Financial Planning
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CMHC Insurance applies. Down payments under 20% require mortgage default insurance. Your insured loan amount and premium are calculated automatically.
This calculator provides estimates only and does not account for property taxes, strata fees, or insurance. Speak with a mortgage professional for a personalized quote.
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Get Mortgage IntroductionCommon Questions
BC Mortgage FAQs
What is the minimum down payment in BC?
In BC, the minimum down payment is 5% for homes priced up to $500,000. For homes between $500,000 and $999,999, you need 5% on the first $500,000 and 10% on the remainder. Homes priced at $1,000,000 or more require a minimum 20% down payment and are not eligible for CMHC insurance.
What is CMHC mortgage insurance?
CMHC (Canada Mortgage and Housing Corporation) mortgage default insurance is required when your down payment is less than 20% of the home’s purchase price. The premium ranges from 2.8% to 4% of the insured loan amount and is typically added to your mortgage. It protects the lender — not you — but it enables buyers to purchase with smaller down payments.
How much can I afford in Metro Vancouver?
A general rule is that your total housing costs (mortgage, property tax, strata fees, heat) should not exceed 32% of your gross monthly income (GDS ratio). Lenders will also look at your total debt service ratio (TDS), which should stay under 44%. With Metro Vancouver’s price levels, most buyers benefit from a mortgage pre-approval before they begin seriously searching.
What is the BC Property Transfer Tax?
BC Property Transfer Tax (PTT) is: 1% on the first $200,000; 2% on $200,001 to $2,000,000; 3% on amounts above $2,000,000. First-time buyers may qualify for a full exemption on homes up to $500,000, with a partial exemption up to $525,000. Newly built homes may also qualify for exemptions under certain conditions.
Fixed vs. variable rate — which is better right now?
The right choice depends on your risk tolerance, financial situation, and rate outlook. Fixed rates provide payment certainty; variable rates have historically been lower over time but fluctuate with the Bank of Canada’s policy rate. I recommend connecting with a mortgage broker for personalized advice — I can introduce you to trusted professionals who specialize in BC real estate financing.
