How Much Do I Need for a Down Payment in B.C.?

Down payment requirements in British Columbia depend on the price of the home.

Minimum Down Payment Rules

• Under $500,000: 5%

• $500,000–$999,999: 5% on the first $500,000, 10% on the rest

• $1,000,000 and above: 20% minimum

Why Many Buyers Choose 20%

• Avoid mortgage insurance

• Lower monthly payments

• More lender options

Gifted Funds Are Common

Many first-time buyers use gifting from family, which must be documented.

The Bottom Line

Understanding down payment structures helps buyers plan realistically for their preferred price point.