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Buying a house over $500k?

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If you are buying a house with a purchase price over $500k, there are a few things to remember:
  • Your minimum down payment will increase. You will be required to pay 5% on the first $500k and then 10% on any amount over the $500k. Here is a link to CMHC which explains the down payment as well as a few other general requirements
  • If you are purchasing in Northern BC, in that price range you will likely be looking at newly built homes. There is a transfer tax exemption for new construction (up to $750k, with potential partial exemptions up to $800k) which is worth exploring when considering several different home purchases. Property transfer tax is typically 1% on the first $200k and 2% on the remainder.   
  • If you are a first time buyer, the transfer tax exemption is only applicable up to $500k (with partial exemptions up to $550k) so you will want to confirm whether you can qualify for this exemption 
For more information on these programs or for any mortgage questions at all, I'm always happy to help.

www.christinebuemann.ca

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