Run the numbers
Mortgage calculators
Canadian rules, B.C. taxes, and the costs most online calculators leave out.
How much can I afford?
Tested at the greater of your rate + 2% or 5.25% (the federal stress test), with 39% GDS / 44% TDS limits, 25-year amortization.
Minimum down payment
5% of the first $500,000, 10% of the part from $500,000 to $1.5 million; 20% at $1.5 million and up (no mortgage insurance available).
Closing costs (B.C.)
Property Transfer Tax: 1% of the first $200,000, 2% to $2 million, 3% to $3 million, plus 2% more on residential value over $3 million. First-time buyer exemption applies up to $835,000 and phases out by $860,000.
Bridge financing
Bridge loans generally need a firm sale on your current home. Rates and fees vary by lender; ask Peter for real numbers.
Cost of going “subject to sale”
A scenario tool, not a statistic. Change the assumptions to match your market; Sean can tell you what he is seeing on current Vernon deals.