To pay down your mortgage faster and save on interest, make prepayments when allowed, and keep payments steady if your interest rate drops to reduce principal faster. Increase payments if your income rises and use renewal periods for lump sum payments without penalties. Opt for bi-weekly payments, consider flexible mortgages for prepayment options, or choose straight rate mortgages for lower interest. Select a term length that balances rate stability and renegotiation opportunities.

British Columbia faces a housing market challenge with over 7,000 unsold homes due to weak construction and stalled pre-sales. Rising construction costs and project cancellations contribute to supply shortages. If demand rebounds without increased development, home prices could rise by 27% by 2032. Policy changes like expanding GST exemptions, reassessing foreign buyer rules, and reducing development charges are needed to improve supply and affordability.

Despite two rate cuts by the Bank of Canada, home sales fell nearly 11% year-over-year in November, with declines in most provinces except slight increases in British Columbia, Alberta, and Saskatchewan. Financial pressures and rising credit delinquencies are limiting buyers' ability to commit to mortgages. Prices remain resilient, with some markets showing modest gains, indicating the housing market may stay stagnant until spring but could rebound quickly thereafter.

In December 2025, British Columbia recorded 4,271 residential unit sales, down 5.9% from the previous year, with an average price of $952,061, a 5.6% decrease. Total sales dollar volume fell 14.5% to $4.1 billion. Year-to-date, sales volume dropped 8.3% to $67 billion, unit sales decreased 5.6% to 70,255, and average prices declined 2.9% to $953,345. Market weakness was mainly in the Lower Mainland.