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British Columbia has Canada's highest home prices with a provincial average of $952,000 in 2026, down 5.6% year-over-year amid a significant buyer's market with sales dropping 33%. BC's land transfer tax starts at 1% and rises to 3%, costing approximately $8,000 on a $500,000 purchase. The province also applies a Speculation and Vacancy Tax of 0.5%–2% annually on empty homes, and has extended its foreign buyer ban. First-time buyers earning under the income threshold can receive up to $8,000 in land transfer tax rebates. Despite cooling prices, Vancouver remains North America's least affordable major city.
Defaults reflect ~$952k BC average with 20% down. PTT and speculation tax are not included in payment results.
20.0% of home price
| Down | Down payment | CMHC | Monthly |
|---|---|---|---|
| 5% | $47,600 | $36,176 | $5,205.83 |
| 10% | $95,200 | $26,561 | $4,889.16 |
| 20% | $190,400 | — | $4,215.25 |
| 25% | $238,000 | — | $3,951.80 |
Canadian mortgages use nominal rates compounded semi-annually (converted to an effective annual rate, then to your payment frequency). Chart shows cumulative principal and interest paid each year; ending balance trends down toward zero.
Total interest paid
$502,975
Total amount paid
$1,264,575
Principal + interest on the loan
Interest vs purchase price
53%
of home price goes to interest (illustrative)
Same loan amount, rate, and amortization as above. Semi-monthly and bi-weekly match your monthly cash flow; accelerated bi-weekly uses half the monthly payment every two weeks (13 monthly equivalents per year).
| Frequency | Payment amount | Total interest | Payoff time | Savings vs monthly |
|---|---|---|---|---|
| Monthly | $4,215.25 | $502,975 | 25 years | — |
| Semi-monthly | $2,107.63 | $500,825 | 24 years 11 months | $2,150 |
| Bi-weekly | $1,945.50 | $500,660 | 25 years | $2,315 |
| Accelerated bi-weeklyRecommended | $2,107.63 | $426,696 | 21 years 8 months | $76,279 |
Savings vs monthly shown on wider screens.
| Location | Average price | Notes |
|---|---|---|
| BC (province) | $952,000 | Down 5.6% YoY |
| Vancouver Metro | $1,210,000 | Benchmark $1,100,000 |
| Detached Vancouver | $2,120,000 | Detached homes |
| Other BC Cities | $600,000–$750,000 | Kelowna, Victoria, etc. |
| Purchase price | BC PTT | First-time rebate | Net cost |
|---|---|---|---|
| $500,000 | ~$8,000 | Up to $8,000 | $0 (if eligible) |
| $750,000 | ~$13,000 | Partial | ~$6,000–$9,000 |
| $1,000,000 | ~$18,000 | None | ~$18,000 |
BC's Speculation and Vacancy Tax applies annually to residential properties left vacant. Rates are 0.5% for BC residents, 1% for other Canadians, and 2% for foreign owners and satellite families. Vancouver, Victoria, Kelowna, and other major cities are included. This tax significantly affects real estate investors and is designed to increase rental housing supply.
At the best 5-year fixed rate we track (4.39% on November 10, 2026), a $1,000,000 home in British Columbia with 20% down costs about $4,379 a month over a 25-year amortization.
| Home price | Down payment | Mortgage (incl. CMHC) | Monthly payment | Interest over 25 years |
|---|---|---|---|---|
| $700,000 | $70,000 (10%) | $649,530 | $3,555 | $417,078 |
| $700,000 | $140,000 (20%) | $560,000 | $3,065 | $359,589 |
| $1,000,000 | $100,000 (10%) | $927,900 | $5,079 | $595,826 |
| $1,000,000 | $200,000 (20%) | $800,000 | $4,379 | $513,698 |
| $1,300,000 | $260,000 (20%) | $1,040,000 | $5,693 | $667,808 |
Monthly payments, semi-annual compounding, one rate for the full 25 years. Down payments under 20% add CMHC insurance to the loan. The lowest advertised rates are often for insured mortgages, so 20%-down borrowers may be quoted slightly more. Property tax, home insurance and land transfer tax are not included.
The average home price in BC is approximately $952,000 in 2026, down 5.6% from the previous year. The Vancouver metro area averages $1,210,000, while other BC cities like Kelowna and Victoria range from $600,000 to $750,000.
BC's Property Transfer Tax on a $500,000 home is approximately $8,000. First-time buyers may receive a full rebate if they meet income and purchase price requirements. The PTT is 1% on the first $200,000, 2% on amounts up to $2,000,000, and 3% above that.
BC's Speculation and Vacancy Tax is an annual tax on homes left vacant in major urban areas. BC residents pay 0.5%, other Canadians pay 1%, and foreign owners pay 2% of the property's assessed value annually. It applies in Vancouver, Victoria, Kelowna, and other designated areas.
On a $120,000 salary with no other debts, you can qualify for a mortgage of approximately $550,000–$600,000 under the 2026 stress test. With Vancouver's average home price of $1,210,000, you would need a down payment of $600,000+ to make up the difference — making Vancouver homeownership very challenging on a single income.
Educational estimates only. Not a lender pre-approval.