39
$1,999,900
28344 Harris Road
Abbotsford · Residential
4 bd
3 ba
2,894 sqft
$691/sqft
Built 1989
MLS® R3152983
eXp Realty
Pre-approval · Abbotsford
What does a mortgage pre-approval in Abbotsford actually ask for?
The median asking price in Abbotsford is $824,900. At that price the minimum down payment is $57,490, and a lender would test the balance at the federal qualifying rate rather than the rate you would pay. Here is what that works out to, and what a lender checks before any of it applies.
Median asking price
$824,900
Minimum down payment
$57,490
Qualifying payment
$5,136/mo
Estimated range · question 1 of 3
What is your gross household income?
Choose a range to start. Two more answers shape the estimate before any lender or credit check.
No credit check · About 1 minute See what you could qualify for
What the numbers ask of a Abbotsford buyer
A $824,900 asking price puts the minimum down payment at $57,490 under the federal rules, and twenty percent at $164,980. Financing the remaining $767,410 and testing it at the qualifying rate of 6.49%, which is higher than the illustrative contract rate of 4.49%, produces a payment of $5,136 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $158,031. The census median household income in Abbotsford is $90,000, which is about $68,031 short of the figure the payment implies.
A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $57,490 minimum possible. The premium is added to the mortgage.
Whether your own numbers clear that bar is a lender’s call, and it is a short conversation when your file is ready. See your estimated mortgage range and walk in with it assembled.
Minimum down payment on a Abbotsford home
| Median asking price | $824,900 |
| Minimum down payment | $57,490 |
| Twenty percent down | $164,980 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $5,136 per month |
The minimum is five percent of the first $500,000, ten percent of any portion between $500,000 and $1,500,000, and twenty percent on anything above $1,500,000. The qualifying payment is arithmetic at an illustrative rate, not a quote.
What a lender is testing before any of this applies
- Income you can document. Pay stubs, a letter of employment, and two years of Notices of Assessment. Self-employed files need two years of T1 Generals.
- Debt you already carry. Balances, minimum payments, and limits, including the limit on a card you never use.
- A down payment with ninety days of history. Any large deposit inside that window needs a paper trail, and a gift needs a signed letter.
- Credit. A hard check, read alongside how long your history runs.
The full document list is on how to get pre-approved for a mortgage in BC.
Homes on the market in Abbotsford
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Abbotsford
New
16
$1,899,000
6050 Leclair Street
Abbotsford · Residential
5 bd
4 ba
2,948 sqft
$644/sqft
Built 1973
MLS® R3157905
RE/MAX Truepeak Realty
32
$621,000
#18 – 36060 Old Yale Road
Abbotsford · Residential
3 bd
3 ba
1,417 sqft
$438/sqft
Built 1990
MLS® R3112735
Nationwide Realty Corp.
33
$599,000
#25 – 32615 MURRAY Avenue
Abbotsford · Residential
2 bd
3 ba
1,632 sqft
$367/sqft
Built 1988
MLS® R3108660
RE/MAX Elevate Realty
25
$249,999
#30 – 2035 Martens Street
Abbotsford · Residential
2 bd
1 ba
961 sqft
$260/sqft
Built 1980
MLS® R3094429
Century 21 Creekside Realty
30
$557,000
#59 – 34248 King Road
Abbotsford · Residential
2 bd
3 ba
1,295 sqft
$430/sqft
Built 2009
MLS® R3141065
Homelife Advantage Realty Ltd.
37
$349,900
#256 – 32691 Garibaldi Drive
Abbotsford · Residential
2 bd
2 ba
1,468 sqft
$238/sqft
Built 1988
MLS® R3148368
Century 21 Creekside Realty
Newly Listed
$225,000
#209 – 2414 Church Street
Abbotsford · Residential
2 bd
2 ba
1,016 sqft
$221/sqft
Built 1984
MLS® R3155870
Homelife Advantage Realty Ltd.
Newly Listed
Open House on Sat, 1pm–3pm
38
$649,900
#66 – 1973 Winfield Drive
Abbotsford · Residential
2 bd
2 ba
1,165 sqft
$558/sqft
Built 1994
MLS® R3155079
Team 3000 Realty Ltd.
New
29
$319,000
#104 – 33535 King Road
Abbotsford · Residential
2 bd
2 ba
1,004 sqft
$318/sqft
Built 1990
MLS® R3158237
Royal LePage Little Oak Realty
Newly Listed
38
$3,500,000
28838 Buchanan Avenue
Abbotsford · Residential
4 bd
4 ba
6,999 sqft
$500/sqft
Built 2011
MLS® R3156267
RE/MAX Truepeak Realty
Newly Listed
40
$899,000
2270 Midas Street
Abbotsford · Residential
5 bd
3 ba
2,336 sqft
$385/sqft
Built 1974
MLS® R3155717
Oakwyn Realty Ltd.
See all Abbotsford listings (1,633 active listings)
Pre-approval in cities near Abbotsford
Mortgage pre-approval in Surrey
$1,048,000 median asking price
Mortgage pre-approval in Vancouver
$1,398,000 median asking price
Mortgage pre-approval in Richmond
$1,019,000 median asking price
Mortgage pre-approval in Burnaby
$890,000 median asking price
Mortgage pre-approval in Kelowna
$799,000 median asking price
Mortgage pre-approval in Langley
$949,900 median asking price
Mortgage pre-approval in Coquitlam
$952,450 median asking price
Mortgage pre-approval in Chilliwack
$729,000 median asking price
Pre-approval questions in Abbotsford
What income does a lender test a median-priced Abbotsford purchase against?
A $824,900 purchase with $57,490 down leaves $767,410 to finance. At the qualifying rate of 6.49% over 25 years the payment is $5,136 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $158,031. The census median household income in Abbotsford is $90,000. Your own number will differ with your debts, your down payment, and your property taxes.
How much do I need for a down payment in Abbotsford?
At the $824,900 median asking price, the federal minimum is $57,490, and twenty percent is $164,980. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $57,490 minimum possible. The premium is added to the mortgage. Closing costs sit on top of the down payment.
Does a pre-approval mean the mortgage is approved?
No. A pre-approval is a lender’s conditional statement about you. Final approval also depends on the specific property, which the lender appraises and, for a condo, reviews the strata documents on.
Can I get pre-approved before I choose a city?
Yes, and it is the usual order. A pre-approval is based on your income, debts, and credit rather than on a particular home, so the amount travels with you across BC. The down payment minimum changes with the price, not with the city.
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Listing data provided by the Greater Vancouver REALTORS® and partner boards under MLS® Reciprocity. Deemed reliable but not guaranteed accurate. MLS® and REALTOR® are trademarks of CREA. Asking prices come from the live MLS® feed through board reciprocity. Household income is the Statistics Canada census median for the city. Payment figures use an illustrative rate over a 25-year amortization and the federal qualifying rate. They are arithmetic, not a quote, and not an offer of credit. Ray Rasouli is a licensed REALTOR® with Real Broker B.C. Ltd. and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.