BC Mortgage Calculator
Plan your home purchase with confidence. Our calculator helps you estimate monthly payments and understand how much you can afford in today's British Columbia market.
Mortgage Calculator
* This calculator provides estimates for informational purposes only. Contact a mortgage professional for accurate quotes based on your specific situation.
Get Expert Mortgage Advice
While our calculator gives you a good estimate, every homebuyer's situation is unique. Our network includes top mortgage specialists across BC.
Our mortgage specialists can help you:
- Get pre-approved for better buying power
- Find the best rates and terms for your situation
- Navigate BC's unique mortgage regulations
Understanding Mortgages in British Columbia
Down Payment Requirements
In BC, you'll need a minimum 5% down payment for homes under $500,000. For homes between $500,000 and $1 million, you need 5% on the first $500,000 and 10% on the remainder. Properties over $1 million require 20% down payment.
Mortgage Stress Test
All BC homebuyers must qualify at either their contract mortgage rate plus 2% or the Bank of Canada's five-year benchmark rate, whichever is higher. This ensures you can still afford payments if rates increase.
Fixed vs. Variable Rates
Fixed-rate mortgages lock in your interest rate for the term, providing payment stability. Variable-rate mortgages fluctuate with market conditions, potentially offering lower rates but with less certainty.
First-Time Homebuyer Programs
BC offers several programs for first-time buyers, including the First-Time Home Buyers' Program, which may exempt you from property transfer tax, and the First Home Savings Account (FHSA) for tax-advantaged savings.
Ready to Take the Next Step?
Talk to one of our partner realtors about finding a home that fits your budget and mortgage pre-approval needs.
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