MORTGAGE PAYMENT CALCULATOR

The calculators are tools to provide only rough estimated figures, as rules, laws, and rates change frequently. These calculators are not to be relied on and it does not constitute any advice or opinion of any kind. Please consult the appropriate professional advisors for exact figures.

British Columbia mortgage calculator

There are many different regulations, taxes, and fees to account for when calculating your mortgage amounts and monthly payments. While some of these variables are the same across Canada, others can vary in different provinces and territories.

Regulations, taxes and fees consistent across Canada

The Ministry of Finance sets many of the mortgage lending rules in Canada. These include the minimum down payment, the maximum amortization period, and the rules for mortgage default insurance or CMHC insurance. These regulations are included in the British Columbia mortgage calculator and are listed below:

• A minimum down payment of 5% is required for homes $500,000 and under. 10% for any amount over $500,000.
• Maximum amortization for high ratio mortgage is 25 years, and for conventional, 30 years.

Regulations, taxes and fees specific to British Columbia

Many mortgage taxes and fees are set at the provincial level. In British Columbia, home buyers must obtain British Columbia’s mortgage rates and cover BC’s Property Transfer Tax. There is also a property transfer tax exemption available to first-time home buyers in BC.

Property Transfer Tax (PTT) in British Columbia

The property transfer tax in British Columbia is calculated as a percentage of the house’s value, estimated using its purchase price. The PTT’s basic rate varies from 1% to 5% of the property’s value depending on its purchase price. Please refer to our PTT calculator for further details.

Property transfer tax exemption in British Columbia

First-time home buyers in British Columbia are eligible for a full property transfer tax exemption on homes $500,000 or less. For homes purchased for $500,001 – $525,000, a partial exemption is available.