British Columbia Mortgage Calculator
Calculate your BC mortgage payment with CMHC premiums and land transfer tax.
Useful for home buyers in Vancouver, Victoria, Surrey, Burnaby, Kelowna, and all of British Columbia.
Useful for home buyers in Vancouver, Victoria, Surrey, Burnaby, Kelowna, and all of British Columbia.
Why use a BC Mortgage Calculator?
British Columbia has a land transfer tax (Property Transfer Tax), but first-time buyers may qualify for a rebate. This calculator estimates your payment, CMHC premium, and closing costs.
British Columbia has a land transfer tax (Property Transfer Tax), but first-time buyers may qualify for a rebate. This calculator estimates your payment, CMHC premium, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
BC Property Transfer Tax: 1% on the first $200,000, 2% on the next $1,800,000, 3% above $2,000,000, and 5% above $3,000,000. First-time buyers may be eligible for a rebate on homes up to $500,000.
Average Home Prices in Major BC Cities (2024)
| City | Detached | Linked | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|---|
| Vancouver | $2,100,000 | $1,500,000 | $1,400,000 | $1,100,000 | $800,000 |
| Victoria | $1,250,000 | $950,000 | $900,000 | $750,000 | $600,000 |
| Surrey | $1,600,000 | $1,200,000 | $1,100,000 | $850,000 | $650,000 |
| Burnaby | $1,800,000 | $1,350,000 | $1,250,000 | $950,000 | $700,000 |
| Kelowna | $1,050,000 | $800,000 | $750,000 | $650,000 | $500,000 |
Note: Prices are approximate averages for 2024 and may vary by neighbourhood and property features.
How Mortgage Rules Work in British Columbia
- Land Transfer Tax: BC buyers pay a Property Transfer Tax (PTT) on home purchases. First-time buyers may qualify for a full or partial rebate on homes up to $525,000. This applies whether you are buying in Vancouver, Victoria, Surrey, Burnaby, Kelowna, or any other BC city.
- CMHC Insurance: If your down payment is less than 20%, you must pay a CMHC (mortgage default insurance) premium, which is added to your mortgage.
- Higher Closing Costs: BC's closing costs are higher than Alberta due to the land transfer tax.
Example: On a $600,000 home with 10% down, you pay a CMHC premium and a property transfer tax. First-time buyers may get a rebate if the home is under $500,000, whether in Vancouver, Victoria, Surrey, Burnaby, Kelowna, or elsewhere in BC.
Frequently Asked Questions
Yes, BC has a Property Transfer Tax (PTT) on home purchases. First-time buyers may qualify for a rebate.
1% on the first $200,000, 2% on the next $1,800,000, 3% on the portion above $2,000,000, and 5% on the portion above $3,000,000.
CMHC is mortgage default insurance required in Canada when your down payment is less than 20%. The premium is added to your mortgage.