Foreclosures are increasing across Metro Vancouver as more homeowners face higher mortgage payments and economic pressure
Metro Vancouver home foreclosures are on the rise.
According to data highlighted in a recent article by Business in Vancouver, the region recorded 119 court-ordered listings in October 2025, up from 66 in October 2024 and 28 in October 2023. While these properties still represent less than one per cent of the market, the year-over-year jump is significant.
Why Vancouver home foreclosures are climbing
Experts interviewed by BIV point to several overlapping factors:
- Many homes purchased during the pandemic real estate boom are now up for mortgage renewal.
- Those mortgages were often financed at historically low interest rates — at times as low as 1.69% in 2021.
- Renewal rates today are closer to 3.79%, creating payment shocks for many households.
- Rising unemployment and softer home prices are adding further pressure.
As Holywell Properties’ managing broker Adam Major told BIV, “we are only at the beginning of the big mortgage renewal wave,” with elevated renewals expected well into 2026.
Some homeowners are falling behind on payments, leading lenders to begin foreclosure proceedings. Realtor Dan Wurtele told BIV that banks are taking action when arrears continue over time.
How court-ordered sales work in Vancouver home foreclosures
Court-ordered sales operate differently from standard real estate transactions. Foreclosed properties are sold strictly as-is, with no guarantees regarding their condition at possession. Most sales proceed without major issues, but buyers assume more risk than in a typical purchase.
While some of these listings attract multiple bids and sell above asking, others have closed well below comparable market values. Outcomes vary widely based on competition, timing, and the court’s directives.
In all cases, court oversight and timelines make these sales very different from traditional transactions.
Vancouver home foreclosures are a lagging indicator
It can take up to a year from the first missed mortgage payment to the point when a property is listed under court order. Because of this, the rise in Vancouver home foreclosures reflects financial stress that began months earlier.
Several professionals quoted by BIV noted that foreclosures tend to trail behind broader economic pressures, suggesting numbers may continue to climb through 2026 as more pandemic-era mortgages reach renewal.
Credit data reinforces this trend. According to Equifax figures cited in BIV’s reporting, mortgage delinquency rates in B.C. are increasing, particularly among households with larger mortgage balances. Even small increases represent meaningful financial stress in high-value housing markets such as Metro Vancouver.
Growing delinquency in B.C.
Equifax Canada’s data, as reported in BIV, shows rising mortgage delinquencies in British Columbia:
- 0.18% of mortgage accounts were more than 90 days delinquent in Q3, up from 0.14% a year earlier.
- 0.21% of outstanding mortgage dollars were 90-days delinquent, up from 0.16%.
Because B.C. and Ontario carry some of the highest mortgage balances in the country, even small jumps in delinquency rates have an outsized impact.
What homeowners can do
Financial experts interviewed by BIV recommend that homeowners under pressure speak with their lenders early, review budgeting options, and seek guidance from reputable financial-advice organizations.
If you have questions about Vancouver foreclosures, court-ordered sales, or how these trends may affect your property, the real estate team at Clark Woods LLP is here to help. Get in touch with us today!
