What BC Homebuyers Need to Know About New Mortgage Rules
Tanya Toye • August 21, 2025
If you’re planning to buy a home in British Columbia in the next few years, there’s good news: new rules are coming that will give you stronger protections when it comes to your mortgage.
The province has introduced the Mortgage Services Act, which officially takes effect in fall 2026. While that may seem a little way off, it’s an important change that every homebuyer should know about – because it’s designed to make the mortgage process safer, more transparent and more reliable.
For years, the mortgage industry in BC was regulated by the Mortgage Brokers Act, which dates all the way back to 1972. Although it was updated over time, it hasn’t kept up with the way the housing and financial markets have changed. The new Mortgage Services Act modernizes the rules and brings in stronger protections for consumers.
Here’s how this benefits you as a homebuyer:
- Stronger consumer protection – Licensed mortgage professionals will be held to higher standards, meaning you can trust that the advice you receive is clear, honest and in your best interest
- More accountability – The BC Financial Services Authority (BCFSA) will have greater powers to oversee the industry, investigate issues and take action if something isn’t right
- A safer housing market – The new rules also crack down on fraud and money laundering, which helps protect the integrity of the market and gives you more peace of mind
- Clear licensing categories – Mortgage professionals will be licensed based on the type of services they provide – whether they’re dealing, trading, administering or lending mortgages. That means more transparency about who does what and better protection for you as a client
These updates are about making sure homebuyers like you have the confidence that your mortgage is being handled with care and professionalism.
The act will be fully in place by next fall, giving the industry time to prepare. As your mortgage broker, my role is to stay on top of these changes and ensure you always have the right advice and support to navigate your options.
If you’re planning to buy in the near future – or simply want to understand what these changes could mean for you – I’m here to help: 604-788-8693 |
tanya@tanyatoye.ca
As home prices continue to challenge affordability, more families are exploring creative ways to make homeownership possible. One option that has been growing in popularity is purchasing a single-family dwelling together. For some families, this approach can create opportunities that may not have been achievable individually, while also offering practical support across generations. Multi-family homeownership is not a one-size-fits-all solution but, in the right situation, it can work extremely well. Parents helping adult children enter the housing market, siblings purchasing together or families combining resources to care for aging relatives are all examples of scenarios where shared ownership can make sense. In many cases, a single-family dwelling or full duplex tends to be the preferred property type for this arrangement. Whether the property is freehold or leasehold, these options often provide the flexibility, privacy and living space families are seeking. A full duplex, in particular, can offer a balance between shared ownership and independent living, allowing family members to live close together while still maintaining separate spaces and routines. Combining incomes and down payment resources may improve purchasing power and help families qualify for properties that better meet their long-term needs. Shared expenses such as utilities, maintenance, property taxes and mortgage payments can also reduce the financial pressure that many households are currently experiencing. Careful planning required Purchasing property jointly is a major decision and requires careful planning. It’s important for everyone involved to have open conversations about finances, responsibilities, future plans and expectations before moving forward. Questions around ownership structure, exit strategies, inheritance considerations and ongoing costs should all be discussed early in the process. Legal and financial advice can be extremely valuable to ensure everyone understands their rights and obligations. Lenders will also evaluate the overall application differently when multiple borrowers are involved. Income sources, credit history, debt levels and the intended use of the property all play a role in financing approval. Working with you mortgage broker can help families understand available options and how to structure the purchase appropriately. For some families, buying together may provide a practical path toward stability, affordability and long-term wealth building. While it may not be the right fit for everyone, it’s becoming an increasingly common strategy for families looking to support one another and navigate today’s housing market together. Wondering if multi-generational living is right for you? I’m here to help explain all your options. 604-788-8693 | tanya@tanyatoye.ca
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.
