48
$499,900
$249/sqft
5 bd · 2 ba · 2,007 sqft
Powell River
Powell River · Single Family
Listed by 2% REALTY PACIFIC COASTMLS® 19715
Pre-approval · Powell River
What does a mortgage pre-approval in Powell River ask for?
At the $554,500 median asking price, you need $30,450 down. A lender tests a payment of $3,507 a month.
- Minimum down
- $30,450
- Monthly payment a lender tests
- $3,507
- Implied household income
- $107,908
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $30,450
- Monthly payment a lender tests
- $3,507
- Implied household income
- $107,908
What a Powell River buyer needs
At $554,500, the minimum down payment is $30,450 and twenty percent is $110,900. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $3,507 a month over 25 years, which needs a household income near $107,908. The Powell River census median is $67,000, about $40,908 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $30,450 minimum.
Minimum down payment on a Powell River home
| Figure | Amount |
|---|---|
| Median asking price | $554,500 |
| Minimum down payment | $30,450 |
| Twenty percent down | $110,900 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $3,507 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 Powell River
Active listings in Powell River
196 active listings
34
$339,900
$237/sqft
3 bd · 2 ba · 1,435 sqft
Powell River
Powell River · Single Family
Listed by 2% REALTY PACIFIC COASTMLS® 20127
17
$569,000
$486/sqft
2 bd · 2 ba · 1,170 sqft
Powell River
Powell River · Single Family
Listed by ROYAL LEPAGE POWELL RIVERMLS® 20268
46
$689,000
$430/sqft
3 bd · 2 ba · 1,602 sqft
Powell River
Powell River · Single Family
Listed by RE/MAX POWELL RIVERMLS® 20261
46
$699,900
$457/sqft
3 bd · 2 ba · 1,533 sqft
Powell River
Powell River · Single Family
Listed by ROYAL LEPAGE POWELL RIVERMLS® 20206
41
$735,000
$357/sqft
4 bd · 3 ba · 2,056 sqft
Powell River
Powell River · Single Family
Listed by ROYAL LEPAGE POWELL RIVERMLS® 20203
65
$1,199,000
$237/sqft
5 bd · 5 ba · 5,058 sqft
Powell River
Powell River · Single Family
Listed by RE/MAX POWELL RIVERMLS® 20185
16
$239,900
$293/sqft
2 bd · 1 ba · 820 sqft
Powell River
Powell River · Single Family
Listed by RE/MAX POWELL RIVERMLS® 20026
22
$399,900
$198/sqft
3 bd · 2 ba · 2,022 sqft
Powell River
Powell River · Single Family
Listed by ROYAL LEPAGE POWELL RIVERMLS® 20271
42
$719,900
$301/sqft
3 bd · 3 ba · 2,392 sqft
Powell River
Powell River · Single Family
Listed by ROYAL LEPAGE POWELL RIVERMLS® 20151
$599,000
$312/sqft
3 bd · 1 ba · 1,920 sqft
Powell River
Powell River · Single Family
Listed by EXP REALTY (POWELL RIVER)MLS® 20270
28
$479,000
$231/sqft
4 bd · 2 ba · 2,070 sqft
Powell River
Powell River · Single Family
Listed by RE/MAX POWELL RIVERMLS® 20154
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 Powell River
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$1,379,500 median asking price
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$859,950 median asking price
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$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 Powell River
At the $554,500 median, the minimum is $30,450 and twenty percent is $110,900. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $30,450 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.