Banking On the B-Word: How You Can Get a Mortgage in Vancouver After Bankruptcy

Marci • April 19, 2014

Getting approved for a mortgage loan after going through a bankruptcy might feel like an impossible feat to many. Though bankruptcy is certainly harsh on one’s credit, it isn’t actually the end of the world. If you’re banking on the B word being overlooked, you should know that there are several ways to achieve a mortgage after bankruptcy in Vancouver. Here are some ways you can up your chances of having that dreadful B word overlooked. Bankrupcy pic April 2014

Avoid Discouragement and Shop Around for Lenders

One of the great things about getting a mortgage in Vancouver, whether after bankruptcy or not, is that every borrower has the opportunity to shop around for the right lender. Just because one lender says no, for example, doesn’t mean that another will have the same response. Going through a mortgage broker, rather than a bank, can be especially beneficial when looking for a lender after you’ve gone through bankruptcy. Since each private lender has their own rules when it comes to approving mortgage loans for borrowers with a past bankruptcy, you should not become too discouraged, even if several lenders say no.

Raise Funds and Trust for Your Down Payment

Another factor that is always taken into consideration, whether bankruptcy is in the mix or not, is the size of the down payment. The higher the down payment, the more trust the lender will typically have for the borrower, and the more likely they are to be approved. A high-ratio mortgage requires mortgage insurance by CMHC, and includes any mortgage with less than a 20% down payment. If you have a bankruptcy in your credit history, raising funds to get yourself above the threshold of a 20% down payment may be the key to getting yourself approved.

Work Hard to Re-Establish Credit

Re-established credit post-bankruptcy becomes important when shopping around for a mortgage and a lender who will consider approving your application. Even if it’s only been two years since the date of your bankruptcy, the lender may take into consideration the measures you’ve taken to re-establish your credit. This re-established credit should reflect a record of payments made on time with no missed or late payments. Setting up alerts for your payments and speaking with your bank regarding overdraft protection on your accounts can help to ensure you don’t miss a payment after you get through your bankruptcy.

Getting a mortgage in Vancouver, though the rules have been tightening up in the most recent years, is still something that is available to most who are willing to put in the work. With Vancouver real estate prices being relatively high, a mortgage loan is almost always necessary in order to get a home that is suitable and convenient to your lifestyle. So put in the work, and talk to a professional. You can start by doing some research and contacting us by email; a good, determined mortgage broker might be all that you need to get that approval on a mortgage, even after a bankruptcy.

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Bank of Canada Holds Rate at 2.25% — March 18, 2026

By Marci Deane • March 18, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For anyone watching the mortgage market — whether you're renewing, purchasing, or simply keeping an eye on borrowing costs — here's a breakdown of what was announced and what it may mean for you.

Is Now the Right Time to Buy? A Look at Canada's 2026 Housing Market

By Marci Deane • March 17, 2026
For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?

Everything You Should Know Before Buying a Home

By Marci Deane • March 11, 2026
Thinking About Buying a Home? Here’s What to Know Before You Start Whether you're buying your very first home or preparing for your next move, the process can feel overwhelming—especially with so many unknowns. But it doesn’t have to be. With the right guidance and preparation, you can approach your home purchase with clarity and confidence. This article will walk you through a high-level overview of what lenders look for and what you’ll need to consider in the early stages of buying a home. Once you’re ready to move forward with a pre-approval, we’ll dive into the details together. 1. Are You Credit-Ready? One of the first things a lender will evaluate is your credit history. Your credit profile helps determine your risk level—and whether you're likely to repay your mortgage as agreed. To be considered “established,” you’ll need: At least two active credit accounts (like credit cards, loans, or lines of credit) Each with a minimum limit of $2,500 Reporting for at least two years Just as important: your repayment history. Make all your payments on time, every time. A missed payment won’t usually impact your credit unless you’re 30 days or more past due—but even one slip can lower your score. 2. Is Your Income Reliable? Lenders are trusting you with hundreds of thousands of dollars, so they want to be confident that your income is stable enough to support regular mortgage payments. Salaried employees in permanent positions generally have the easiest time qualifying. If you’re self-employed, or your income includes commission, overtime, or bonuses, expect to provide at least two years’ worth of income documentation. The more predictable your income, the easier it is to qualify. 3. What’s Your Down Payment Plan? Every mortgage requires some amount of money upfront. In Canada, the minimum down payment is: 5% on the first $500,000 of the purchase price 10% on the portion above $500,000 20% for homes over $1 million You’ll also need to show proof of at least 1.5% of the purchase price for closing costs (think legal fees, appraisals, and taxes). The best source of a down payment is your own savings, supported by a 90-day history in your bank account. But gifted funds from immediate family and proceeds from a property sale are also acceptable. 4. How Much Can You Actually Afford? There’s a big difference between what you feel you can afford and what you can prove you can afford. Lenders base your approval on verifiable documentation—not assumptions. Your approval amount depends on a variety of factors, including: Income and employment history Existing debts Credit score Down payment amount Property taxes and heating costs for the home All of these factors are used to calculate your debt service ratios—a key indicator of whether your mortgage is affordable. Start Early, Plan Smart Even if you’re months (or more) away from buying, the best time to start planning is now. When you work with an independent mortgage professional, you get access to expert advice at no cost to you. We can: Review your credit profile Help you understand how lenders view your income Guide your down payment planning Determine how much you can qualify to borrow Build a roadmap if your finances need some fine-tuning If you're ready to start mapping out your home buying plan or want to know where you stand today, let’s talk. It would be a pleasure to help you get mortgage-ready.