The prime lending rate has climbed from 2.45% during the height of the COVID‑19 pandemic to 4.45% today, reflecting the Bank of Canada’s recent rate hikes.

Rob Preston, a builder of doctors’ offices who lives in a townhouse in Port Moody, is facing his second mortgage renewal. He says he could be paying between $600 and $1,200 more each month, depending on the rate he secures.

Data from a TransUnion report released on Aug. 25 shows that B.C. is now one of the three provinces with the fastest rise in mortgage delinquency, with a four‑basis‑point increase recorded for 2025‑2026. “Especially Vancouver and certainly in Toronto, home values are a lot higher than the national average,” said Matt Fabian, senior director of research and consultation at TransUnion, noting that larger loans mean higher monthly payments.

Court‑ordered home listings in the Lower Mainland have surged to 946 between Jan. 1 and Sept. 30 2026, the highest number in a decade, according to the property‑search platform Zealty.ca. Hamidreza Etebarian, president of Zealty.ca, said the figure includes foreclosures, estate sales, family‑law filings and bankruptcies.

Etebarian also explained why the market is under stress: the very low interest rates during the pandemic encouraged many buyers to purchase more expensive homes. “The problem was the mortgages are very cheap, the interest rates are very low. So people could afford or buy a more expensive property and now the interest rates are higher. They cannot afford it anymore,” he said.

The combination of higher rates, larger loan balances and a tightening housing market means that mortgage renewals are becoming a critical moment for homeowners. Those who act early and discuss options with lenders may avoid deeper financial trouble.