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.
