Rates Are Up. Could Your Next Move Still Make Sense?

By Colin Colpitts, PREC* · Apex Real Estate Group · October 28, 2026

Your current home may sell for less than you hoped. The home you want may have fallen by even more.

For someone who needs another bedroom, a yard or room for a growing family, that difference deserves a closer look. For a first time buyer, the opportunity is different: finding a suitable home at a price and monthly payment they can comfortably carry.

That is the conversation worth having across Coquitlam, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge and Burnaby.

The Bank of Canada raised its policy rate by 0.25 percentage points to 2.50% on October 28. I expect that to make some buyers more cautious. Bank of Canada announcement

Moving up? Calculate the gap.

Consider this hypothetical example. Your current home falls 10%, from $1 million to $900,000. The larger home you want also falls 10%, from $1.6 million to $1.44 million.

The purchase price gap shrinks from $600,000 to $540,000.

That is $60,000 less to bridge, before selling costs, applicable property transfer tax, mortgage penalties and financing.

Price changes vary by neighbourhood and property type. A smaller price gap can still mean a higher monthly payment if your new borrowing rate is higher.

Buying your first home? Use the time to choose carefully.

When competition is lower, use the breathing room to compare homes and negotiate appropriate financing, inspection and document review conditions.

Look beyond the listing price. For a condo or townhouse, review the strata’s finances, maintenance plans and potential major expenses. Allow for property taxes, strata fees, insurance, upkeep and an emergency reserve.

Choose a home that can meet your needs for several years, with a budget that remains manageable if prices soften further or borrowing costs rise.

Get clear on the mortgage before making an offer

Variable rates generally follow lender prime rates. Existing fixed rates stay unchanged for the current term, while new fixed mortgage offers respond to bond markets and lender funding costs. Bank of Canada mortgage guidance · Bank of Canada mortgage market speech

For a financing review, connect with Michael Hallett at Hallett Mortgage or Mark Azodi at TD Bank. Ask what you qualify for, what the payments would be and which mortgage options suit your plans. Existing owners should also discuss portability and any costs of changing their mortgage.

What the local numbers show

GVR’s September 2026 report provides the latest complete monthly snapshot. These are annual declines in the MLS® Home Price Index compared with September 2025. They predate the October 28 rate decision.

GVR reports Burnaby in three areas. These index changes describe typical properties, not the change in value of every individual home. GVR September 2026 HPI tables

Across GVR’s wider reporting region, September sales were 25% below the seasonal average for the past decade, while active listings were 24.3% above it. GVR monthly report

Today’s construction decisions affect tomorrow’s choices

CMHC reports a 40% decline in condominium apartment starts in the Vancouver metropolitan area in the first half of 2026, while rental construction remained stronger. These are regional figures, rather than separate totals for each municipality. CMHC Fall 2026 Housing Supply Report

Fewer condo starts can mean fewer completed homes available to buy several years later. If demand recovers before ownership supply catches up, competition could increase toward the end of the decade. Jobs, population growth, existing unsold inventory and interest rates will influence that outcome.

Let’s put a number on your next move

Before deciding to wait, let’s compare homes within your budget with recent sales and the mortgage payments your financing professional has outlined. If you already own, we will include realistic sale proceeds and the costs of moving.

Contact me through ApexREG.ca for a clear comparison of what your next move could cost.

Rates went up. Your next move deserves a closer look.

The Bank of Canada raised its policy rate to 2.50% on October 28.

My view: this will make some Greater Vancouver buyers more cautious. For buyers who are financially ready, a quieter market can also create negotiating room.

UPSIZING?

The gap between your current home and your next home matters.

Hypothetically, if a $1 million home and a $1.6 million home both fall 10%, the gap shrinks from $600,000 to $540,000.

That is $60,000 less to bridge before transaction costs and financing. Your monthly payment still needs to work.

BUYING YOUR FIRST HOME?

Use the opportunity to compare properties, review the building and negotiate appropriate conditions. Start with an updated mortgage approval and a budget that includes all ownership costs.

LOOKING FURTHER AHEAD?

CMHC reports Vancouver condo apartment starts fell 40% in the first half of 2026. That could mean fewer new ownership options later this decade if demand recovers.

Nobody can reliably call the bottom. A purchase should work even if prices soften further.

Text me MOVE to 6045619558 and let’s look at what a first purchase or move up could mean for you.

#GreaterVancouverRealEstate #VancouverRealEstate #FirstTimeHomeBuyer #Upsizing #ColinColpitts