BC Mortgage Calculator
Our mortgage calculator contains BC current mortgage rates, so you can determine your monthly payments. Our calculator also includes mortgage default insurance (CMHC insurance), land transfer tax and property taxes. Advertising Disclosure
British Columbia mortgage calculator
Content last updated: November 18, 2020
Getting a mortgage in British Columbia is no small commitment - it will probably be the biggest financial commitment you ever make. That’s why a mortgage calculator for your province is crucial - it lets you figure out exactly how much your mortgage will cost you ahead of time.
Of course, a BC mortgage calculator is just the beginning - it’s important you understand what affects the price of your mortgage. That’s why we’ve laid out the costs of getting a mortgage in BC below. Each of these elements has already been included in the mortgage calculator above.
Canadian mortgage regulations, taxes, and fees
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.
Canada-wide mortgage regulations are set by the Ministry of Finance to help protect home buyers and lenders alike. These regulations include guidelines on minimum down payments, maximum amortization periods, as well as mortgage default (CMHC) insurance.
Here are the key regulations you need to be aware of, and that are included in the Ontario mortgage calculator above:
- The minimum down payment in Canada is between 5% and 10%, depending on the purchase price of the home.
- The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments.
- Mortgage default insurance - also called CMHC insurance - must be purchased for down payments between 5% and 20%. Visit our CMHC insurance page to learn more.
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 land transfer tax. There is also a land transfer tax rebate available to first-time home buyers in BC.
Mortgage rates in British Columbia
Some mortgage brokers and lenders charge different rates in different provinces. Ratehub.ca has a comprehensive list of the best mortgage rates in British Columbia to ensure you get the best rates for your area. These mortgage rates can also be found in the British Columbia payment calculator above
Land transfer tax (LTT) in British Columbia
The land transfer tax in British Columbia is calculated as a percentage of the house’s value, estimated using its purchase price. The LTT’s marginal tax rate varies from 1.0% to 2.0% of the property’s value depending on its purchase price. See Ratehub.ca’s British Columbia land transfer tax page for more information on tax rates and calculations.
Land transfer tax rebate in British Columbia
First-time home buyers in British Columbia are eligible for a full land transfer tax refund on homes $425,000 or less. For homes purchased for $426,000 - $450,000, a partial refund is available. For more information on home buyer eligibility and property eligibility, visit our British Columbia land transfer tax rebate page .