Mortgage Help (British Columbia)

Down Payment
In Canada, minimum down payment requirements depend on the purchase price:

Up to $500,000: 5% minimum
$500,001 to $999,999: 5% on the first $500,000 + 10% on the remaining amount
$1,000,000 and above: 20% minimum
If your down payment is less than 20%, mortgage default insurance (CMHC/Genworth/Sagen) is required. A higher down payment lowers your mortgage amount and monthly payments.

 
Amortization Period
The amortization period is the total length of time to pay off the mortgage.

Less than 20% down: maximum 25-year amortization
20% or more down: up to 30-year amortization available
A longer amortization reduces monthly payments, while a shorter period saves interest over time.

 
Mortgage Term
In Canada, mortgages are structured with a term (typically 1–5 years) within the full amortization period. At the end of each term, you renew or renegotiate your mortgage based on market rates and your financial goals.

 
Mortgage Type
Fixed-Rate Mortgage
The interest rate remains the same for the entire term, providing predictable monthly payments. Popular for long-term stability.

Variable-Rate / Adjustable-Rate Mortgage
The interest rate can change with the lender’s prime rate. Payments or amortization may adjust depending on the lender. This option may offer lower initial rates and potential savings if rates decrease.

 
Interest Rate
The interest rate field is typically pre-filled with current average rates. Your actual rate may vary based on:

- Credit score
- Down payment amount
- Debt-to-income ratio
- Loan type (insured vs. uninsured)
- Mortgage term and amortization
 
Property Taxes
The calculator includes an estimate for property taxes. Property tax rates vary depending on the municipality in BC, generally ranging from 0.4% to 1% of assessed property value annually. You may have the option to pay taxes directly or through your lender.

 
Home Insurance
Home insurance is required by lenders and protects your property and belongings. Costs vary based on property type, size, age, and coverage chosen. You can adjust this amount within the calculator’s advanced options.

 
Strata Fees (If Applicable)
For condos, townhomes, and some single-family developments, monthly strata fees (similar to HOA fees) may apply. These fees contribute to shared expenses such as building maintenance, insurance, landscaping, and reserve funds. Enter estimated strata fees in the calculator if applicable.

 
Tip
This mortgage calculator provides an estimate only. For the most accurate numbers and pre-approval guidance, speak with a licensed mortgage professional or lender.

If you've gotten this far and you dont know where to start. Text 250-735-4725 "INFO PACKAGE" And I will send you my trusted mortgage specialist list to get you going in the right direction.

First-Time Home Buyer Incentives (British Columbia & Canada)
There are several programs available to help first-time home buyers in BC.

BC First-Time Home Buyer Property Transfer Tax (PTT) Exemption
Eligible first-time buyers may be able to reduce or eliminate the provincial Property Transfer Tax.

Based on home value:

Full exemption: homes up to $835,000
Partial exemption: homes $835,000 – $860,000
No exemption above $860,000
Eligibility requirements apply (must be a Canadian citizen or permanent resident, and the home must be your principal residence, etc.).

 
First Home Savings Account (FHSA)
A registered account that lets first-time buyers save for a home tax-free.

Contribute up to $8,000 per year, up to $40,000 total
Contributions are tax-deductible
Withdrawals for a qualifying home are tax-free
 
Home Buyers' Plan (HBP)
Withdraw from your RRSP to help with your down payment:

Withdraw up to $60,000 per eligible buyer
Must be repaid over 15 years
Can be combined with the FHSA.

 
Newly Built Home Exemption (BC)
If purchasing a new construction home, you may be eligible for:

Full PTT exemption up to $1,100,000
Partial exemption up to $1,150,000
 
Important Note
Government programs can change.
Eligibility and maximum amounts may vary.

These incentives are subject to change at any time. For the most accurate and up-to-date information, please refer to official Government of Canada and Government of British Columbia resources or speak with a mortgage professional.

What is Property Transfer Tax (PTT) in BC?
In British Columbia, the Property Transfer Tax (PTT) is a provincial tax paid by the buyer when a property is purchased and registered with the Land Title Office. This tax is separate from your down payment, legal fees, and closing costs — and it applies to most real estate purchases in BC unless an exemption applies (such as first-time home buyer programs).

BC Property Transfer Tax Rates
PTT is calculated on the fair market value (usually the purchase price) as follows:

1% on the first $200,000
2% on the portion between $200,000 and $2,000,000
3% on the portion above $2,000,000
An additional 2% on the portion above $3,000,000 for residential property (called the “luxury tax” tier)

Example:
If you buy a $800,000 home in BC, your PTT would be:

1% of $200,000 = $2,000
2% of $600,000 = $12,000
Total PTT = $14,000
(unless you qualify for an exemption)

 
Important Notes
PTT is due at closing, when title transfers.
First-time home buyers and newly-built homes may qualify for exemptions or partial exemptions.
Programs and thresholds can change, so always confirm current rates.