This week I was invited to attend an exclusive session with SAGEN (formerly Genworth Canada) by one of my top Lenders, First National. The data they shared regarding the British Columbia housing market is eye-opening.
As we move into March 2026, the British Columbia real estate landscape is navigating a unique “economic crossroads.” To help you and your clients make sense of the current climate, I’ve distilled the most recent data from Sagen into five key pillars.
This is the “essential math” currently driving the BC housing market.
- Economic Resilience Through Diversification
While trade tariffs and shifting U.S. relations are often in the headlines, BC’s economy has shown remarkable adaptability. Total exports now account for roughly 13% of Provincial GDP, but the destination of those goods has shifted. In just three years, reliance on U.S. exports dipped from 57.5% to 51.7%, while trade with Mainland China has grown to nearly 20%. This diversification serves as a vital buffer, providing the economic stability required to keep the housing market grounded.
- The 30-Year Amortization “Bridge”
The 30-year amortization is no longer just an “option”—it has become the primary bridge for the BC middle class. Last year, 60% of all BC mortgage applications opted for a 30-year term. Most tellingly, 51% of those applicants would not have qualified for their home under a traditional 25-year schedule. This flexibility is the single most important tool currently keeping homeownership attainable for local families.
- The High-Quality BC Borrower
Despite higher carrying costs, the BC borrower remains financially disciplined. The average Gross Debt Service (GDS) ratio sits at a healthy 29%, well within safety margins. Furthermore, our “New to Canada” segment—led by Surrey with 16% of total applications—is showing incredible strength, with 87% of these borrowers boasting credit scores over 700.
- The $1.19M Reality
In British Columbia, the “million-dollar home” is no longer a luxury niche; it is the new benchmark for family housing. BC now accounts for 21% of all $1M+ mortgage applications in Canada, with the average purchase price in this segment hitting $1,190,000. To manage the monthly carry, 62% of these buyers are utilizing 30-year amortizations to balance their cash flow.
- The Victoria & Urban Factor
The data highlights a significant “urban fortress” effect. In downtown Vancouver, for example, 100% of insured loans remain urban, supported by an average household income of $187,283. Meanwhile, in regions like Victoria and Surrey, we are seeing a “Bank of Mom and Dad” effect, with 23% of borrowers province-wide utilizing gifted down payments to secure their piece of the market.
The Bottom Line
We have officially shifted into a Buyer’s Market in many regions as inventory grows, yet prices remain stable over the long term. While we continue to watch federal immigration adjustments and trade tariffs, the combination of diversified income and high credit quality suggests a very solid foundation for the year ahead.