INCREASED MINIMUM DOWN PAYMENTS FOR BC HOMES OF MORE THAT $500K
The new down payment rules are now in effect for those purchasing BC homes over $500K. Up to $500K a buyer is required to have a 5% down payment. On purchases over that price, the buyer will be required to put down 10% of the amount over $500k.
For example: on the purchase of a $700k home. 5% of $500k is $25k plus 10% of the extra $200k is $20k for a total minimum down payment of $45k. That’s up $10k from the previous rules.
The intent is to prevent buyers from taking on more debt than they can afford.