Mortgage renewal vs switch to a new lender in British Columbia.

Switches inside insured-mortgage rules don't trigger the stress test for the same balance — but switches with increases (refinance) do.

British Columbia adds its own layer. Lower Mainland and Victoria carry premium pricing and tighter lender appetite on leasehold and strata files. Wildfire/flood disclosures now affect insurance binders in the Interior. That matters here because underwriters are already scrutinizing the income side of a mortgage renewal vs switch to a new lender file — a property or program complication local to British Columbia can push a marginal file over the edge.

Property Transfer Tax: 1% on first $200K, 2% to $2M, 3% above, 5% above $3M on residential.

Programs to check eligibility for in British Columbia:

• First-Time Home Buyers' Program (PTT exemption up to $500K)
• Newly Built Home Exemption
• FHSA

• Current mortgage statement
• Renewal offer from existing lender
• Income and credit documents per standard application

British Columbia nuance: Self-employed BC borrowers should expect to provide T1 Generals plus business bank statements going back 12 months.

• Strata depreciation reports and contingency reserves are underwriter-grade documents in BC.
• Speculation and Vacancy Tax applies to certain owners — disclose residency status upfront.
• Foreign Buyer ban interacts with BC's additional property transfer tax.

Underwriter view of this scenario: The switch process is meaningfully easier than a refinance because the insurance status carries over. Brokers add the most value here.

• Start shopping 120 days before renewal
• Do not increase the balance unless you mean to trigger a refinance
• Compare prepayment privileges and penalty structures, not just rate

• Letting renewal lapse — the lender can move you to an open variable rate at much higher cost.