25
$372,000
$725/sqft
1 bd · 1 ba · 513 sqft
#105, 3248 Sherman Road
Duncan · Single Family
Listed by RE/MAX CamosunMLS® 1051055
Pre-approval · Duncan
What does a mortgage pre-approval in Duncan ask for?
At the $793,500 median asking price, you need $54,350 down. A lender tests a payment of $4,947 a month.
- Minimum down
- $54,350
- Monthly payment a lender tests
- $4,947
- Implied household income
- $152,215
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $54,350
- Monthly payment a lender tests
- $4,947
- Implied household income
- $152,215
What a Duncan buyer needs
At $793,500, the minimum down payment is $54,350 and twenty percent is $158,700. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,947 a month over 25 years, which needs a household income near $152,215. The Duncan census median is $53,200, about $99,015 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $54,350 minimum.
Minimum down payment on a Duncan home
| Figure | Amount |
|---|---|
| Median asking price | $793,500 |
| Minimum down payment | $54,350 |
| Twenty percent down | $158,700 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,947 per month |
The qualifying payment uses an illustrative rate, not a quote.
What a lender checks first
- 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 Duncan
Active listings in Duncan
250 active listings
61
$624,900
$270/sqft
3 bd · 3 ba · 2,312 sqft
#22, 5980 Jaynes Road
Duncan · Single Family
Listed by Pemberton Holmes Ltd. (Cow Vall)MLS® 1051856
49
$924,900
$405/sqft
4 bd · 3 ba · 2,286 sqft
3026 Keystone Drive
Duncan · Single Family
Listed by Pemberton Holmes Ltd. (Cow Vall)MLS® 1051837
46
$1,160,000
$388/sqft
5 bd · 3 ba · 2,989 sqft
3326 Woodrush Drive
Duncan · Single Family
Listed by eXp RealtyMLS® 1051825
99
$1,550,000
$337/sqft
9 bd · 5 ba · 4,598 sqft
4970 Wilson Road
Duncan · Single Family
Listed by Pemberton Holmes Ltd. (Cow Vall)MLS® 1051769
43
$699,000
$377/sqft
4 bd · 2 ba · 1,853 sqft
1855 Sandra Place
Duncan · Single Family
Listed by Pemberton Holmes Ltd. (Cow Vall)MLS® 1048606
71
$3,150,000
$756/sqft
3 bd · 4 ba · 4,164 sqft
977 Grandview Street
Duncan · Single Family
Listed by Sotheby's International Realty Canada (Vic2)MLS® 1051664
46
$775,000
$326/sqft
4 bd · 3 ba · 2,378 sqft
3104 Laurel Grove
Duncan · Single Family
Listed by RE/MAX Island Properties (DU)MLS® 1051575
32
$559,900
$261/sqft
4 bd · 2 ba · 2,145 sqft
3279 Gibbins Road
Duncan · Single Family
Listed by Royal LePage Nanaimo Realty LDMLS® 1051547
27
$740,000
$427/sqft
3 bd · 3 ba · 1,735 sqft
3111 Manor Drive
Duncan · Single Family
Listed by ComFreeMLS® 1051017
20
$930,000
$423/sqft
5 bd · 2 ba · 2,200 sqft
2128 Calais Road
Duncan · Single Family
Listed by PG Direct Realty Ltd.MLS® 1051261
44
$1,088,000
$646/sqft
3 bd · 2 ba · 1,683 sqft
6226 Seablush Drive
Duncan · Single Family
Listed by RE/MAX Island Properties (DU)MLS® 1050726
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
Pre-approval in cities near Duncan
Mortgage pre-approval in Surrey
$999,999 median asking price
Mortgage pre-approval in Vancouver
$1,379,500 median asking price
Mortgage pre-approval in Burnaby
$859,950 median asking price
Mortgage pre-approval in Richmond
$1,004,800 median asking price
Mortgage pre-approval in Kelowna
$789,450 median asking price
Mortgage pre-approval in Langley
$959,900 median asking price
Mortgage pre-approval in Abbotsford
$799,900 median asking price
Mortgage pre-approval in Coquitlam
$956,450 median asking price
Pre-approval questions in Duncan
At the $793,500 median, the minimum is $54,350 and twenty percent is $158,700. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $54,350 minimum.
No. Final approval also depends on the property.
Yes. It is based on you, not a home, so it works anywhere in BC.
Related pages
Prepared by
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Data
Source: MLS® listing data from BC real estate boards (MLS® Reciprocity) and CREA's DDF®.
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
CorrectionsReport a correction
Payments use an illustrative rate over 25 years and the federal qualifying rate. Not a quote or an offer of credit. Ray Rasouli is a licensed REALTOR® and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.