Ep. 111 — What Happens to Your BC Mortgage When You Die, Wills, Insurance & $4.4B in Unsold Condos

Your BC mortgage doesn't disappear when you die — and most Canadian homeowners have no plan for what happens next. In Episode 111 of The Real Deal Pod, Fraser Valley realtor Allister Carrington and BC mortgage broker Geoff Lee cover what actually happens to a BC mortgage when a homeowner passes away, why 50% of Canadians have no will, and what joint tenancy vs. tenants in common really means for your family.

They also cover Allister's Did You Know: $4.4 billion in unsold Metro Vancouver condos and why three-bedroom units at a 27.3% unsold rate represent one of the biggest negotiating opportunities BC buyers have seen in years.

What you'll learn:

• What happens to a BC mortgage when you die — the bank doesn't automatically take your home
• Joint tenancy vs. tenants in common: how your BC property is registered determines where it goes
• Whether a surviving BC spouse can keep the home — and what lenders actually require
• Mortgage insurance vs. life insurance: debt replacement vs. income replacement — why you need both
• Why your employer life insurance almost certainly isn't enough to cover a BC mortgage
• 50–52% of Canadian adults have no will — and in BC, no will means the province decides
• How to keep your will current and who should have a copy
• Corporate wills and why 70% of BC business owners have no succession plan
• $4.4B in unsold Metro Vancouver condos — the buyer opportunity broken down by unit type
• Why only BC and Ontario are posting negative sales while the rest of Canada is near record highs
• BC snap election numbers: $5.7B surplus in 2022 to a $13.8B deficit today

Hosted by Allister Carrington | Fraser Valley Realtor | www.AllisterCarrington.com Co-hosted by Geoff Lee | BC Mortgage Broker, GLM Mortgage Group | www.GLMmortgage.com