Who we work with in Vancouver
Vancouver's high prices and strata-dominated mix make the choice of lender matter more than almost anywhere else in BC. Lenders have rules about minimum unit size, the strata's finances, rental restrictions and the age of the building, and the rules differ from one lender to the next.
The people who call us most often:
- Buyers and owners of downtown and Yaletown condos, purchasing or refinancing.
- Owners of East Vancouver character homes renovating or refinancing.
- Self-employed professionals and trades buying in the city.
- West Side families moving up and using the equity in their current home.
- Small commercial and mixed-use buildings along Broadway and Main Street.
Character homes on the East Side and West Side each have their own lender preferences, especially where work was done without permits or the house carries a heritage designation. Where the mortgage is placed is most of the job.
What people in Vancouver ask us for
Each card goes to the page that explains it.
A first condo downtown
What you qualify for with the stress test applied, and a lender that accepts the building before you write the offer.
First-time buyers →Moving up on the West Side
Buying the larger home while the equity in the current one covers the down payment.
Buying a home →An East Vancouver renovation
Refinancing a character home to pay for the work, with a lender that is comfortable with an older house.
Refinance →Self-employed income
Two years of full tax returns (T1 generals) and notices of assessment, and company financials if you are incorporated, set out the way a lender reads them.
Self-employed →Mixed-use on Broadway or Main
Small commercial buildings with tenants, sized on the rent they bring in rather than on your pay stubs.
Investment property →A condo renewal
A heads-up twelve months before maturity, a conversation at six, and options beside the bank's offer at four.
Renewal and switch →Costs that are local
The rules, not the amounts; the amounts depend on the property.
| Item | The rule | Who handles it |
|---|---|---|
| Property transfer tax | A provincial tax on most purchases, worked out on the price and due when the sale completes. | Your lawyer or notary collects it at completion. We show you the figure before you offer. |
| First-time buyer exemption | BC can reduce or remove the transfer tax on a qualifying first purchase. Whether you qualify depends on the price and on whether you have owned a home before. | We check it with you on the first call. |
| Property tax notice | The lender wants the current year's municipal tax notice for the property. | For Vancouver properties we pull it ourselves; you do not need to find it. |
| Strata documents | For a condo the lender asks for the Form B (the strata's certificate for the unit), recent minutes and the strata's depreciation report (its long-term repair plan), and applies its own rules on unit size, rentals and building age. | Your realtor requests them from the strata. We match the building to a lender before you offer. |
Asked about Vancouver
Can you help me qualify for a Vancouver condo?
We can tell you what you qualify for under current lender rules, with the stress test applied, which is usually different from a web calculator's answer. From there the application goes to a lender that accepts the building and unit type you want. Strata rules vary a lot by lender in Vancouver.
Do lenders treat condos differently here?
Yes, lenders set rules on minimum unit size, the strata's financial health, rental restrictions and the age of the building, and the rules differ by lender. Part of the work is matching the building to a lender before you write an offer.
Do you work with clients outside Vancouver?
Yes, Lendrite is based in Surrey and works across all of British Columbia. Most of the work happens by phone, video and online, and in person when that makes sense. The team speaks English, Hindi and Punjabi.
Is there a fee for a pre-approval?
For most residential mortgages the lender pays the brokerage when the mortgage funds, so you usually pay no fee for the call or the pre-approval. Commercial, construction, agricultural, private and some complex applications may carry a fee, disclosed in writing before you commit to anything.
Lendrite is based in Surrey, BC and works with Vancouver clients by phone, video and online, and in person when that makes sense. Weekdays 8:30 am to 6:30 pm PT, weekends by appointment.