Affordability and transfer tax calculator

How the calculator works

The stress test

Federally regulated lenders qualify you at the higher of your contract rate plus 2 percentage points or 5.25%. The calculator uses the common guidelines of housing costs (mortgage payment, property tax, heat and half of strata fees) at no more than 39% of gross income, and all debt payments at no more than 44%. Lenders vary and look at credit, employment and more; a pre-approval is the real answer.

Down payment and insurance

The minimum down payment is 5% of the first $500,000 and 10% of the portion from $500,000 up to $1.5 million; at $1.5 million or more it's 20%. With less than 20% down, mortgage default insurance applies, and the calculator adds a standard premium (2.8% to 4.0% of the loan, depending on your down payment) to the mortgage. Insured 30-year amortizations are generally limited to first-time buyers and buyers of new builds; ask your lender.

Transfer tax

BC charges 1% on the first $200,000, 2% to $2 million, 3% above that and a further 2% on residential value above $3 million. The first-time buyer exemption removes tax on the first $500,000 (worth up to $8,000) at prices up to $835,000, phasing out to $860,000. The newly built home exemption removes all of it up to $1.1 million, phasing out to $1.15 million. Foreign buyers pay an additional 20% in the Regional District of Central Okanagan. Details and eligibility in the buying guide.

What your money buys here

In August 2026 the Central Okanagan benchmark was $1,056,700 for a single-family home, $698,600 for a townhouse and $465,700 for a condo (Association of Interior REALTORS®). Lake Country prices vary widely around those figures by area, view, lot size and lake access; lakefront and acreage aren’t in the benchmark at all. See the market chapter.

Sources: BC property transfer tax, first-time buyers, newly built homes, additional PTT. Stress test, down payment and insurance premiums reflect federal rules as generally published; confirm with your lender.

Estimate only, not financial, legal or tax advice. Verify with your lender, lawyer or notary before relying on these numbers.