What can you afford?
Buying a home usually means a mortgage. Use the calculator for a realistic monthly payment, including default insurance if your down payment is under 20% and the BC property transfer tax due on closing. Then let Nadia put you in touch with a mortgage professional who will explain your options and get you a strong rate.
Estimated payment
$4,428/ month
Estimates only, using semi-annual compounding as Canadian fixed-rate mortgages do. First-time buyers and newly built homes may qualify for property transfer tax exemptions. Confirm figures with your lender or mortgage broker before making decisions.
Talk to a mortgage professional Nadia trusts.
Nadia refers clients only to brokers she has watched close real files, including one a client described as “the world's fastest mortgage broker.” Fill in the form and she will make the introduction.
Mortgage questions
Why does the calculator compound semi-annually?
Canadian fixed-rate mortgages are required by law to compound no more than twice a year, so the true periodic rate is slightly lower than the quoted annual rate divided by twelve. The calculator uses the correct conversion.
What is the CMHC premium?
Mortgage default insurance, required when the down payment is under 20% on homes priced under $1.5 million. The premium (roughly 2.8% to 4% of the mortgage depending on your down payment) is added to the mortgage amount; BC charges provincial sales tax on the premium, payable at closing.
How is BC property transfer tax calculated?
1% on the first $200,000 of fair market value, 2% on the portion from $200,000 to $2,000,000, 3% on the portion from $2,000,000 to $3,000,000, and a further 2% (5% total) on residential value above $3,000,000. First-time buyer and newly built home exemptions may reduce or eliminate it.
Does the estimate include property tax, strata fees or insurance?
No. Add monthly property tax, strata fees (for condos and townhomes), home insurance and utilities to get your full monthly cost of ownership. Nadia prepares this for buyers before they write an offer.
Know your number. Then go look.
Once you are pre-approved, Nadia sets up a search tuned to your budget and your list.
Text works too: 604-440-6295. Or email nadianaderiprec@gmail.com.