The mortgage world in British Columbia is seeing some of its biggest shifts in years. Recent updates from the federal government have changed the rules for “insured mortgages”, which are typically for buyers putting down less than 20%. Previously, the price limit for these loans was $1 million, but that has now been raised to $1.5 million. This is a huge win for those looking at homes in Greater Vancouver, where prices often sit above that old million-dollar mark.
Another major change is the return of the 30-year “amortization.” Amortization is simply the total length of time it takes to pay off your mortgage in full. By extending this from 25 to 30 years, monthly payments become more affordable, which can help you qualify for a larger loan. While interest rates have generally trended lower recently compared to the highs of the last couple of years, these rule changes offer even more flexibility for your budget.
Understanding these updates is key to navigating the BC market. For example, even with lower down payments, you still need to pass the “Stress Test.” This is a bank’s way of making sure you could still afford your payments if interest rates were to go up in the future. With more inventory available and new rules in play, 2026 is shaping up to be a busy year for buyers.
Whether you are a first-time buyer or looking to upgrade, these new tools make homeownership more accessible than ever.
Ready to discuss your options? Schedule a call!