Some changes affect your mortgage now. Others could influence what gets built and how confidently people invest.
If you’re thinking about buying or selling, the latest headlines can pull you in opposite directions.
Interest rates went up. BC voters chose a new direction. There are promises to speed up construction and strengthen private property protections.
So, does that make this a better time to buy? A worse time to sell?
Neither conclusion follows automatically. But there are developments worth understanding before making your next move.
The rate increase: put it in dollars
On October 28, 2026, the Bank of Canada increased its policy rate from 2.25% to 2.50%. That’s an increase of 0.25 percentage points.
The direct mortgage impact is on variable rate borrowing through lenders’ prime rates. Your existing fixed mortgage rate does not change during its term. New fixed mortgage offers are influenced by bond yields and lender pricing, rather than automatically following this decision.
For variable mortgages whose payments adjust, an increase of this size generally means approximately $14 more per month for every $100,000 owing, based on a 25 year amortization.
On $500,000, that’s roughly $70 a month.
The exact amount depends on your mortgage terms. With a fixed payment variable mortgage, your payment may initially stay unchanged while more goes toward interest and less toward principal.
That gives the headline some perspective. It still matters to your budget, but it doesn’t automatically mean your moving plans no longer work.
Have your mortgage professional confirm your updated payment and borrowing qualification separately.
Faster approvals could help. But where does Nanaimo fit?
Preliminary results from the October 24 provincial election show the Conservatives leading in enough seats for a majority, with final counting scheduled for November 6 to 10. Their housing commitments include reducing construction charges and shortening approval timelines.
Those commitments could matter to housing supply if they become effective policy.
A builder paying financing costs while waiting for approvals needs to recover those costs somewhere. Shorter delays could help some projects become viable.
But Nanaimo has its own zoning and approval processes. A provincial promise doesn’t automatically rewrite the City’s requirements.
The Province can pass binding legislation requiring municipal changes. Nanaimo’s 2024 zoning amendments to comply with provincial small scale housing legislation are an example. The City still administers the local permit process.
My take? Watch the actual changes to approvals, charges and permitted development. Those details could matter much more to a particular property than the general promise to remove red tape.
Faster approvals could support more construction. They don’t guarantee cheaper homes or make every development site a good investment.
Property rights: clarity matters, but the election isn’t a court decision
The Conservatives have committed to repealing DRIPA and proposed additional protection for private property rights. These are political commitments, not completed legal changes.
The Cowichan Aboriginal title case is part of this discussion. Despite its name, it concerns lands in Richmond. Appeals were already underway before this election.
A new government can change its legislation and legal approach. However, Aboriginal and treaty rights also have constitutional protection under section 35. Repealing a provincial law would not itself reverse a court ruling or remove those constitutional rights.
Why does this belong in a real estate conversation?
In my view, clearer legal outcomes could help owners, lenders and developers assess risk with greater confidence. But that depends on the actual decisions and agreements. It would be premature to say the election has settled the issue or changed the value of a Nanaimo property.
What should buyers, sellers and investors do now?
Buyers: update your financing before changing your plans. Judge the home against comparable sales and your household budget.
Sellers: follow your competition, showings and offers. Political optimism needs to translate into buyer activity before it supports a different asking price.
Investors: distinguish today’s permitted use from tomorrow’s possible opportunity. Confirm the rules, servicing and financing before paying a premium for potential.
The mortgage change is measurable. Construction reforms need implementation. Property rights questions need legal clarity.
Those are different timelines, and your decision should reflect the one that actually affects you.
If you’re considering a move or investment in Nanaimo or elsewhere on Vancouver Island, reach out. We can look at the local evidence and separate what has changed from what’s still being discussed.
Michael Tran
