33
$1,688,000
$563/sqft
8 bd · 4 ba · 2,996 sqft
4573 No. 5 Road
Richmond · Single Family Residence
Listed by Royal Pacific Realty Corp.MLS® R3167040
Pre-approval · Richmond
What does a mortgage pre-approval in Richmond ask for?
At the $1,004,800 median asking price, you need $75,480 down. A lender tests a payment of $6,219 a month.
- Minimum down
- $75,480
- Monthly payment a lender tests
- $6,219
- Implied household income
- $191,354
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $75,480
- Monthly payment a lender tests
- $6,219
- Implied household income
- $191,354
What a Richmond buyer needs
At $1,004,800, the minimum down payment is $75,480 and twenty percent is $200,960. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $6,219 a month over 25 years, which needs a household income near $191,354. The Richmond census median is $79,000, about $112,354 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $75,480 minimum.
Minimum down payment on a Richmond home
| Figure | Amount |
|---|---|
| Median asking price | $1,004,800 |
| Minimum down payment | $75,480 |
| Twenty percent down | $200,960 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $6,219 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 Richmond
Active listings in Richmond
1,993 active listings
16
$1,199,999
$917/sqft
3 bd · 3 ba · 1,309 sqft
#21, 7168 Lynnwood Drive
Richmond · Townhouse
Listed by Royal Pacific Realty (Kingsway) Ltd.MLS® R3164220
18
$578,000
$855/sqft
1 bd · 1 ba · 676 sqft
#706, 3333 Sexsmith Road
Richmond · Apartment/Condo
Listed by Regent Park Fairchild Realty Inc.MLS® R3168797
24
$728,000
$484/sqft
2 bd · 3 ba · 1,503 sqft
#1606, 6611 Minoru Boulevard
Richmond · Apartment/Condo
Listed by RE/MAX Crest RealtyMLS® R3134990
10
$949,000
$748/sqft
3 bd · 2 ba · 1,269 sqft
#12, 3851 Blundell Road
Richmond · Townhouse
Listed by Royal LePage Global Force RealtyMLS® R3171947
38
$4,680,000
$770/sqft
7 bd · 10 ba · 6,078 sqft
9640 Pinewell Crescent
Richmond · Townhouse
Listed by Royal Pacific Realty Corp.MLS® R3174223
25
$899,900
$681/sqft
3 bd · 3 ba · 1,321 sqft
#5, 7091 Blundell Road
Richmond · Townhouse
Listed by Stonehaus Realty Corp.MLS® R3163867
22
$789,000
$658/sqft
3 bd · 2 ba · 1,199 sqft
#16, 9080 Parksville Drive
Richmond · Townhouse
Listed by RE/MAX WestcoastMLS® R3169502
26
$1,199,000
$844/sqft
3 bd · 4 ba · 1,420 sqft
#6, 5651 Steveston Highway
Richmond · Townhouse
Listed by RE/MAX Crest RealtyMLS® R3172838
25
$480,000
$750/sqft
1 bd · 1 ba · 640 sqft
#510, 7831 Westminster Highway
Richmond · Apartment/Condo
Listed by Royal Regal Realty Ltd.MLS® R3173913
17
$528,000
$255/sqft
2 bd · 2 ba · 2,068 sqft
E26 – 8331 River Road
Richmond · Single Family Residence
Listed by Royal LePage WestsideMLS® R3118298
29
$978,000
$680/sqft
2 bd · 2 ba · 1,438 sqft
#211, 12911 Railway Avenue
Richmond · Apartment/Condo
Listed by Sutton Group Seafair RealtyMLS® R3145344
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 Richmond
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 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
Mortgage pre-approval in Chilliwack
$750,000 median asking price
Pre-approval questions in Richmond
At the $1,004,800 median, the minimum is $75,480 and twenty percent is $200,960. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $75,480 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.