Question 1

How much down payment do I need to buy a home in BC?

Accepted Answer

The minimum is 5% on the first $500,000, and 10% on the portion from $500,000 to $1,000,000. Homes of $1,000,000 or more generally require at least 20% down. If your down payment is under 20%, CMHC mortgage insurance is required.

Question 2

How much is the BC property transfer tax?

Accepted Answer

PTT is tiered: 1% on the first $200,000, 2% up to $2 million, 3% up to $3 million, and an extra 2% on the portion above $3 million. First-time buyers and newly built homes may qualify for exemptions.

Question 3

What are closing costs when buying in BC?

Accepted Answer

They typically include the property transfer tax, legal/notary fees, title insurance, a home inspection, an appraisal, and GST if the home is newly built. Budget roughly 2 to 4% of the purchase price.

Question 4

Why is the interest rate on the calculator editable?

Accepted Answer

Rates change often and depend on your profile. The calculator shows a reference rate you can adjust to match a real lender quote. Reach out to Phan for a mortgage broker referral.