November 2026 Policy Shifts

Three changes in two weeks — and what is actually law yet

Metro Vancouver buyers have had a lot to absorb in a fortnight. The Bank of Canada raised its rate on October 28, 2026. British Columbians elected a new provincial government on October 24, 2026. And Ottawa tabled Budget 2026 on November 5, 2026, with housing measures that could matter most for presales and for buyers above $1 million.

Only one of the three has changed a mortgage payment today. The rest are proposals and promises with dates still to come. This is Day 5's policy explainer: what each one did, what is still only a proposal, and what it means for your move.

1. The Bank of Canada raised its rate — October 28, 2026

The Bank of Canada raised its policy rate from 2.25% to 2.50% on October 28, 2026 — its first increase since July 2023, after nine cuts had taken the rate from 5.00% to 2.25%. The Bank Rate rose to 2.75%, and the big banks raised their prime rate from 4.45% to 4.70%, effective October 29, 2026.

The Bank said it moved to stop high energy prices spreading to other prices. Its October Monetary Policy Report expects inflation to reach about 3.5% by the end of 2026 and average 3% in 2027, returning to 2% in mid-2028, and the Bank said there could be a need to raise the rate further. Its next decision is Wednesday, December 9, 2026.

In practice, variable-rate mortgages moved with the prime rate. Fixed rates follow bond yields, so a fixed-rate quote did not move on the day. If you are renewing or buying with a variable rate, the hike is already in your payment — check whether your pre-approval was priced before or after October 29.

2. Budget 2026 — tabled November 5, 2026

Budget 2026, tabled November 5, 2026 by Finance Minister François-Philippe Champagne, proposes about $45 billion in housing measures over 10 years, mostly through Build Canada Homes. The measures that matter most to Metro Vancouver buyers are proposals, not law yet — and the budget gives no effective date for some of them, so today's rules still apply.

Foreign buyer ban: extended for resale, exempt for new builds. The federal ban on foreign purchases of residential property, in force since January 1, 2023, was set to expire January 1, 2027. Budget 2026 proposes extending it for existing and resale homes to January 1, 2029, while exempting newly built residential properties, so non-Canadians could buy new builds. Legislation and regulations still have to be written, the budget does not define "new residential property," and it gives no start date for the exemption. Until then, the ban applies exactly as it does now.

That distinction matters here because Metro Vancouver's presale market is sitting on record unsold stock — more than 14,000 unsold new condos at the end of June 2026, and only 1,340 new condos sold in the first half of 2026, a record low. If the exemption becomes law, it would direct a new pool of buyers only at new homes, not at resale. But the BC Real Estate Association notes that BC's additional property transfer tax for foreign buyers remains in place, so the federal exemption may have limited practical effect in this province.

Insured mortgages: a higher cap, with no date yet. Budget 2026 proposes raising the price limit for optional mortgage insurance from $1 million to $1.5 million, and permitting 30-year amortizations on those mortgages when at least one borrower is a first-time buyer or the home is newly built. The budget gives no effective date, so the $1 million limit still applies today.

Missing-middle financing from February 1, 2027. New insured financing for newly built 3- to 4-unit homes starts February 1, 2027, and private insurers get 3- to 50-unit deals from the same date. That is the one housing measure in the budget with a firm start date — and it is aimed at the small rental projects and multiplexes that BC's own housing debate is also about.

3. The BC election — October 24, 2026

On October 24, 2026, the BC Conservatives won a majority, leading in 64 of the province's 93 ridings with 48.06% of the vote in Elections BC's preliminary count; a majority takes 47 seats. It is the party's first government in BC since 1928. Premier-designate Lorne Doerkson will form the government. Elections BC's final count runs November 6 to 10, 2026, and results are due to be certified November 18, 2026.

Premier-designate Doerkson has said he will scrap the municipal housing targets set under the Housing Supply Act and change Bill 44 (2023), the law allowing small-scale multi-unit housing without rezoning, to give municipalities more say over where density goes. No bill has been introduced and no cabinet has been sworn in, so that plan is stated intent, not law. Bill 44 and Bill 47, the transit-oriented areas law, remain in force until the legislature amends them — the rules that apply to a permit today have not changed. The platform also promises lower construction taxes and charges, faster approvals, and an overhaul of the BC Energy Step Code, but none of those items carries a dollar figure or a date yet.

What this means for you

Buying your first home: the Budget 2026 mortgage proposal, if it becomes law, would matter most to you — a $1.5 million insurable cap would bring far more Metro Vancouver homes into reach of an insured mortgage. But it has no effective date, so do not plan a purchase around it. The October rate hike is already real: budget for a 4.70% prime rate on a variable mortgage, and compare it with a fixed quote first.

Buying a presale: you are at the centre of two of these three changes. The foreign-buyer exemption for new builds, if passed, could add demand for exactly the kind of home developers are struggling to sell — but BC's extra foreign-buyer tax still applies, and the exemption has no start date. Compare a presale against a finished home on full cost, including GST, and check the completion date before you sign.

Selling: nothing here lifts resale prices today. The October 2026 regional composite benchmark was $1,068,600, down 5.2% year over year, with 2,024 sales and a 13.4% sales-to-active ratio — a balanced market. Price to the October benchmarks, not to the 2022 peak.

Investing: the February 1, 2027 missing-middle financing is the concrete date to watch, especially for small rental buildings. The BC government's Bill 44 plans could change what you can build on a lot — but until a bill is introduced, underwrite the rules as they stand today.

Renting or new to the region: the BC platform makes no commitment on the Residential Tenancy Act or the rent increase limit, and the 2027 rent increase limit is 2.2%. Your tenancy rights have not changed because of the election.

What to watch next

• November 6–10, 2026: Elections BC final count; certification November 18, 2026.

• December 9, 2026: the Bank of Canada's next rate decision.

• February 1, 2027: missing-middle insured financing begins.

• Legislation to come: the foreign-buyer new-build exemption and the $1.5 million mortgage cap have no effective date until Finance Canada and the insurers act.

Talk to Kevin Lee before you decide

Three governments moved in two weeks, and only one of those moves — the rate hike — has changed a mortgage payment today. If you want to know what they mean for your budget, your building, or your street, get in touch.

Contact Kevin Lee, SoldToday.ca: 604-600-5777, soldtoday.ca@gmail.com, 1200 W 73rd Ave #100, Vancouver, BC V6P 6G5. Create a free account to save searches, get alerts, and download the free BC Home Buyer's Guide. Have a question first? See the answers to 100 common real estate questions.

Sources: Bank of Canada press release, October 28, 2026 — policy rate raised 25 basis points to 2.50%, Bank Rate 2.75%, first increase since July 2023; prime 4.45% to 4.70% effective October 29, 2026 (RBC, TD, BMO, CIBC); Monetary Policy Report October 2026 — CPI about 3.5% by end of 2026, averaging 3% in 2027, returning to 2% in mid-2028; next decision December 9, 2026. Government of Canada, Budget 2026, tabled November 5, 2026 — foreign buyer ban proposed extension to January 1, 2029 for existing homes, new residential properties exempt (proposal; no definition or effective date); insurable mortgage price limit proposed $1 million to $1.5 million with 30-year amortizations for first-time or new-build buyers (no effective date); missing-middle insured financing from February 1, 2027; Build Canada Homes plus $13 billion to $45 billion over 10 years. British Columbia Real Estate Association, November 2026 — Budget 2026 housing in BC; BC's additional property transfer tax for foreign buyers remains, so the federal new-build exemption may have limited practical effect in BC; BC election October 24, 2026 preliminary results, Conservatives leading 64 of 93 ridings. Elections BC preliminary count as of October 25, 2026 — Conservatives 64 ridings, 48.06%; final count November 6–10, 2026, certification November 18, 2026. Premier-designate Lorne Doerkson statements, October 29–30, 2026 — will scrap municipal housing targets and change Bill 44; no bill introduced. Greater Vancouver REALTORS® October 2026 — regional composite $1,068,600, down 5.2% year over year, 2,024 sales, 13.4% sales-to-active ratio. Rennie, November 2, 2026 — 1,340 new condos sold in H1 2026, 14,000+ unsold at end of June. Figures are labelled by month and date as stated by each source. This post is general information, not financial, legal, or tax advice — confirm current details with a licensed REALTOR®, lawyer, notary, or accountant before you act.