Your bank can only offer their own products. Our team of 7 licensed brokers across BC has access to a wide network of lenders — banks, credit unions, monoline lenders, and alternative lenders — so we compare options side-by-side and find the right fit for your long-term goals, not a specific lender's bottom line. In most cases our services cost you nothing, as brokers are paid by the lender you choose. We manage the entire process from application to closing, and because you have a full team behind your file, complex situations get collective expertise and faster turnaround than a single broker can offer. We're especially experienced with files that don't fit traditional bank criteria — including self-employed clients, newcomers to Canada, and buyers with non-traditional income.

In the vast majority of cases, yes. For standard residential mortgages, brokers are compensated by the lender you choose—not by you. We’ll always be upfront if a fee applies to your specific situation before we move forward.

If your situation requires a specialized solution (like a private or commercial mortgage) where a fee might apply, we are legally required to disclose that upfront so there are never any surprises.

Yes, we are licensed to serve clients across all of British Columbia, not just Greater Vancouver. We work with clients throughout the Lower Mainland, Vancouver Island, the Interior, and beyond. We are also work with brokers throughout the Canada to assist you with home purchasing in other provinces.

1 ) You are are a resident of Canada
2) You are of legal age in your province (19 in BC, 18 in Ontario) but younger than 71 as of December 31 of the year you open your FHSA  (for just FHSA)
3) You did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned in this calendar year or in the previous 4 calendar years.
4) You did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that your spouse or common-law partner owned or jointly owned in this calendar year or in the previous 4 calendar years

TIP - The above are different qualification for the property tax exemption as a First time home buyer which has other requirements to meet

You should budget between 1.5% and 3% of the purchase price for closing costs. While the seller pays the Realtor commissions, the buyer is responsible for:

• Property Transfer Tax (PTT): 1% on the first $200k, 2% on the balance up to $2M.

• Legal Fees: Typically $1,200–$2,000 for a lawyer or notary.

• Title Insurance: $200–$500 (usually required by your lender).

• Appraisal Fee: $300–$500 (if not covered by the lender).

• Property Tax Adjustments: Reimbursing the seller for prepaid taxes or strata fees.

Our team will verify your eligibility for every available grant and exemption as part of your pre-approval process. As of 2026, key programs for first-time homebuyers in BC include:

• 30-Year Amortization: Lower monthly payments and increased qualifying power.

• $1.5 Million Insured Cap: Reduced down payment requirements for homes over $1M.

• BC Property Transfer Tax (PTT) Exemption: Savings of up to $8,000+ on closing costs.

• FHSA & Home Buyers’ Plan (HBP): Tax-free withdrawal of up to $60,000+ from registered savings.

Our brokers stay up-to-date in real-time to ensure you never miss an opportunity to save.

Typically: proof of income (pay stubs and T4s for salaried employees; T1 Generals and NOAs for self-employed), a government-issued ID, proof of your down payment (bank statements), and details on any existing debts. Your broker will give you a specific checklist based on your situation.

Most pre-approvals are completed within 24–48 hours once we have all your documents. A pre-approval is not a guarantee of final mortgage approval, but it is the most important first step before starting your home search. It also gives you a clear picture of what you can realistically afford — so when you find the right property, you already know the financing side is a green light. In competitive markets like Vancouver, this puts you in a much stronger position to make a confident, clean offer.

A mortgage application does create a "hard inquiry" on your credit report, which can have a small, temporary effect. However, multiple mortgage inquiries within a short window (typically 14–45 days) are often treated as a single inquiry by Canadian credit bureaus — so shopping around doesn't compound the impact. This is where working with Mortgage CoLab makes a real difference: we run a single credit check and use it to shop your file across our entire lender network. If you were to approach multiple banks on your own, each one would pull your credit separately — potentially affecting your score every time. One check. Multiple options. That's the broker advantage.

Pre-qualification is a "surface-level" estimate. It’s based on information you provide about your income and debts without the lender verifying the data. It gives you a rough idea of what you might afford, but it isn’t a guarantee.

Pre-approval is a formal step where a lender verifies your financial documentation (such as pay stubs, tax returns, and credit history). You receive a specific loan amount in writing, which allows you to shop with confidence and shows sellers that you are a serious, vetted buyer.

If your down payment is less than 20%, you are required to purchase mortgage default insurance through CMHC, Sagen, or Canada Guaranty. The premium (2.80%–4.00% of the mortgage amount) is added to your loan. It protects the lender in case of default — but it also allows buyers to enter the market with a smaller down payment. First-time homebuyers should also note that if you opt for a 30-year amortization, an additional 0.20% premium applies on top of the standard rate. This is a newer option worth discussing with your broker, as the lower monthly payments of a longer amortization can make a real difference for affordability in markets like Vancouver.

Yes. Gifted funds from an immediate family member are accepted by most lenders. You’ll need a signed gift letter confirming the money is a gift (not a loan), and the funds typically need to be in your account for at least 15* days before closing.

*15-30 days (depending on lender)

The FHSA is a registered account that allows first-time buyers in Canada to save up to $40,000 toward their first home. Contributions are tax-deductible, growth is tax-free, and withdrawals for a qualifying home purchase are also tax-free. Ask us how to combine your FHSA with the Home Buyers’ Plan (HBP) to maximize your down payment.

The Home Buyers' Plan allows first-time buyers in Canada to withdraw up to $60,000 per person from their RRSP — tax-free — to use toward a qualifying home purchase. For a couple buying together, that's up to $120,000 combined. The withdrawn amount does need to be repaid to your RRSP over 15 years, but it remains one of the most powerful tools available to first-time buyers. When combined with an FHSA, you can enter the market with a significantly larger down payment than most people realize is possible.

Yes you can, assuming you have sufficient equity in your home and your income / credit supports the request.

For example:  You are looking to purchase a $800,000 condo investment property. If your current home market is valued at $1,000,000 with $500,000 mortgage left, you can take up to $300,000 out (80% of market value) and use that as down payment.

Then you can finance the new condo for a $500,000 mortgage, and together with the $300,000 equity take out from your home, you are eligible to purchase the investment property without inputting your own savings.

Yes, depending on how you intend to use the home. 

While a 20% down payment is the standard requirement for an investment property, there are flexible options for those transitioning their living situation.

If you are purchasing a new property to serve as your primary residence—even if you plan to keep your current home and convert it into a rental - you can often secure financing with as little as 5% down (subject to the purchase price and mortgage qualification).

Your amortization is the total time to pay off your mortgage—commonly 25 years. Your term is the length of your current contract with the lender, usually 1 to 5 years. Think of it like a phone plan: the total cost of the phone is the amortization, and your 2-year contract is the term.

At renewal, you can stay with your current lender or switch to a new one—often with no penalty. Renewal is one of the most overlooked opportunities to save thousands. We proactively reach out before your renewal date and shop the market on your behalf.

The federal stress test requires that you qualify at a rate higher than your actual contract rate—currently the greater of 5.25% or your contract rate plus 2%. This ensures you’d still make payments if rates rise. We factor the stress test into your pre-approval from the start so there are no surprises.

Yes. Our team has significant experience working with newcomers to Canada and permanent residents navigating the mortgage process for the first time. Lender requirements vary depending on your residency status, employment history in Canada, and credit profile—but there are strong options available.