British Columbia Mortgage Trends and Broker Regulations
The Financial Institutions Commission of British Columbia plays an important role in establishing the standards for mortgage professionals in the province. Local organizations like FICOBC protect the integrity of the industry and ensure that the mortgage professionals in BC are sufficiently educated and participating in sound broker practices. Perhaps most importantly, they protect home buyers from misconduct under the Mortgage Brokers act.
The most popular places to get a mortgage in British Columbia these days are in cities like Vancouver, Surrey, Burnaby, Richmond and Abbotsford. In total, 4.6 million residents call the province home — a number that has quite literally doubled since the mid 1970s! This, along with a mild climate, strong economy, and an endless supply of incredible terrain for outdoor enthusiasts to explore, help explain why it's one of the most expensive real estate markets in Canada these days.
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