Vancouver mortgage calculator
Payments, CMHC insurance and B.C. property transfer tax on Vancouver-level prices, with the cost at three example prices.
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Example costs at three prices
Example prices, not market averages. Minimum down payment, 4.49% rate and 25-year amortization; transfer tax is before any first-time buyer rebate.
| Home price | Minimum down payment | CMHC premium | Total mortgage | Monthly payment | Transfer tax |
|---|---|---|---|---|---|
| $800,000 | $55,000 | $29,800 | $774,800 | $4,284 | $14,000 |
| $1,100,000 | $85,000 | $40,600 | $1,055,600 | $5,837 | $20,000 |
| $1,400,000 | $115,000 | $51,400 | $1,336,400 | $7,389 | $26,000 |
Buying a home in Vancouver: what’s different
- B.C. property transfer tax: 1% on the first $200,000, 2% up to $2 million, 3% above that, and a further 2% on residential value over $3 million.
- The first-time buyer exemption phases out between $835,000 and $860,000, so it often doesn’t help at Vancouver prices.
- No sales tax on the CMHC premium in B.C.
- Foreign buyers pay an additional 20% property transfer tax in Metro Vancouver unless an exemption applies.
- Empty homes: the City’s Empty Homes Tax and the provincial speculation and vacancy tax can apply to homes that aren’t occupied. Check both before buying a second property.
On an $800,000 home, property transfer tax is $14,000, or $6,000 for a qualifying first-time buyer. See the B.C. mortgage calculator for the provincial rules.
Frequently asked questions
How much is property transfer tax on an $800,000 home in Vancouver?
$14,000: 1% of $200,000 plus 2% of $600,000. A qualifying first-time buyer saves $8,000 at this price.
What down payment do I need on a $1.4 million home?
$115,000 at minimum: 5% of the first $500,000 plus 10% of the remaining $900,000. Homes of $1.5 million or more need 20% down.
Can I get a first-time buyer exemption in Vancouver?
Yes, if the home is priced under $860,000 and you qualify. The full $8,000 applies up to $835,000 and phases out by $860,000.
Other cities
Calgary
No land transfer tax: mostly your down payment and legal fees.
Edmonton
No land transfer tax and no sales tax on the CMHC premium.
Ottawa
Ontario land transfer tax only, with no municipal tax.
Mississauga
Close to Toronto, but without Toronto’s second land transfer tax.
Hamilton
Ontario land transfer tax and 8% sales tax on the CMHC premium.
Montreal
Welcome tax, 9% premium tax and notary fees.