Ep. 104 — 10 Biggest BC Homebuyer Mistakes, the Real Estate Wealth Gap & Why Home Equity Beats Income

A new study found that established immigrants in Canada are wealthier than Canadian-born households at every income level — and the entire gap traces back to BC real estate and home equity, not income or pensions. In Episode 104 of The Real Deal Pod, Fraser Valley realtor Allister Carrington and BC mortgage broker Geoff Lee unpack what that finding means for BC homebuyers today, then deliver the 10 biggest mistakes BC homebuyers are making in 2026 — the ones quietly costing people the wealth-building opportunity sitting right in front of them.   The Did You Know covers the immigrant wealth gap study, the 49% home equity advantage, and what it actually proves about BC real estate as a long-term wealth tool — including Geoff's real-world example of a Cultus Lake home that went from $411,000 in 2011 to $856,000 today.   The 10 mistakes cover everything from pre-approval and credit scores to BC property transfer tax exemptions, skipping home inspections on presales, making major financial changes mid-purchase, and the single most common question that costs BC buyers thousands — "what's the rate?" — without ever asking about mortgage portability, prepayment, or penalty calculations.   What you'll learn: Why established immigrants hold 49% more home equity than Canadian-born households at the same income level Why home equity — not salary — is how most BC households build long-term net worth The 10 biggest mistakes BC homebuyers make — from first-time buyers to move-up buyers BC property transfer tax exemptions: full exemption to $500K, sliding scale to $835K, new build to $1.1M How high credit utilization silently drags down your BC mortgage approval Why you should never skip a home inspection — especially on a BC presale The first-time homebuyer programs BC buyers aren't using (FHSA and RRSP Home Buyers' Plan) What the right BC power team looks like — and why "best of the best" isn't the same as "best for you" The homebuyer checklist: what to do, ask, and read before signing anything   If you're buying real estate in BC — for the first time or the tenth — this episode is the checklist you didn't know you needed.   Hosted by Allister Carrington | BC Realtor, KIC Realty | www.AllisterCarrington.com Co-hosted by Geoff Lee | BC Mortgage Broker, GLM Mortgage Group | www.GLMmortgage.com