Going Through a Divorce or Separation?

Rita Cousins Senior Mortgage Advisor • November 13, 2020

Learn what comes next
for your home

Whether you are going through a divorce or ending
a common law relationship, separation is never easy… especially when most individuals feel as though they have no choice but to sell their home and split the equity. Fortunately, there is another way.


The Spousal Buy-Out Program is backed by all three of Canada’s mortgage insurance providers (Canada Mortgage and Housing Corporation, Genworth Financial and Canada Guaranty) and was designed to allow one party to refinance the shared home up to 95 percent of its appraised value!


With your needs in mind, this program will not only allow you to bring on a cosigner to assist with the buyout, but it can also be used to pay additional debts noted in the separation agreement. However, it is important to note that both you and your ex-partner must currently be on the deed to the property in order to qualify.

If you are separating from your spouse or partner and would really like to hold onto your shared home, there are a few things you will need:

An Appraisal

This may have been obtained with the Equalization of Assets, but some lenders require these to be ordered by a third party. It must also have been produced within 90 days (less with some lenders) to ensure accuracy.

A SIGNED SEPARATION AGREEMENT

The lender must be provided a signed copy of the separation agreement, which outlines the allocation
of assets

AN AGREEMENT OF PURCHASE AND SALE

A standard agreement of sale indicating the new ownership.

EMPLOYMENT LETTER OR RECENT PAY STUB

This is required so the lender can verify your ability to manage your mortgage payments

DEBT PAYOUT LIST

This is a one-time optional feature that allows you to buy out the other owner’s share of equity and/or to pay off joint debt as explicitly noted in the separation agreement.

If you are going through a separation, contact me today to learn more about the spousal buyout program and how it could help you!

🏑Andy Talks Real Estate & More: Live Market Conversation πŸŽ™οΈ

By Andy Schildhorn • January 8, 2026
Some days you’re polished. Some days you’re just… memorable. Check out LAPS for adoptables πŸ˜€

🏑 2025 Fraser Valley housing market slowest in over two decades despite falling prices and decade-high inventory πŸ“‰

By Andy Schildhorn • January 6, 2026
SURREY, BC – Decade-high inventory and softer prices failed to spark buyer demand in the Fraser Valley in 2025. Despite favourable conditions and increased negotiating power, many buyers stayed on the sidelines, making it one of the slowest years for sales in decades. The Fraser Valley Real Estate Board recorded 12,224 sales on its Multiple Listing Service® (MLS®) in 2025, a decline of 16 per cent over 2024 and 33 per cent below the 10-year average. The City of Surrey accounted for the majority of 2025 sales at 48 per cent, with Langley and Abbotsford accounting for 24 per cent and 16 per cent respectively. On the supply side, buyers had more choice than at any point in the past four decades, as new listings climbed to 37,963. The composite Benchmark home price in the Fraser Valley closed the year at $905,900, down six per cent year-over-year, and down 24 per cent from the peak in March 2022.

B.C. Foreclosures Rising as Higher Mortgage Payments Kick In

By Jami Makan | BVI • December 30, 2025
The number of court-ordered sales in Metro Vancouver is jumping, and may continue to grow as a mortgage renewal wave hits Canada five years after the pandemic-era real estate frenzy. Court-ordered inventory, while less than one per cent of the market, totalled 119 properties in the Vancouver region in October 2025, compared with 66 in October 2024 and 28 in October 2023, according to real estate website Zealty.ca (Zealty Online Search Inc.). Foreclosures are becoming more frequent because home prices are correcting, unemployment is rising and people who bought during the pandemic are having to renew their mortgages at higher interest rates, said Adam Major, managing broker with Sechelt-based Holywell Properties. There was a massive increase in home sales from late 2020 through 2022, he said. “This was the height of COVID craziness when [Bank of Canada governor] Tiff Macklem promised rates would stay low forever, the government was sending everyone free money and we all wanted a bigger house to work from home in,” he said. Those homes were financed at rock-bottom interest rates, with the central bank’s policy rate sitting at 0.25 per cent from March 2020 to March 2022. Because Canadian banks generally offer maximum terms of five years, it’s now time for many to pay the piper—at interest rates higher than what some can afford. “It is definitely a bad sign for the market as we are only at the beginning of the big mortgage renewal wave,” Major said. The most sales ever in a month in the region were the 5,715 sales in March 2021, he said. “Those buyers will have to renew this coming March. The number of renewals will stay elevated for a year after that. The average discount mortgage rate in March 2021 was 1.69 per cent versus about 3.79 per cent now, so almost everyone who bought in 2021 and 2022 will be paying significantly more on renewal,” he said. πŸ‘‰ Read the Article Here
More Posts