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BC Down Payment Planner
Calculate your down payment requirements, insurance premiums, and monthly payments for BC properties using current Canadian mortgage rules.
Insurance premiums and BC tax rules current as of October 8, 2026 • For illustrative purposes only
🏠 Down Payment Planner
Calculate your down payment requirements and monthly payments for BC properties
Starts at today's 5-year fixed rate (4.89%, updated Oct 25). Change it to try your own.
📈 Down Payment vs Monthly Payment
See how your down payment affects your monthly mortgage payment (25-year amortization)
Key Insights
💰 Down Payment Requirements
📊 Monthly Payment Comparison
💳 Cash Required to Close
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Related Resources & Guides
📖 First-Time Buyer Incentives in Canada
Our guide to the programs that help BC first-time buyers with the down payment and closing costs.
Read the guide →Need to calculate total closing costs?
Try our Closing Cost Estimator →Frequently Asked Questions
What is the minimum down payment required in Canada?
For homes up to $500,000, the minimum down payment is 5%. For homes over $500,000 and under $1.5 million, it's 5% on the first $500,000 and 10% on the remaining amount. For homes of $1.5 million or more, the minimum is 20%.
Do I need mortgage insurance in BC?
If your down payment is less than 20% of the home's purchase price, you'll need mortgage default insurance (CMHC, Sagen, or Canada Guaranty). This protects the lender if you default on your mortgage. BC doesn't charge sales tax on the premium.
What are the current CMHC premium rates?
As of October 8, 2026, premiums for a purchase with less than 20% down are 2.80% (15% to 19.99% down), 3.10% (10% to 14.99% down) or 4.00% (5% to 9.99% down) of the mortgage amount. A 30-year amortization, available to first-time buyers and for newly built homes, adds 0.20%.
What closing costs should I expect in BC?
Typical closing costs in BC include legal fees (about $1,500), a home inspection (about $600), an appraisal (about $400), title insurance (about $300), and Property Transfer Tax (1% on the first $200,000 and 2% on the portion up to $2 million). These dollar amounts are estimates. First-time buyers and buyers of newly built homes may be exempt from some or all Property Transfer Tax.
How much can first-time buyers save in BC?
Eligible first-time home buyers in BC pay no Property Transfer Tax on the first $500,000 of a home worth up to $835,000, saving up to $8,000, with a partial exemption for homes worth up to $860,000. First-time buyers can also choose a 30-year amortization with less than 20% down.
Important Disclaimer
This calculator is for illustrative purposes only and should not be considered financial advice. Mortgage rates, insurance premiums, and closing costs are subject to change. Insurance premiums and BC tax rules are current as of October 8, 2026; the default interest rate and closing cost amounts are illustrative estimates. Final approval depends on credit score, employment history, debt-to-income ratios, and lender criteria. Please consult with a licensed mortgage professional for personalized advice and current rates.