40
$1,298,000
$1,067/sqft
2 bd · 3 ba · 1,217 sqft
357 11th Avenue
Vancouver · Townhouse
Listed by RE/MAX Select PropertiesMLS® R3162752
Pre-approval · Vancouver
What does a mortgage pre-approval in Vancouver ask for?
At the $1,379,500 median asking price, you need $112,950 down. A lender tests a payment of $8,476 a month.
- Minimum down
- $112,950
- Monthly payment a lender tests
- $8,476
- Implied household income
- $260,800
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $112,950
- Monthly payment a lender tests
- $8,476
- Implied household income
- $260,800
What a Vancouver buyer needs
At $1,379,500, the minimum down payment is $112,950 and twenty percent is $275,900. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $8,476 a month over 25 years, which needs a household income near $260,800. The Vancouver census median is $82,000, about $178,800 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $112,950 minimum.
Minimum down payment on a Vancouver home
| Figure | Amount |
|---|---|
| Median asking price | $1,379,500 |
| Minimum down payment | $112,950 |
| Twenty percent down | $275,900 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $8,476 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 Vancouver
Active listings in Vancouver
4,698 active listings
38
$1,768,000
$973/sqft
4 bd · 4 ba · 1,817 sqft
3155 E. 52nd Avenue
Vancouver · Half Duplex
Listed by Oakwyn Realty Ltd.MLS® R3167342
16
$1,379,000
$1,084/sqft
2 bd · 2 ba · 1,272 sqft
#320, 4685 Valley Drive
Vancouver · Apartment/Condo
Listed by Royal Pacific Riverside Realty Ltd.MLS® R3117585
40
$845,000
$965/sqft
2 bd · 2 ba · 876 sqft
#304, 933 Hornby Street
Vancouver · Apartment/Condo
Listed by RE/MAX Crest RealtyMLS® R3170528
35
$629,900
$784/sqft
2 bd · 2 ba · 803 sqft
#218, 405 Skeena Street
Vancouver · Apartment/Condo
Listed by Grand Central RealtyMLS® R3174145
26
$710,000
$975/sqft
2 bd · 2 ba · 728 sqft
#406, 5399 Joyce Street
Vancouver · Apartment/Condo
Listed by RE/MAX Crest RealtyMLS® R3172596
30
$732,000
$1,116/sqft
1 bd · 1 ba · 656 sqft
#504, 1675 8 Avenue
Vancouver · Apartment/Condo
Listed by Claridge Real Estate Advisors Inc.MLS® R3170926
40
$2,962,800
$1,465/sqft
2 bd · 2 ba · 2,023 sqft
#203, 499 Broughton Street
Vancouver · Apartment/Condo
Listed by RE/MAX Crest RealtyMLS® R3170668
30
$538,000
$920/sqft
1 bd · 1 ba · 585 sqft
#507, 2435 Kingsway
Vancouver · Apartment/Condo
Listed by Rennie & Associates Realty Ltd.MLS® R3165664
40
$1,798,000
$737/sqft
5 bd · 3 ba · 2,438 sqft
768 W. 66th Avenue
Vancouver · Single Family Residence
Listed by Stonehaus Realty Corp.MLS® R3173454
40
$1,069,900
$1,305/sqft
2 bd · 2 ba · 820 sqft
#1207, 889 Pacific Street
Vancouver · Apartment/Condo
Listed by Rennie & Associates Realty Ltd.MLS® R3170503
28
$1,499,000
$1,105/sqft
2 bd · 2 ba · 1,356 sqft
#804, 1600 Hornby Street
Vancouver · Apartment/Condo
Listed by Sotheby's International Realty CanadaMLS® R3169627
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 Vancouver
Mortgage pre-approval in Surrey
$999,999 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
Mortgage pre-approval in Chilliwack
$750,000 median asking price
Pre-approval questions in Vancouver
At the $1,379,500 median, the minimum is $112,950 and twenty percent is $275,900. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $112,950 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.