BC mortgage calculator
Built for British Columbia specifically: Property Transfer Tax and its exemptions, GST on new builds, CMHC premiums and the PST on them, and the stress test that actually decides your approval.
The purchase
$
$
Federal minimum for this price: $85,000
%
Amortization
Payment frequency
Your situation
These change your BC Property Transfer Tax and what amortization you can get.
Estimated payment
$4,871
per month · 25-year amortization
Mortgage principal$880,000
Down payment20.0% of price$220,000
Total interest over the full term$581,169
Total of all payments$1,461,169
Canadian mortgages compound semi-annually, not monthly. This uses the correct effective periodic rate, so the payment is slightly lower than a US-style calculator would show.
Estimates only, using BC and federal rules as of 2024-04-01. Tax thresholds change often and closing costs are typical midpoints, not quotes. Confirm with a mortgage broker and a conveyancing lawyer before relying on these numbers.
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FAQ
BC Mortgage & Tax Rules, Explained
BC charges 1% on the first $200,000, 2% from $200,000 to $2,000,000, 3% from $2,000,000 to $3,000,000, and a further 2% on the residential value above $3,000,000. On a $1,000,000 home that is $18,000, payable in cash on completion.
First-time buyers get a credit worth up to $8,000, the tax on the first $500,000 of value, on homes under $835,000, phasing out completely at $860,000. It is not a blanket exemption: at $835,000 you still pay tax on the value above $500,000.
Buying new construction as your principal residence exempts you from Property Transfer Tax entirely up to $1,100,000, phasing out at $1,150,000. Unlike the first-time buyer credit it removes the whole tax, so on a new $1,000,000 home it saves the full $18,000.
Resale homes are exempt. New construction and substantially renovated homes carry 5% GST. The federal New Housing Rebate returns 36% of that GST on homes up to $350,000, phasing out to nothing at $450,000, so on most Lower Mainland new builds the full 5% applies.
Federally regulated lenders must qualify you at the greater of your contract rate plus 2% or 5.25%. You make payments at your actual rate, but approval is decided on the higher one, which is why the qualifying payment in this calculator is larger than the payment you would make.
Canadian mortgages compound semi-annually, not monthly. This tool applies the correct effective periodic rate, so payments come out slightly lower than a US-style calculator would show for the same rate.
With less than 20% down, mortgage default insurance is required, at 2.8% to 4.0% of the mortgage depending on your down payment, added to your principal. In BC you also pay 7% PST on that premium, and unlike the premium itself the PST cannot be financed: it is due in cash at closing.
Conventional mortgages with 20% or more down can go to 30 years. Insured mortgages are capped at 25 years, except for first-time buyers and buyers of new construction, who may use 30 years at a 0.20% premium surcharge. Above a $1.5M purchase price insurance is unavailable, so 20% down is mandatory.