If you've started shopping for a mortgage in Metro Vancouver, you've probably already realized there is no shortage of people willing to help you. Brokers, bank advisors, credit union reps, online lenders, a cousin who just got licensed last spring. The harder question isn't whether to use a broker. It's how to tell whether the one in front of you is actually going to serve you well, or just get the deal closed and move on.
The Questions Most Buyers Don't Think to Ask
Most people go into a broker conversation ready to answer questions, not ask them. That's understandable. But a good broker should welcome scrutiny. Here are questions worth raising before you commit to working with anyone.
- How many lenders do you actually work with? Some brokers have a large lender network spanning banks, monoline lenders, and credit unions. Others lean on two or three familiar relationships. More options doesn't always mean a better outcome, but it does mean more flexibility when your file isn't straightforward, which describes a lot of Metro Vancouver buyers.
- Are you recommending this product because it fits me, or because it pays you more? Not every mortgage product carries the same compensation. Some lenders pay higher finder's fees than others. A broker worth working with will answer this question directly and explain what they're recommending and why.
- Have you worked with files like mine before? A self-employed buyer in East Vancouver with two years of incorporated income is a different conversation than a salaried buyer in Langley putting 20 percent down. If your situation has any complexity, ask specifically whether the broker has navigated it before.
- What happens at renewal? Many brokers disappear after the deal closes. Ask whether they'll contact you before your term ends and help you shop again, or whether you'll be managing that yourself.
- Can you explain the stress test as it applies to my numbers? Under current rules, you need to qualify at the higher of your contract rate plus 2 percent, or 5.25 percent. A broker who can walk you through what that means for your purchase price ceiling, and what might shift it, is a broker who understands the file, not just the application form.
What the Answers Tell You
The quality of the answers matters less than whether the broker actually engages with the questions. Vague reassurances, deflection, or a pivot straight back to collecting your documents are all signals worth noting.
Local context is part of the job
Metro Vancouver mortgage files come with layers that brokers in other markets may not deal with regularly. Presale completions in Burnaby or Coquitlam with long close timelines. Strata properties with age restrictions or rental caps that affect lender eligibility. Properties near the City of Vancouver that may trigger the foreign buyer or speculation tax conversation. A broker who hasn't handled volume in this market may not know what questions to ask on your behalf, let alone how to answer yours.
Down payment rules also create real complexity here. On a purchase price of, say, $900,000, the minimum down payment isn't simply 5 percent of the total. It's 5 percent on the first $500,000 and 10 percent on the remaining $400,000. A broker should be able to walk you through that math without hesitation and explain where the CMHC insurance cap fits relative to your situation.
The Right Broker Makes the Process Legible
You shouldn't finish a first call feeling more confused than when you started. A good broker translates lender logic into plain language, flags issues before they become problems, and tells you what they can't do as clearly as what they can. That last part matters more than most buyers expect. Knowing early that a lender won't touch a certain property type, or that your income documentation will need extra work, saves time and protects your deposit.
If you're not sure whether the broker you're talking to is the right fit, trust that instinct. The questions above are a reasonable place to start that conversation.