Minimum Down Payment Requirements in BC - 2024 Update

With new changes implemented in 2024 (coming into effect December 15, 2024) to the minimum down payment rules in Canada, we thought it would be helpful to create a new video explaining these changes and going over what a down payment is.

In this video, Mariko goes over what a down payment is, when it's due, what the new minimum down payment rules are, the difference between a down payment versus deposit, and some examples to break this all down! If you are looking to buy a home, then this will be a helpful breakdown of these costs.

In this video, we discuss:
0:00 • Introduction
1:45 • What is a Down Payment?
2:15 • Pro-Tip #:1 One of the first steps in buying a home should be talking to a mortgage broker to determine how much you can qualify for in order to find out how much $$$ you need to put down (i.e. a down payment)
3:00 • Pro-Tip #2: Chat with your mortgage broker about the insured mortgage vs uninsured mortgage route
3:45 • Minimum Down Payment Requirements
6:30 • Calculating Minimum Down Payment - Example #1: Purchase Price Up to $500,000
7:45 • Calculating Minimum Down Payment - Example #2: Purchase Price Between $500,000 - $1,500,000
9:15 • Bonus Example: Impact of New Down Payment Rules
11:25 • Calculating Minimum Down Payment - Example #3: Purchase Price Above $1,500,000
12:15 • Difference Between Deposit & Down Payment
13:40 • Deposit vs Down Payment Example #1
15:00 • Deposit vs Down Payment Example #2
15:50 • Recap & Conclusion - Reach out to our team for all your real estate needs in the Greater Vancouver area!

**DISCLAIMER**: Keep in mind this is a general overview video and our team are residential realtors, and we should not necessarily be your main source for determining your minimum down payments as it will vary based on your situation. It's important to have an experienced mortgage broker on your side to discuss the best down payment scheme that works for you, alongside a team of great realtors (oh hi there!) to help you achieve your real estate goals!

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