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.
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 under $1,000,000 and 20% otherwise.
- The maximum amortization period is 25 years for down payments under 20% and 35 years otherwise
- Mortgage default insurance or CMHC insurance must be purchased for down payments between 5% and less than 20%. Visit Ratehub.ca’s CMHC insurance page for more details.
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 .