Mortgage Education

Mortgage FAQs for BC Buyers

Clear answers to the questions that matter most when you're buying, renewing, or refinancing in British Columbia.

4 articles

4 topics covered

First-Time Buyers

What is the minimum down payment to buy a home in BC?

The minimum down payment depends on the purchase price. For homes under $500K it's 5%, between $500K–$999K it's blended, and $1M+ requires 20%.

Qualifying

How does the mortgage stress test work in Canada?

The stress test requires you to qualify at your contract rate plus 2%, or 5.25% — whichever is higher. It typically reduces your borrowing power by 15–20%.

Rate Strategy

Should I choose a fixed or variable mortgage rate in BC?

For most BC borrowers in 2026, fixed offers more predictability. Variable may suit shorter timelines or those expecting rate drops. The right answer depends on your situation.

Renewal

What should I do before my mortgage renewal in BC?

Your lender's renewal offer is rarely their best rate. Start shopping 90–120 days out, compare the market, and negotiate. Even 0.25% savings on a $600K mortgage is $7,500 over 5 years.

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