40
$1,599,000
SL 1 – 2333 54th Avenue
Vancouver · Residential
4 bd
4 ba
1,666 sqft
$960/sqft
Built 2026
MLS® R3128836
RE/MAX City Realty
Pre-approval · Vancouver
What does a mortgage pre-approval in Vancouver actually ask for?
The median asking price in Vancouver is $1,398,000. At that price the minimum down payment is $114,800, 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
$1,398,000
Minimum down payment
$114,800
Qualifying payment
$8,587/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 Vancouver buyer
A $1,398,000 asking price puts the minimum down payment at $114,800 under the federal rules, and twenty percent at $279,600. Financing the remaining $1,283,200 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 $8,587 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $264,215. The census median household income in Vancouver is $82,000, which is about $182,215 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 $114,800 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 Vancouver home
| Median asking price | $1,398,000 |
| Minimum down payment | $114,800 |
| Twenty percent down | $279,600 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $8,587 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 Vancouver
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Vancouver
40
$2,488,000
2078 57th Avenue
Vancouver · Residential
5 bd
4 ba
1,897 sqft
$1,312/sqft
Built 2026
MLS® R3140858
Royal Pacific Realty Corp.
New
Open House on Sat, 2pm–4pm
40
$1,695,000
21 Malta Place
Vancouver · Residential
5 bd
3 ba
2,198 sqft
$771/sqft
Built 1948
MLS® R3158276
RE/MAX City Realty
New
16
$535,000
#403 – 2408 Broadway
Vancouver · Residential
1 bd
1 ba
576 sqft
$929/sqft
Built 2014
MLS® R3158320
Interlink Realty
40
$1,399,000
357 11th Avenue
Vancouver · Residential
2 bd
3 ba
1,217 sqft
$1,150/sqft
Built 2005
MLS® R3135820
RE/MAX Select Properties
36
$1,675,000
3653 25th Avenue
Vancouver · Residential
5 bd
3 ba
2,080 sqft
$805/sqft
Built 1954
MLS® R3106198
Royal Pacific Realty (Kingsway) Ltd.
Newly Listed
28
$579,000
#111 – 853 7th Avenue
Vancouver · Residential
1 bd
1 ba
624 sqft
$928/sqft
Built 1976
MLS® R3156273
RE/MAX Select Properties
New
Open House on Sat, 2pm–4pm
38
$789,000
#1501 – 1788 Columbia Street
Vancouver · Residential
1 bd
1 ba
729 sqft
$1,082/sqft
Built 2018
MLS® R3158280
eXp Realty
Open House on Sun, 2pm–4pm
21
$2,695,000
595 29th Avenue
Vancouver · Residential
3 bd
3 ba
1,835 sqft
$1,469/sqft
Built 2025
MLS® R3140341
RE/MAX Select Properties
Open House on Sun, 2pm–4pm
31
$1,998,000
4470 Ash Street
Vancouver · Residential
3 bd
3 ba
1,456 sqft
$1,372/sqft
Built 2025
MLS® R3128082
RE/MAX Select Properties
33
$1,249,000
#2 – 2505 8TH Avenue
Vancouver · Residential
2 bd
3 ba
1,080 sqft
$1,156/sqft
Built 2006
MLS® R3158327
Oakwyn Realty Ltd.
21
$599,000
#301 – 3575 EUCLID AVENUE Avenue
Vancouver · Residential
2 bd
1 ba
716 sqft
$837/sqft
Built 2005
MLS® R3158283
Oakwyn Realty Ltd.
See all Vancouver listings (4,687 active listings)
Pre-approval in cities near Vancouver
Mortgage pre-approval in Surrey
$1,048,000 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
Mortgage pre-approval in Chilliwack
$729,000 median asking price
Pre-approval questions in Vancouver
What income does a lender test a median-priced Vancouver purchase against?
A $1,398,000 purchase with $114,800 down leaves $1,283,200 to finance. At the qualifying rate of 6.49% over 25 years the payment is $8,587 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $264,215. The census median household income in Vancouver is $82,000. 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 Vancouver?
At the $1,398,000 median asking price, the federal minimum is $114,800, and twenty percent is $279,600. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $114,800 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.
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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.