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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BC’s Property Transfer Tax (PTT) exemption
In BC, first-time buyers may qualify for a full or partial Property Transfer Tax exemption, saving thousands at closing. To qualify, you must be a Canadian citizen or permanent resident, at least 18, and have never owned an interest in a home anywhere in the world. Your spouse or partner must also meet these criteria during your time together. Unlike some programs, this is a strict “never-ever” rule, so past ownership anywhere—foreign or domestic—can disqualify you.

RRSP Home Buyers’ Plan and FHSA in BC
If you’ve owned a home in the past but haven’t lived in one in the last four years, you may still qualify for the RRSP Home Buyers’ Plan (HBP) or a First Home Savings Account (FHSA). Both programs let you use savings toward a down payment with favourable tax treatment. The FHSA is especially powerful because opening it early—even with a small contribution—starts your eligibility clock, giving you flexibility for your future purchase.

Why knowing your status matters
First-time buyer status can also impact your mortgage options. In BC, first-time buyers with mortgage insurance can access a 30-year amortization on resale and new homes, whereas repeat buyers are limited to 25 years for resale. Understanding the nuances of each program ensures you don’t leave money on the table and makes your homebuying journey smoother and more affordable.

Need help figuring out where you land? Give me a call on 604.725.1607 or email jordan@citywidemortgage.ca

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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.

The post PRE-SALE PITFALLS: WHAT TO KNOW BEFORE BUYING A CONDO OFF-PLAN appeared first on Jordan Thomson.

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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Your mortgage is up for renewal and the interest rate you’re being offered is a lot higher than expected and going to put your finances in a pinch. Are there any other options?

There may be! If you have at least 20% equity in your home, a 25 year or less amortization and your home value was less than $1Million when you bought it, you may be eligible for “insurable” rates. These rates are better than traditional conventional rates and can save you a bundle in interest and help lower your monthly payments. The catch is you can’t get them from your bank. You can only access them through a licensed mortgage broker with a mortgage finance company aka a monoline.

Check out my interview with the Business Development Manager at one of Canada’s leading monolines to learn more. And of course, reach out to me to see what I can do for you!

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Define your Lifestyle: Do you love the hustle and bustle of city life, shun owning a car, hate cleaning, and are someone who spends little time within your home? Then a condo in Metro Vancouver or one of the other urban centres near transit (think Coquitlam, Burnaby, Surrey) could fit the bill for you. You don’t need to pay the huge prices of a home or townhome when a cozy condo would suit you just fine.

Growing Family or Backyard Lover? Then expect to live outside of Vancouver and be happy to do so because you are buying the community and home rather than proximity to the city. Today’s statistics shows that living close to family, schools, transit and family are a bigger determinant of where we want to live, versus living close to your job in the city .You may have to commute but you will get the house size and a smaller mortgage and expenses. Learn to love listening to audio books, music and podcasts!

Manage Your Expectations: You may have a dream home in mind but it pays to be flexible and understand that for most, if buying a first home, is just that; a first home that will get you into the market. In todays market the largest obstacle people face is not having a realistic understanding of what to expect and this leads to most of the frustration as they come face to face with the reality of what their dollar will get them. Addressing this head on at the onset sets up Buyers to make realistic and reasonable decisions.

The Money Talk: Firstly, speak to a mortgage broker and find out how much you can afford based on your income, job, credit, savings and debts. Work with them and other related professionals to set a plan on how to achieve your financial requirements if you haven’t already.

Know the math: How much down payment do I need, what are monthly payments, and can I afford them?

Chances are your rent is similar to a mortgage payment because your lifestyle and income have already determined where and what you live in. So, now it comes down to the down payment. This can come from your own savings, a gift from parents or immediate family member, the new First Home Savings Account or RRSP. There are options out there if you are willing to remain open; Can you live with your parents for a year and take what was your rent payment and put it towards a down payment? Consider on a $500,000 home, you can put as little as $25,000 down.

Knowing your options and preparing your finances and your expectations prior to house hunting can make your journey a much smoother and more enjoyable one! Keep an open mind and speak to your mortgage broker and real estate professionals today!

Need a professional and reliable mortgage broker on your side. Of course you do, so give me a call at 604-725-1607 or email jordan@citywidemortgage.ca

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First, what exactly is amortization? The mortgage amortization period explained

So, what is the amortization period? It’s the total amount of time it takes to pay off a loan. The mortgage amortization period is the total number of years it will take to pay your mortgage in full. Typically, this is 20, 25 or 30 years. This seems like a very long time but as with any long-term goal, break it into smaller, more manageable steps.

In the case of your mortgage, these smaller steps are called terms, explained below.

Learn more about what it is, how it works and 5 ways to reduce your amortization!

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