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Things your Mortgage Broker wants you to know

The right mortgage broker can be a huge asset in your journey to homeownership in Canada. Mortgage brokers are there to guide you through the often confusing process of financing your home purchase and help you secure the best deal on your mortgage.

Here are things your Mortgage Broker wants you to know when working with them. recently outlined the top important points to keep in mind. While there is always much to consider, when making a mortgage application, these key points rank the highest of importance.

Call your broker with any and all questions first – Things Your Mortgage Broker Wants You to Know

Reach out to your broker first: Your broker is a valuable part of your real estate team, so don’t hesitate to contact them with any questions or concerns about your mortgage. Brokers want to be seen as partners in the homebuying process and should be your first point of contact for any financing-related queries. It’s always a good idea to check in with them during the homebuying process before making a financial decision of any type. Whether it be big or small, your mortgage broker will have the answer and are always happy to assist.

Understand the rules around down payments

Understand down payment rules: It’s crucial to have a clear understanding of the rules around down payments. For example, it’s important to know that borrowing money for a down payment is not allowed. Any funds received as a down payment should be documented as a gift, not a loan, to avoid jeopardizing the home purchase. Under Canadian mortgage, lending rules, is important to understand what options you actually have when it comes to down payment sources. The Last thing you want to do is render your mortgage offside while waiting to close on the home of your dreams.

Don’t make any sudden changes

Avoid sudden financial changes: While the loan process may be underway, it’s important to avoid making any sudden financial changes. Big purchases or job switches can potentially lead to the denial of your loan. If you are considering any changes, consult your broker first and be prepared to wait until after closing. Ideally, your financial situation needs to mirror until at least closing date as when you first submitted your application. Changes that you think are small, could be seen as material by the lender. Don’t be fooled, lenders often do last minute checks on credit and employment status right up until closing day.


In summary, working with a mortgage broker can greatly benefit your Canadian homeownership journey. Understanding their role and following their advice will help ensure a smoother process. Full disclosure of any, and all challenges is paramount during the mortgage application process. Often, we can help you navigate any bumps or bruises that we know about. However, it can be very difficult to explain to a lender something we were, unaware of. That could make the lending approval null and void. Remember to communicate openly, follow the rules, and avoid any sudden financial changes.

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2024 Property Assessments

Stable Values

The story for 2024 Property Assessments for British Columbia overall is stability. The assessed value of properties across B.C. has generally stabilized, with some outliers like Lytton, Haida Gwaii, and Tumbler Ridge experiencing significant increases in worth. According to the B.C. Assessment Authority, as of July 1, 2023, property values changed between minus 10% and plus 5% on average. In the Lower Mainland, the range was between minus 5% and plus 5%. B.C. Assessment’s lead assessor, Bryan Murao, stated that the overall housing market has generally stabilized in value across the Lower Mainland and throughout B.C. Most homeowners can expect modest changes in the range of minus 5% to plus 5%, which is notably less than previous years. For example, the average detached home in Vancouver saw an increase of 9% in value in 2022 and 16% in 2023.

Commercial and Development Values

Murao also mentioned that commercial and industrial properties are generally increasing in value at a higher rate than residential properties, particularly in areas like the Fraser Valley, where limited industrial land is driving up property values. In the Lower Mainland region, the overall total assessment values increased from about $1.94 trillion to nearly $2 trillion. Almost $27.2 billion of the increased assessments in the region are attributed to new construction, subdivisions, and rezoning of properties.

Residential Properties

In terms of specific areas, for single-detached homes, 2024 property assessments increased by 4% in Vancouver, Burnaby, and Coquitlam, with the average detached home price in Vancouver now at $2,209,000. The average assessed value of a detached home in Surrey remained unchanged at $1,609,000. The District of Hope experienced a 13% decline in assessed value, with the average detached home now worth $611,000. Notably, the value of detached homes in Hope rose 14% last year and 45% the year before during the COVID-19 real estate boom.

There were significant changes in Whistler, as the average assessed value of a detached home went down 2%, now sitting at $2,842,000. Last year, a detached Whistler home saw an increase in value of 11%, and 29% the year before. In the strata property class (condos and townhouses), the Lower Mainland saw varying performance across different areas.

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