New
40
$885,000
66022 Park Avenue
Hope · Residential
3 bd
3 ba
2,317 sqft
$382/sqft
Built 2007
MLS® R3157940
Royal Lepage Wheeler Cheam
Pre-approval · Hope
What does a mortgage pre-approval in Hope actually ask for?
The median asking price in Hope is $689,000. At that price the minimum down payment is $43,900, 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
$689,000
Minimum down payment
$43,900
Qualifying payment
$4,317/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 Hope buyer
A $689,000 asking price puts the minimum down payment at $43,900 under the federal rules, and twenty percent at $137,800. Financing the remaining $645,100 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 $4,317 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $132,831. The census median household income in Hope is $64,000, which is about $68,831 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 $43,900 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 Hope home
| Median asking price | $689,000 |
| Minimum down payment | $43,900 |
| Twenty percent down | $137,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,317 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 Hope
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Hope
40
$598,000
66509 Stephens Road
Hope · Land
MLS® R3142632
RE/MAX Nyda Realty (Hope)
10
$149,000
SVE 47 OLD HOPE PRINCETON Highway
Hope · Land
MLS® R3156248
Oakwyn Realty Ltd.
3
$550,000
22580 COQUIHALLA Highway
Hope · Land
MLS® R3135013
RE/MAX City Realty
2
$416,000
19595 SILVERHOPE Road
Hope · Land
MLS® R3126328
One Percent Realty Ltd.
17
$1,100,000
19601 SILVER SKAGIT Road
Hope · Residential
2 bd
2 ba
1,190 sqft
$924/sqft
Built 2007
MLS® R3151588
Coldwell Banker Universe Realty
16
$789,000
63866 BEECH Avenue
Hope · Residential
5 bd
3 ba
2,200 sqft
$359/sqft
Built 2021
MLS® R3121002
Royal Pacific Realty (Kingsway) Ltd.
Newly Listed
35
$724,900
63909 Old Yale Road
Hope · Residential
5 bd
3 ba
1,925 sqft
$377/sqft
Built 1995
MLS® R3157108
RE/MAX Nyda Realty Inc.
Newly Listed
$689,900
320 Robertson Crescent
Hope · Residential
4 bd
2 ba
1,977 sqft
$349/sqft
Built 1973
MLS® R3157595
RE/MAX Nyda Realty Inc.
Newly Listed
39
$684,900
66603 Summer Road
Hope · Residential
2 bd
1 ba
1,547 sqft
$443/sqft
Built 1970
MLS® R3156191
RE/MAX Nyda Realty Inc.
Newly Listed
22
$2,200,000
21437 Haig Station Road
Hope · Land
MLS® R3157169
LeHomes Realty Premier
20
$539,900
20808 Landstrom Road
Hope · Land
MLS® R3119242
Advantage Property Management
See all Hope listings (169 active listings)
Pre-approval in cities near Hope
Mortgage pre-approval in Surrey
$1,049,000 median asking price
Mortgage pre-approval in Vancouver
$1,398,000 median asking price
Mortgage pre-approval in Richmond
$1,020,000 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 Abbotsford
$824,900 median asking price
Mortgage pre-approval in Coquitlam
$950,000 median asking price
Pre-approval questions in Hope
What income does a lender test a median-priced Hope purchase against?
A $689,000 purchase with $43,900 down leaves $645,100 to finance. At the qualifying rate of 6.49% over 25 years the payment is $4,317 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $132,831. The census median household income in Hope is $64,000. 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 Hope?
At the $689,000 median asking price, the federal minimum is $43,900, and twenty percent is $137,800. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $43,900 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.