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// BUYING A HOME · BC

Mortgage calculator British Columbia

Work out your mortgage payment, CMHC insurance and property transfer tax on a B.C. home, starting from the Greater Vancouver benchmark of $1,081,900. Then see what first-time buyers can save: B.C.’s property transfer tax exemption, the newly built home exemption and the federal FHSA, Home Buyers’ Plan and GST rebate.

Benchmark prices August 2026 · Rules checked October 16, 2026

Mortgage calculator for British Columbia

It opens on the Greater Vancouver benchmark price of $1,081,900 (August 2026). Pick another B.C. market or type your own price, then set your down payment, rate and amortization. The rate starts at 4.5%, our rounded assumption from Bank of Canada data, not a quote.

First-time home buyer?

Your own closing cost estimates

$4,790.42monthly mortgage payment

Down payment
$216,380 (20.0%)
CMHC insurance premiumNot needed with 20% or more down
$0
Mortgage amount
$865,520

Cash you need on closing day

Down payment
$216,380
B.C. property transfer tax
$19,638
First-time home buyers’ exemptionNot available at $860,000 or more
−$0
Total cash to close
$236,018

CMHC says closing costs usually run 1.5% to 4% of the price: $16,229 to $43,276 on this home.

Prices: CREA MLS® Home Price Index, composite benchmark, August 2026. Payments use semi-annual compounding, as Canadian fixed-rate mortgages do. CMHC premiums and the minimum down payment follow CMHC’s published rules. Your own estimates stay in your browser.

British Columbia at a glance

FIRST-TIME BUYERS

First-time buyer programs in British Columbia

B.C. has no cash grant for first-time buyers. Its help comes off property transfer tax: first-time buyers pay no tax on the first $500,000 of a home worth up to $835,000, and anyone buying a newly built home to live in pays none up to $1,100,000. In Greater Vancouver, where the benchmark is $1,081,900, check whether your price falls under the $860,000 cut-off.

Provincial

First time home buyers’ exemption

Up to $8,000off property transfer tax, on homes under $860,000

WHO QUALIFIES Canadian citizens or permanent residents who have lived in B.C. for 12 months before registration (or filed 2 B.C. returns in the last 6 tax years) and have never owned a principal residence anywhere.

  • No tax on the first $500,000 when the fair market value is $835,000 or less. An $835,000 home pays $6,700 instead of $14,700.
  • Between $835,000 and $860,000 the exemption shrinks by $320 for every $1,000, and it ends at $860,000.
  • The home must be your only principal residence, the full exemption is for lots of 0.5 hectares or less, and you can’t have used the exemption before.

Official details

ProvincialNew builds

Newly built home exemption

No PTTon newly built homes worth up to $1,100,000

WHO QUALIFIES Canadian citizens or permanent residents buying a newly built home as their only principal residence. You don’t have to be a first-time buyer.

  • Full exemption at $1,100,000 or less, a partial one up to $1,150,000, and none at $1,150,000 or more.
  • Its price limit is well above the first-time exemption’s $860,000 cut-off.
  • First-time buyers of a new home can also claim the federal FTHB GST rebate, up to $50,000.

Official details

Federal programs for first-time buyers in B.C.

These work the same in every province. Many first-time buyers can use several together: the FHSA and the Home Buyers’ Plan for the down payment, the home buyers’ amount at tax time, and the GST rebates on a newly built home.

Federal

First Home Savings Account (FHSA)

$8,000 a year$40,000 lifetime: deductible going in, tax-free coming out

WHO QUALIFIES Canadian residents aged 18 to 71 who haven’t lived in a home they or their spouse owned in the current year or the previous four calendar years.

  • Contributions are deductible like RRSP contributions, and a qualifying withdrawal to buy your first home is tax-free and never repaid.
  • Unused room carries forward up to $8,000, so the most room you can have in one year is $16,000. Room only starts once you open the account.
  • The account has to close by the end of the year of the 15th anniversary of opening it, the year you turn 71, or the year after your first qualifying withdrawal.

Official details

Federal

Home Buyers’ Plan (HBP)

$60,000per person from your RRSP, with no tax withheld

WHO QUALIFIES First-time buyers (the same four-year test) with a written agreement to buy or build a qualifying home in Canada that they’ll live in within a year.

  • You repay it to your RRSP over up to 15 years. For a first withdrawal between January 1, 2026 and December 31, 2028, repayments start in the fifth year after the withdrawal.
  • Any year you repay less than the minimum, the shortfall is added to your income.
  • You can use the HBP and an FHSA withdrawal for the same home, and the home must be bought or built before October 1 of the year after your first withdrawal.

Official details

Federal

Home buyers’ amount (first-time home buyers’ tax credit)

$10,000claimed on line 31270 as a non-refundable federal credit

WHO QUALIFIES First-time buyers (no home owned and lived in by you or your spouse in the year of purchase or the four years before), and buyers eligible for the disability tax credit.

  • It lowers the federal tax you owe; there’s no refund if you owe no tax.
  • Two eligible buyers can split it, but not above the $10,000 total for the home.
  • You must plan to live in the home within one year of buying it.

Official details

FederalNew builds

First-time home buyers’ GST/HST rebate

Up to $50,000all the GST, or the federal part of the HST, on a new home up to $1 million

WHO QUALIFIES First-time buyers 18 or older, citizens or permanent residents, who haven’t lived in a home they or their spouse owned this year or the previous four, buying or building a new home to live in.

  • Full rebate at $1 million or less, shrinking to nothing at $1.5 million. CRA’s example: a $1.25 million home gets $25,000.
  • Bought from a builder: the agreement must be signed on or after March 20, 2025 and before 2031, with construction starting before 2031.
  • It tops up the regular GST/HST new housing rebate, and applies only to newly built or substantially renovated homes.

Official details

FederalNew builds

GST/HST new housing rebate

Up to $6,30036% of the GST on new homes under $450,000

WHO QUALIFIES Anyone buying or building a new home as their own or a relative’s main residence, first-time buyer or not.

  • The full rebate applies at $350,000 or less and phases out by $450,000.
  • A builder can credit it to you at closing; otherwise you apply to the CRA, or to Revenu Québec for a home in Quebec.

Official details

Federal

CMHC Home Start: 30-year insured amortization

30 yearsinstead of 25 on an insured mortgage

WHO QUALIFIES Insured mortgages (under 20% down) where at least one borrower is a first-time buyer or the home is newly built.

  • The premium is 0.20 points higher: 4.20% instead of 4.00% with 5% to 9.99% down.
  • A longer amortization lowers the payment but adds interest over the life of the mortgage. Try both in the calculator.

Official details

Federal

First-Time Home Buyer Incentive

Closedno new applications since March 21, 2024

WHO QUALIFIES No longer open to new buyers.

  • It was a shared-equity mortgage with the Government of Canada worth 5 or 10% of the price toward the down payment.
  • CMHC granted no new approvals after March 31, 2024.

Official details

How property transfer tax works in British Columbia

B.C. charges property transfer tax on the fair market value when you register the transfer: 1% on the first $200,000, 2% up to $2,000,000 and 3% above that, plus a further 2% on residential value above $3,000,000. Like income tax, each rate applies only to the part of the price inside its band.

On the $1,081,900 Greater Vancouver benchmark the tax is $19,638. The Fraser Valley and Victoria benchmarks are lower, and so is the tax: pick them in the calculator to compare. Budget 2026 made no change to the rates or to the homebuyer exemption thresholds.

B.C. property transfer tax
Part of the priceRateTax on the $1,081,900 benchmark
Up to $200,0001%$2,000
$200,000 to $2,000,0002%$17,638
$2,000,000 to $3,000,0003%$0
Above $3,000,0005%$0

Source: British Columbia official rates. For a full breakdown at any price, try the land transfer tax calculator.

Closing costs in British Columbia

Closing costs are what you pay on top of the price on closing day. CMHC puts them at 1.5% to 4% of the price. In B.C. they include property transfer tax, legal or notary fees, title insurance and adjustments for property tax the seller has prepaid.

B.C. doesn’t charge sales tax on the CMHC premium, so with less than 20% down the whole premium can go on the mortgage. Fees you can only get by quote are left for you to enter in the calculator.

On the $1,081,900 Greater Vancouver benchmark
CostAmountNotes
Property transfer tax$19,638Paid at registration
Legal fees and disbursementsGet a quoteYour lawyer also registers the transfer and mortgage
Home inspectionGet a quoteOptional; you can make your offer conditional on one
Title insuranceGet a quoteOptional; often arranged by your lawyer or notary
Property tax and utility adjustmentsVariesRepaying the seller for anything they prepaid past closing
CMHC’s rule of thumb$16,229 to $43,2761.5% to 4% of the price for all closing costs together
THE GUIDE

Buying a home in British Columbia: what else to know

B.C.’s foreign buyer tax

Foreign nationals, foreign corporations and taxable trustees pay an additional property transfer tax of 20% of their share of a home’s fair market value in the Capital Regional District, Fraser Valley Regional District, Metro Vancouver Regional District, Regional District of Central Okanagan and Regional District of Nanaimo. It’s charged on top of the regular property transfer tax.

It doesn’t apply on Tsawwassen First Nation treaty lands, and the tax is on your proportionate share: a foreign buyer registering 70% of a home pays it on 70% of the value.

How much down payment you need in B.C.

Canada’s minimum is 5% of the first $500,000 of the price and 10% of the part above, so the $1,081,900 Greater Vancouver benchmark needs at least $83,190. At $1.5 million or more you need 20%, because insured mortgages stop there.

With less than 20% down the mortgage must be insured, and the CMHC premium (4.00% of the loan with under 10% down) is added to the mortgage. First-time buyers can stretch an insured mortgage to 30 years through CMHC Home Start, for 0.20 points more in premium.

Using your FHSA and RRSP for a B.C. down payment

Each first-time buyer can withdraw everything in their FHSA tax-free, and up to $60,000 from an RRSP under the Home Buyers’ Plan, for the same home. A couple buying together can each use both plans.

The FHSA withdrawal is never repaid; the Home Buyers’ Plan has to be paid back to your RRSP over up to 15 years. The FHSA calculator shows what yours could grow to by the time you buy.

When property transfer tax is due

Property transfer tax is paid when the transfer is registered at the Land Title Office, so it has to be in cash on top of your down payment; it can’t be added to the mortgage. If you claim the first-time or newly built exemption, it’s applied on the same return, so you pay only what’s left.

If you stop meeting the conditions, for example by not living in the home as your principal residence, the exemption can be clawed back.

Mortgage lenders in British Columbia

The big banks lend across Canada, including in B.C.. Listed for convenience, not ranked here. See every lender’s current rates on mortgage rates in Canada.

Frequently Asked Questions

How do I use this BC mortgage calculator?

Pick a B.C. market to start from its benchmark price, or type your own. Set your down payment, rate and a 25 or 30 year amortization. You get the monthly payment, the CMHC premium if you put less than 20% down, property transfer tax with or without the first-time exemption, and the cash you need on closing day.

What is the monthly mortgage payment on a typical home in B.C.?

On the Greater Vancouver benchmark of $1,081,900 (August 2026), with 20% down at 4.5% over 25 years, it’s about $4,790 a month. The Fraser Valley and Victoria benchmarks are lower; pick them in the calculator.

How much is property transfer tax in B.C.?

1% on the first $200,000, 2% up to $2,000,000 and 3% above that, plus another 2% on residential value over $3,000,000. A $500,000 home pays $8,000; the $1,081,900 Greater Vancouver benchmark pays $19,638.

What help is there for first-time home buyers in B.C.?

B.C. exempts first-time buyers from property transfer tax on the first $500,000 of a home worth up to $835,000, worth up to $8,000, with a partial exemption up to $860,000. Federally you can save in an FHSA, take up to $60,000 from your RRSP under the Home Buyers’ Plan, claim the $10,000 home buyers’ amount and get up to $50,000 of GST back on a new home.

Is there a grant for first-time home buyers in B.C.?

Not a cash grant. B.C.’s help is the property transfer tax exemption, which lowers what you pay at closing. On a newly built home, the federal first-time buyer GST rebate can be worth up to $50,000.

How much down payment does a first-time buyer need in B.C.?

The same as any buyer: 5% of the first $500,000 and 10% of the rest, or 20% at $1.5 million or more. On the Greater Vancouver benchmark that’s $83,190. FHSA savings and up to $60,000 from your RRSP through the Home Buyers’ Plan can go toward it.

What are closing costs in B.C.?

Property transfer tax, legal or notary fees, a home inspection, title insurance and adjustments for property tax the seller prepaid. CMHC puts the total at 1.5% to 4% of the price. The calculator adds the costs we can compute and lets you enter quotes for the rest.

How does B.C.’s foreign buyer tax work?

Foreign nationals, foreign corporations and taxable trustees pay an extra 20% of their share of the home’s value in Metro Vancouver, the Fraser Valley, the Capital Regional District, Central Okanagan and Nanaimo, on top of the regular property transfer tax.

Do new homes in B.C. pay property transfer tax?

Not if the home is worth $1,100,000 or less and it will be your principal residence: the newly built home exemption covers all of it, with a partial exemption up to $1,150,000. New homes do pay GST, but first-time buyers can get up to $50,000 of it back.

Can a first-time buyer in B.C. get a 30-year mortgage?

Yes. Insured mortgages are normally limited to 25 years, but CMHC Home Start allows 30 when at least one borrower is a first-time buyer or the home is newly built. The premium is 0.20 points higher.

Sources

General information, not financial or legal advice. Programs have conditions on residency, past ownership and price; your lawyer or notary and the program will confirm what you qualify for. Rules checked October 16, 2026. See our methodology.