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.
