Hundreds of mortgage professionals attended CMP’s annual conference for Western Canada on March 19
Western Canada’s mortgage professionals were out in full force last week (March 19) at the Canadian Mortgage Summit Vancouver, an educational and networking event that helped brokers and lenders unpack a market that’s full of challenges and opportunities.
Hundreds flocked to the Vancouver Convention Centre for the event, which saw executives from top lenders, brokerages, and other service providers delve into the most pressing issues facing the western and national mortgage markets.
For brokers, that meant an invaluable chance to connect with lenders face-to-face, building relationships and seeking clarity on their approach amid a choppy economy and uncertain housing outlook.
Rhea Virk, founder and chief executive officer of West Capital Mortgage, told Canadian Mortgage Professional the event had arrived at a significant moment for the mortgage industry.
“A lot of lenders are pushing back on certain things, so it’s good to know if they’re doing construction mortgages, mobile homes, farms,” she said.
“We come from Abbotsford, so there are a lot of farms there and a lot of condos, townhomes. Many lenders are pushing back in terms of their LTVs [loan-to-value] on those things. It’s not 70%, 75% anymore. It’s down to 65%. So it’s just good to get feedback on those things.”
Market challenges rumble into 2026
With the housing market in Western Canada struggling to get up and running in the opening months of 2026 – much like across the rest of the country – plenty of discussion at the event centred on how brokers and lenders can continue to carve out success in a tough environment.
Virk laid out some of the main pain points at play in the current market, and how she’s navigating those hurdles as a broker.
“It’s hard to get clients in the first place in this type of market,” she said. “They’re not selling. There are a lot of homes up for sale. But we’re not seeing a lot of investors. We’re seeing a lot of first-time buyers, a lot of refinances.
“But again, there’s an issue with appraisals when it comes to refinances. The appraisals are not there and the rates are high.”
Uncertainty hangs over Western Canada and national markets
It remains to be seen whether the market will burst back into life this year. Last week’s decision by the Bank of Canada kept its benchmark rate frozen – effectively meaning no change for variable mortgage rates and home equity lines of credit (HELOCs) – and fixed rates have been on a steady climb in recent weeks as bond yields tick higher.
Those yields are jumping amid growing concern about inflation and the potential economic impact of the ongoing war in Iran, factors that could keep would-be homebuyers on the sidelines in the months ahead.
And with many believing that home prices still have some way left to fall, some buyers are also likely waiting it out to see if they can get a better deal a few months down the line.
All that points to a mixed picture for Western Canada’s housing market as spring looms into view. But while Virk is tempering expectations for the coming months, she’s also doubling down on what’s worked for her in the past in the knowledge that hard work usually reaps dividends.
“Towards spring, I know for sure that it’s not going to be the same as it was back in 2022 or 2023,” she said, “but it’s going to be better than what it is right now. I’m just doing what I’ve been doing: cold calling, reaching out to my existing clients.
“It’s slow right now, but that doesn’t stop us from doing anything. It’s not that we just sit back and there’s nothing to do. I keep doing what I do every day and that discipline needs to be there.”
Stay tuned to Canadian Mortgage Professional in the weeks ahead for more coverage from the Canadian Mortgage Summit Vancouver, including exclusive video and on-site interviews with top mortgage executives.
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