Mortgage Costs in British Columbia
British Columbia — and Metro Vancouver in particular — consistently ranks as one of the most expensive housing markets in Canada and among the most expensive in the world. Average detached home prices in Greater Vancouver regularly exceed $1.5 million, while attached homes and condos average $700,000–$900,000.
For BC buyers, this means mortgages are large, monthly payments are high, and the financial impact of small rate or payment changes is amplified significantly compared to other provinces.
In Vancouver, a typical $1.2M home with 20% down means an $960,000 mortgage. At 6.25% over 25 years, that's $6,409/month — and over $900,000 in total interest paid over the life of the loan.
BC Mortgage: Sample Payments
| Home Price | Down Payment (20%) | Mortgage Amount | Monthly Payment (6.25%, 25yr) |
|---|---|---|---|
| $800,000 | $160,000 | $640,000 | $4,274 |
| $1,100,000 | $220,000 | $880,000 | $5,876 |
| $1,500,000 | $300,000 | $1,200,000 | $8,011 |
| $2,000,000 | $400,000 | $1,600,000 | $10,681 |
BC Property Transfer Tax
British Columbia charges a Property Transfer Tax (PTT) on home purchases, calculated on the fair market value:
- 1% on the first $200,000
- 2% on the portion from $200,000 to $2,000,000
- 3% on the portion above $2,000,000
- An additional 2% on the portion above $3,000,000
For a $1,100,000 home, the PTT is approximately $18,000. First-time buyers may qualify for a full exemption on homes under $500,000 and a partial exemption up to $525,000.
BC Foreign Buyers Tax
BC charges an additional 20% Property Transfer Tax on residential purchases by foreign nationals in designated areas including Metro Vancouver, Fraser Valley, and other regions. This applies in addition to the standard PTT rates above.
Why Extra Payments Matter More in BC
With BC's large mortgage balances, even small extra monthly payments generate substantial savings. An extra $500/month on a $1,000,000 mortgage at 6.25% saves over $215,000 in interest and shortens the loan by more than 7 years.
Use our Extra Payment Calculator to see your exact savings based on your specific BC mortgage.
Refinancing in BC
With higher loan balances, BC homeowners see greater dollar savings from rate reductions. Even a 0.5% rate drop on a $900,000 mortgage saves approximately $4,500/year, meaning closing costs of $10,000–$15,000 are typically recovered in just 2–3 years.
Calculate your BC refinance break-even with our Refinance Break-Even Calculator.