20
$839,000
$720/sqft
2 bd · 2 ba · 1,165 sqft
#803, 1327 Keith Road
North Vancouver · Apartment/Condo
Listed by Royal Pacific Lions Gate Realty Ltd.MLS® R3173314
Pre-approval · North Vancouver
What does a mortgage pre-approval in North Vancouver ask for?
At the $1,298,000 median asking price, you need $104,800 down. A lender tests a payment of $7,985 a month.
- Minimum down
- $104,800
- Monthly payment a lender tests
- $7,985
- Implied household income
- $245,692
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $104,800
- Monthly payment a lender tests
- $7,985
- Implied household income
- $245,692
What a North Vancouver buyer needs
At $1,298,000, the minimum down payment is $104,800 and twenty percent is $259,600. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $7,985 a month over 25 years, which needs a household income near $245,692. The North Vancouver census median is $123,000, about $122,692 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $104,800 minimum.
Minimum down payment on a North Vancouver home
| Figure | Amount |
|---|---|
| Median asking price | $1,298,000 |
| Minimum down payment | $104,800 |
| Twenty percent down | $259,600 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $7,985 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 North Vancouver
Active listings in North Vancouver
1,006 active listings
40
$1,348,000
$1,063/sqft
3 bd · 3 ba · 1,268 sqft
#201, 650 2nd Street
North Vancouver · Townhouse
Listed by The Partners Real EstateMLS® R3124377
30
$749,900
$1,309/sqft
1 bd · 1 ba · 573 sqft
#1004, 135 13th Street
North Vancouver · Apartment/Condo
Listed by Oakwyn Realty Ltd.MLS® R3164709
26
$766,900
$1,300/sqft
1 bd · 1 ba · 590 sqft
#1304, 135 13th Street
North Vancouver · Apartment/Condo
Listed by Team 3000 Realty Ltd.MLS® R3169153
28
$588,000
$862/sqft
1 bd · 1 ba · 682 sqft
#263, 1100 29th Street
North Vancouver · Apartment/Condo
Listed by Royal Pacific Realty (Kingsway) Ltd.MLS® R3155409
22
$848,000
$904/sqft
2 bd · 2 ba · 938 sqft
#501, 1401 Hunter Street
North Vancouver · Apartment/Condo
Listed by Team 3000 Realty Ltd.MLS® R3169106
39
$1,199,000
$881/sqft
3 bd · 3 ba · 1,361 sqft
#3, 307 15th Street
North Vancouver · Townhouse
Listed by Dexter RealtyMLS® R3172056
40
$1,999,000
$796/sqft
4 bd · 2 ba · 2,511 sqft
364 14th Street
North Vancouver · Single Family Residence
Listed by Real BrokerMLS® R3171637
26
$2,198,000
$1,214/sqft
3 bd · 1 ba · 1,811 sqft
3692 Sunnycrest Drive
North Vancouver · Single Family Residence
Listed by Rennie & Associates Realty Ltd.MLS® R3173480
38
$1,925,000
$786/sqft
3 bd · 3 ba · 2,448 sqft
674 Blueridge Avenue
North Vancouver · Single Family Residence
Listed by RE/MAX Masters RealtyMLS® R3174344
38
$674,999
$885/sqft
1 bd · 1 ba · 763 sqft
#205, 175 1st Street
North Vancouver · Apartment/Condo
Listed by The Agency VancouverMLS® R3152326
39
$779,000
$939/sqft
2 bd · 2 ba · 830 sqft
#405, 160 13th Street
North Vancouver · Apartment/Condo
Listed by RE/MAX Crest RealtyMLS® R3164808
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 North Vancouver
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 North Vancouver
At the $1,298,000 median, the minimum is $104,800 and twenty percent is $259,600. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $104,800 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.