31
$1,549,000
$614/sqft
4 bd · 3 ba · 2,521 sqft
3745 Southridge Avenue
West Vancouver · Single Family Residence
Listed by Royal LePage SussexMLS® R3171329
Pre-approval · West Vancouver
What does a mortgage pre-approval in West Vancouver ask for?
At the $3,000,000 median asking price, you need $600,000 down. A lender tests a payment of $16,061 a month.
- Minimum down
- $600,000
- Monthly payment a lender tests
- $16,061
- Implied household income
- $494,185
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $600,000
- Monthly payment a lender tests
- $16,061
- Implied household income
- $494,185
What a West Vancouver buyer needs
At $3,000,000, the minimum down payment is $600,000 and twenty percent is $600,000. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $16,061 a month over 25 years, which needs a household income near $494,185. The West Vancouver census median is $104,000, about $390,185 short of the figure the payment implies.
Homes above $1,500,000 cannot carry mortgage default insurance, so the West Vancouver median needs at least twenty percent down.
Minimum down payment on a West Vancouver home
| Figure | Amount |
|---|---|
| Median asking price | $3,000,000 |
| Minimum down payment | $600,000 |
| Twenty percent down | $600,000 |
| Mortgage default insurance | Not available above $1,500,000 |
| Qualifying payment at 6.49% | $16,061 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 West Vancouver
Active listings in West Vancouver
571 active listings
40
$4,580,000
$1,028/sqft
6 bd · 6 ba · 4,455 sqft
2567 Lawson Avenue
West Vancouver · Single Family Residence
Listed by Sutton Group-West Coast RealtyMLS® R3122830
29
$2,164,800
$1,209/sqft
3 bd · 3 ba · 1,790 sqft
#503, 6707 Nelson Avenue
West Vancouver · Apartment/Condo
Listed by Behroyan & Associates Real Estate ServicesMLS® R3134654
40
$2,350,000
$964/sqft
4 bd · 4 ba · 2,437 sqft
945 15th Street
West Vancouver · Single Family Residence
Listed by Royal LePage SussexMLS® R3174292
37
$4,388,000
$987/sqft
3 bd · 4 ba · 4,447 sqft
5325 MONTIVERDI Place
West Vancouver · Single Family
Listed by Angell, Hasman & Associates (Malcolm Hasman) Realty Ltd.MLS® R3148343
6
$3,988,000
$1,519/sqft
4 bd · 3 ba · 2,626 sqft
2361 BELLEVUE Avenue
West Vancouver · Single Family
Listed by Angell, Hasman & Associates (Malcolm Hasman) Realty Ltd.MLS® R3120129
39
$1,798,000
$620/sqft
5 bd · 5 ba · 2,902 sqft
556 Ballantree Road
West Vancouver · Single Family Residence
Listed by Royal Pacific Realty Corp.MLS® R3158776
36
$2,377,000
$880/sqft
3 bd · 4 ba · 2,702 sqft
2261 Gisby Street
West Vancouver · Single Family Residence
Listed by Homeland RealtyMLS® R3174020
40
$14,980,000
$1,957/sqft
6 bd · 7 ba · 7,654 sqft
1327 Chartwell Drive
West Vancouver · Single Family Residence
Listed by Luxmore RealtyMLS® R3142233
39
$3,800,000
$658/sqft
8 bd · 8 ba · 5,775 sqft
1360 Ottaburn Road
West Vancouver · Single Family Residence
Listed by RE/MAX Crest RealtyMLS® R3143662
33
$625,000
$1,038/sqft
1 bd · 1 ba · 602 sqft
#403, 1845 Bellevue Avenue
West Vancouver · Apartment/Condo
Listed by eXp RealtyMLS® R3174361
40
$5,499,000
$898/sqft
7 bd · 6 ba · 6,126 sqft
1035 King Georges Way
West Vancouver · Single Family Residence
Listed by Royal LePage SussexMLS® R3171689
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 West Vancouver
Mortgage pre-approval in Surrey
$999,999 median asking price
Mortgage pre-approval in Vancouver
$1,380,000 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
Pre-approval questions in West Vancouver
At the $3,000,000 median, the minimum is $600,000 and twenty percent is $600,000. Homes above $1,500,000 cannot carry mortgage default insurance, so the West Vancouver median needs at least twenty percent down.
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.