Vancouver is the definition of house rich, cash poor. A typical single-family home in the city is assessed at about $2.1 million for 2026, and plenty of long-time owners are mortgage-free but living on pensions that have not kept up with the cost of living here. A reverse mortgage is one way to use some of that equity without leaving the neighbourhood.
Vancouver at a glance
| Typical 2026 BC Assessment value | Value | Change from 2025 |
|---|---|---|
| Single-family home | $2,092,000 | -5% |
| Strata (condo or townhouse) | $772,000 | -3% |
Typical assessed values as of July 1, 2025, published by BC Assessment for 2026. Your home's market value and a lender's appraisal can differ.
A couple whose youngest is 72, with a typical Vancouver house worth $2,092,000, would see roughly $773,500 to $882,500 on our calculator (location set to "Vancouver, Victoria, Kelowna area").
Illustration only. Not a quote, offer or approval. Any existing mortgage is paid out first, so your cash in hand is less. Try your own numbers in the calculator.
What to know about reverse mortgages in Vancouver
Big values, big decisions
On a $2 million home, even a modest percentage is a lot of money. That makes it easy to borrow more than you need. Because interest compounds, taking only what you need now, and drawing more later if your product allows it, usually leaves far more equity for later.
Houses and condos are treated differently
Lenders typically advance a lower percentage on condo apartments than on houses. Older Vancouver strata buildings can also come with large special levies for repairs, and strata fees must keep being paid like property taxes, so plan for them.
Compare it with downsizing honestly
Downsizing in Vancouver has real costs. When you buy the smaller place, BC property transfer tax applies: 1% on the first $200,000, 2% on the portion up to $2 million, and more above that, unless you qualify for an exemption. On a $900,000 condo that is about $16,000, before realtor fees, legal costs and moving. Sometimes downsizing is still the right move. It just is not free.
New housing rules may open other options
Vancouver now allows more homes on many single-family lots, including multiplexes, suites and laneway homes. For some owners, adding a rental suite or partnering with family on a build is an alternative or a complement to a reverse mortgage. Check the city's current rules for your lot.
The basics, in one minute
A reverse mortgage lets homeowners 55 and over borrow against their home with no regular payments required on most products. You keep title. Interest is added to the balance, so the amount owed grows and the equity left shrinks. The loan is repaid when the home is sold, the last borrower moves out for good or passes away, or the loan goes into default. You must keep paying property taxes and insurance and keep the home in good repair. Rates are typically higher than a regular mortgage, and fees apply. Read the full BC guide or the honest pros and cons.
If a spouse is not on the loan, it can come due when the borrowing spouse dies or moves out, even if that spouse still lives in the home. Check this in writing before signing.
Alternatives worth comparing in Vancouver
- A HELOC, if you qualify and can handle monthly payments
- BC property tax deferment, if the tax bill is the main pressure
- Renting a suite or room, if the home and local rules allow it
- Family help, if everyone agrees and can afford it
- Downsizing, if the home no longer fits
If a cheaper tool solves the problem, use that one. I will tell you straight if a reverse mortgage is the wrong move.
Other BC cities
Questions people ask
How much can I get with a reverse mortgage in Vancouver?
It depends mostly on the youngest borrower's age and the home. On a typical $2.1 million Vancouver house, a couple whose youngest is 72 would see roughly $773,500 to $882,500 on our calculator. That is an illustration, not a quote, and any existing mortgage is paid out first.
Do reverse mortgage lenders lend in Vancouver?
Yes. Vancouver is within the main lending areas for BC reverse mortgage lenders. The final amount depends on a valuation.
Can I use a reverse mortgage on a Vancouver condo?
Often, yes, though lenders typically advance a lower percentage on condo apartments than on houses, and strata fees and levies must be kept up.
About the author
Matt Blake is a licensed mortgage broker in British Columbia with BRX Mortgage Inc. He helps homeowners 55 and over, and their families, compare reverse mortgages with HELOCs, selling and downsizing, and he will tell you straight when a reverse mortgage is the wrong move.
Licence MB600487 · BRX Mortgage Inc., brokerage licence X301291 · Last reviewed October 2026
Want your own numbers?
Get a free BC Equity Report built for your home and your age. It is an estimate, not a lender quote, and there is no obligation.