Minimum Downpayment Calculator

Minimum Downpayment Calculator

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Minimum Downpayment Calculator

This calculator is a super simple quick tool to show you the minimum downpayment required for a specific purchase price.

Additionally, the calculator will summarize BC completion costs which will be needed over and above the minimum downpayment.

About this Calculator:

Why Does the Calculator Specify Greater Victoria or Rest of Vancouver Island?

SOBO Mortgage is a leading mortgage broker on Vancouver Island, so our focus is on providing calculators that are relevant to our clients here on the island.

Once a purchase price exceeds $1M, minimum downpayment requirements are different for a property that’s located in Greater Victoria, compared to a property that’s located in a smaller Island community.

What Are Minimum Downpayment Requirements Under a $1M Purchase Price?

Minimum downpayment requirements for purchase prices under $1M are set by CMHC and are as follows:

-5% on the First $500K
-10% on the Remaining Amount up to $999,999.

Does This Calculator Include Functionality for BC PTT Exemptions?

Yes! It has built in functionality for the BC Newly Built Home PTT Exemption and the BC First Time Homebuyer PTT Exemption.

Like this calculator but need more functionality?

Use our amazing “All in One” BC Purchase and Mortgage Calculator:

All In One Calculator