Understanding the formulas and estimates used in this calculator
Formula (progressive brackets):
BC First-Time Home Buyers: Full PTT exemption up to $835,000.
Required when down payment is less than 20% of purchase price.
Default rates by down payment:
Premium is typically added to the mortgage principal but shown as a real cost here.
Standard formula: 7% on first $100,000 + 3% on the balance
Represents total commission typically split between listing and buyer agents. Rates are customizable.
GST is 5% of purchase price for new construction. Rebates and incentives may apply — use the GST reduction/credit field to account for these.
Uses Canadian semi-annual compounding as required by the Interest Act:
For strata properties, monthly fees may include building maintenance and some utilities. Rule of thumb for maintenance: 1% of home value per year for non-strata properties.
These are estimates only. Always verify with your mortgage lender, lawyer or notary, accountant or financial advisor, and local municipality.