on how the BC Budget is trying to help more homebuyers, you can check out my Video or give me a call to chat.

WATCH VIDEO HERE

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]]> MORTGAGE PAYMENT SCHEDULE 101 – YOUR ULTIMATE GUIDE https://jordanthomson.ca/blog/2024/01/15/mortgage-payment-schedule-101-your-ultimate-guide/ Mon, 15 Jan 2024 20:44:33 +0000 https://jordanthomson.ca/?p=1286 “There are two common mortgage payment types: combination of principle and interest and interest only. The principle and interest rate means every time you make a payment, you’re paying both the interest and the principal amount of the original loan. Interest-only payments make a dent on the interest of the mortgage first and foremost. Over […]

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]]> “There are two common mortgage payment types: combination of principle and interest and interest only. The principle and interest rate means every time you make a payment, you’re paying both the interest and the principal amount of the original loan. Interest-only payments make a dent on the interest of the mortgage first and foremost. Over time, they begin to impact the principal amount as the interest becomes lower.”

Read the full article here >> 

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]]> BC ASSESSMENTS – 2 MYTHS DEBUNKED https://jordanthomson.ca/blog/2024/01/06/bc-assessments-2-myths-debunked/ Sat, 06 Jan 2024 23:11:08 +0000 https://jordanthomson.ca/?p=1283 WATCH THE VIDEO HERE BC Assessments are out and homeowners can check it out online at www.bcassessment.ca in addition to getting a copy in the mail. There are 2 misconceptions that I hear every year from homeowners so I’ve decided to break it down to set the record straight. 1- Assessed value is not the […]

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]]> WATCH THE VIDEO HERE

BC Assessments are out and homeowners can check it out online at www.bcassessment.ca in addition to getting a copy in the mail.

There are 2 misconceptions that I hear every year from homeowners so I’ve decided to break it down to set the record straight.

1- Assessed value is not the same as Market Value

2- An increase in your assessed value automatically equals an increase in property taxes or conversely, a decrease in assessed value reduces your property taxes.

Here’s all the info! WATCH THE VIDEO HERE

 

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]]> BREAKING NEWS ON INFLATION – CRUSHES ESTIMATES AND NOT IN A GOOD WAY https://jordanthomson.ca/blog/2023/09/19/breaking-news-on-inflation-crushes-estimates-and-not-in-a-good-way/ Tue, 19 Sep 2023 19:39:11 +0000 https://jordanthomson.ca/?p=1264 BREAKING NEWS ON INFLATION – CRUSHES ESTIMATES..and not in a good way. Canada’s rate of inflation re-accelerated by more than expected for the second straight month, due largely to: – higher gasoline prices – shelter prices up ( which includes mortgage interest costs) – BUT price growth for groceries slowed. -> Annual inflation: 4.0%, up […]

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BREAKING NEWS ON INFLATION – CRUSHES ESTIMATES..and not in a good way.
Canada’s rate of inflation re-accelerated by more than expected for the second straight month, due largely to:
– higher gasoline prices
– shelter prices up ( which includes mortgage interest costs)
– BUT price growth for groceries slowed.
-> Annual inflation: 4.0%, up from July’s 3.3% (consensus: 3.8%)
-> Monthly inflation: Up 0.4% (consensus: 0.2%)
-> Average core inflation (y/y): 4.0% vs. 3.75% in July
-> Average core inflation (3-month): 4.5% vs. 3.5% in July
Tuesday’s numbers highlight the challenge in the current phase of the inflation battle to get inflation down to 2%
Don’t forget to CLICK ON THE LINK TO GET THE FULL POST

READ THE LATEST INFLATION NEWS HERE

 

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