40
$2,750,000
11520 Blundell Road
Richmond · Residential
6 bd
5 ba
4,444 sqft
$619/sqft
Built 1994
MLS® R3090614
RE/MAX Real Estate Services
Pre-approval · Richmond
What does a mortgage pre-approval in Richmond actually ask for?
The median asking price in Richmond is $1,019,000. At that price the minimum down payment is $76,900, 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
$1,019,000
Minimum down payment
$76,900
Qualifying payment
$6,305/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 Richmond buyer
A $1,019,000 asking price puts the minimum down payment at $76,900 under the federal rules, and twenty percent at $203,800. Financing the remaining $942,100 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 $6,305 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $194,000. The census median household income in Richmond is $79,000, which is about $115,000 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 $76,900 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 Richmond home
| Median asking price | $1,019,000 |
| Minimum down payment | $76,900 |
| Twenty percent down | $203,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $6,305 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 Richmond
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Richmond
New
$1,499,000
6500 Yeats Crescent
Richmond · Residential
6 bd
3 ba
2,660 sqft
$564/sqft
Built 1974
MLS® R3158392
RE/MAX Crest Realty
New
31
$634,999
#207 – 8740 No. 1 Road
Richmond · Residential
3 bd
2 ba
1,182 sqft
$537/sqft
Built 1975
MLS® R3158380
Oakwyn Realty Ltd.
New
32
$668,000
#808 – 6188 No. 3 Road
Richmond · Residential
2 bd
2 ba
888 sqft
$752/sqft
Built 2016
MLS® R3158235
RE/MAX City Realty
New
Open House on Sun, 2pm–4pm
40
$2,860,000
8328 Bowcock Road
Richmond · Residential
5 bd
5 ba
3,869 sqft
$739/sqft
Built 2009
MLS® R3158395
Macdonald Realty Westmar
35
$1,450,000
10593 YARMISH Drive
Richmond · Residential
4 bd
3 ba
2,082 sqft
$696/sqft
Built 1980
MLS® R3147312
Royal Pacific Realty Corp.
20
$1,780,000
10511 NO.1 Road
Richmond · Residential
5 bd
5 ba
2,140 sqft
$832/sqft
Built 2012
MLS® R3156923
LeHomes Realty Premier
37
$1,699,000
10520 ODLIN Road
Richmond · Residential
5 bd
4 ba
2,651 sqft
$641/sqft
Built 2003
MLS® R3147559
Parallel 49 Realty
$1,590,000
8331 BROWNELL Road
Richmond · Residential
7 bd
4 ba
2,304 sqft
$690/sqft
Built 1958
MLS® R3108546
RE/MAX Westcoast
40
$579,800
#104 – 12639 No. 2 Road
Richmond · Residential
1 bd
1 ba
744 sqft
$779/sqft
Built 1998
MLS® R3151580
Sutton Group Seafair Realty
37
$1,956,000
12051 Imperial Drive
Richmond · Residential
5 bd
3 ba
2,832 sqft
$691/sqft
Built 1988
MLS® R3148592
RE/MAX Austin Kay Realty
26
$1,555,000
6580 Williams Road
Richmond · Residential
5 bd
3 ba
1,901 sqft
$818/sqft
Built 1966
MLS® R3152837
Royal Regal Realty Ltd.
See all Richmond listings (2,130 active listings)
Pre-approval in cities near Richmond
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 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
Mortgage pre-approval in Chilliwack
$729,000 median asking price
Pre-approval questions in Richmond
What income does a lender test a median-priced Richmond purchase against?
A $1,019,000 purchase with $76,900 down leaves $942,100 to finance. At the qualifying rate of 6.49% over 25 years the payment is $6,305 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $194,000. The census median household income in Richmond is $79,000. 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 Richmond?
At the $1,019,000 median asking price, the federal minimum is $76,900, and twenty percent is $203,800. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $76,900 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.
Richmond homes for saleNarrow Richmond homes by featureRichmond market reportNew listings in RichmondRichmond 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.