4
$879,000
32878 1 Avenue
Mission · Residential
4 bd
2 ba
3,109 sqft
$283/sqft
Built 1915
MLS® R3138158
Planet Group Realty Inc.
Pre-approval · Mission
What does a mortgage pre-approval in Mission actually ask for?
The median asking price in Mission is $899,000. At that price the minimum down payment is $64,900, 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
$899,000
Minimum down payment
$64,900
Qualifying payment
$5,582/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 Mission buyer
A $899,000 asking price puts the minimum down payment at $64,900 under the federal rules, and twenty percent at $179,800. Financing the remaining $834,100 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 $5,582 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $171,754. The census median household income in Mission is $98,000, which is about $73,754 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 $64,900 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 Mission home
| Median asking price | $899,000 |
| Minimum down payment | $64,900 |
| Twenty percent down | $179,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $5,582 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 Mission
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Mission
5
$1,199,999
32872 1 Avenue
Mission · Residential
4 bd
3 ba
2,019 sqft
$594/sqft
Built 1991
MLS® R3122236
Planet Group Realty Inc.
24
$524,900
12050 Hodgkin Road
Mission · Land
MLS® R3132848
Century 21 Creekside Realty
Newly Listed
24
$679,900
#21 – 32929 Cherry Avenue
Mission · Residential
3 bd
3 ba
1,707 sqft
$398/sqft
Built 2026
MLS® R3158356
Royal LePage Elite West
New
40
$1,047,000
8263 Bowyer Drive
Mission · Residential
5 bd
3 ba
2,980 sqft
$351/sqft
Built 1992
MLS® R3157918
Team 3000 Realty Ltd.
Open House on Sun, 12pm–2pm
40
$1,620,000
10851 Greenwood Drive
Mission · Residential
5 bd
5 ba
4,690 sqft
$345/sqft
Built 1981
MLS® R3009339
Royal LePage - Wolstencroft
New
36
$849,900
31753 Hillcrest Avenue
Mission · Residential
5 bd
3 ba
2,406 sqft
$353/sqft
Built 1976
MLS® R3157626
eXp Realty of Canada, Inc.
Open House on Jun 27, 7am–9am
40
$2,298,000
10228 Stave Lake Road
Mission · Residential
7 bd
4 ba
6,187 sqft
$371/sqft
Built 1995
MLS® R3139854
Planet Group Realty Inc.
40
$1,440,000
8054 Sykes Street
Mission · Residential
5 bd
4 ba
3,004 sqft
$479/sqft
Built 1949
MLS® R3146046
Royal LePage Elite West
11
$549,900
12653 Cardinal Street
Mission · Land
MLS® R3146782
Oakwyn Realty Ltd.
40
$799,800
33598 8 Avenue
Mission · Residential
4 bd
2 ba
1,894 sqft
$422/sqft
Built 1990
MLS® R3151147
Sutton Group-West Coast Realty (Abbotsford)
Newly Listed
40
$1,299,900
8144 Barnett Street
Mission · Residential
6 bd
6 ba
4,809 sqft
$270/sqft
Built 2016
MLS® R3153737
Homelife Advantage Realty Ltd.
See all Mission listings (821 active listings)
Pre-approval in cities near Mission
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 Abbotsford
$824,900 median asking price
Mortgage pre-approval in Coquitlam
$952,450 median asking price
Pre-approval questions in Mission
What income does a lender test a median-priced Mission purchase against?
A $899,000 purchase with $64,900 down leaves $834,100 to finance. At the qualifying rate of 6.49% over 25 years the payment is $5,582 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $171,754. The census median household income in Mission is $98,000. 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 Mission?
At the $899,000 median asking price, the federal minimum is $64,900, and twenty percent is $179,800. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $64,900 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.
Mission homes for saleNarrow Mission homes by featureMission market reportNew listings in MissionMission price dropsHome affordability in BCMortgage stress test
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.