What will your mortgage really cost in BC?

How this calculator works

• Payment: Canadian fixed-rate mortgages compound semi-annually, so the payment is calculated with the semi-annual rule, not simple monthly compounding. Accelerated bi-weekly is half the monthly payment every two weeks, which pays the mortgage off faster.
• Minimum down payment: 5% of the first $500,000 and 10% of the portion from $500,000 to $1,500,000; 20% for homes of $1,500,000 or more (Financial Consumer Agency of Canada).
• Mortgage insurance: required when the down payment is under 20%. Premium on the loan: 0.60% up to 65% borrowing, 1.70% to 75%, 2.40% to 80%, 2.80% to 85%, 3.10% to 90%, 4.00% to 95% (CMHC table). The premium is added to the mortgage.
• Property transfer tax: 1% of the first $200,000, 2% from $200,000 to $2,000,000, 3% above $2,000,000, plus a further 2% on residential value above $3,000,000 (Government of BC).
• First-time buyer exemption: no tax on the first $500,000 when the home's fair market value is $835,000 or less; the exemption reduces between $835,000 and $860,000 and ends above that. The calculator applies a straight-line reduction in that band; confirm the exact partial amount with your lawyer.
• Stress test: banks qualify you at the higher of 5.25% or your rate plus 2%. The calculator shows that qualifying payment so you know what lenders test.
• GST: 5% applies to new homes. Rebates can reduce it depending on the price and the buyer; they are not applied here.

Sources read 31 October 2026: Government of British Columbia property transfer tax and First Time Home Buyers' Program pages; CMHC mortgage loan insurance cost table; Financial Consumer Agency of Canada down payment and stress test pages; Bank of Canada Valet API for the policy and prime rates. This is an estimate for planning, not a mortgage approval or legal advice.