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How Much Down Payment for a House in Vancouver?

Published in Real Estate 1 min read

The minimum down payment for a house in Vancouver depends on the purchase price.

Minimum Down Payment Requirements

  • Less than $500,000: 5% down payment
  • $500,000 to $1 million: 5% down payment on the first $500,000 and 10% on the remaining amount
  • Over $1 million: 20% down payment

Example:

Let's say you're buying a house in Vancouver for $800,000. Here's how your down payment would be calculated:

  • First $500,000: 5% down payment = $25,000
  • Remaining $300,000: 10% down payment = $30,000
  • Total Down Payment: $25,000 + $30,000 = $55,000

Factors Affecting Down Payment:

  • Mortgage type: Different mortgage types may have different down payment requirements.
  • Credit score: A higher credit score may qualify you for a lower down payment.
  • Income: Your income will be considered when determining your affordability and down payment amount.

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