Financing

Financing your Whistler purchase is easy.

Residents and Non-Residents can finance property in British Columbia. Buyers can work directly with a bank or with a mortgage broker.

Criteria for Financing:

• Housing costs including the mortgage payment, taxes, utilities and strata fees cannot exceed 39% of your gross income (Gross Debt Service, or GDS). Total debt service (TDS), including all other loans and credit payments, cannot exceed 44% of your gross income. These are CMHC guidelines; individual lenders may vary.
• In a conventional mortgage, a down payment of 20% is required. The exception is a high-ratio, insured mortgage for your primary residence on homes up to $1.5 million: the minimum down payment is 5% on the first $500,000 and 10% on the portion above $500,000. The insurance cost increases as the percentage of financing requested increases.
• Most buyers must also pass the mortgage stress test: you must qualify at the higher of your contract rate plus 2% or 5.25%.

Higher Valued Properties

Some lenders require larger down payments on higher-valued properties. Guidelines vary by lender; here is one example:

• For a property valued at or below $500,000, a down payment of 25% is required.
• For the next $250,000, a down payment of 40% is required.
• For the next $250,000, a down payment of 45% is required.
• And then 50% of the remainder.

For example, with a purchase price of $800,000, the maximum mortgage allowed is $552,500. This example is for Canadian residents, either owner occupied or investment properties. Ask your mortgage broker for current guidelines.

Non-residents

Non-residents typically need larger down payments. Here is one lender example:

• For the first $400,000, a down payment of 35% is required.
• For the next $300,000, a down payment of 45% is required.
• Then 50% for the remainder.

For example, if the purchase price is $800,000 the maximum mortgage allowed is $475,000.

Other Points of Interest:
Rental Income

Your Total Debt Service (TDS) is the percentage of gross income needed to cover monthly payments for housing and all other debts and financing obligations. Under CMHC guidelines, the maximum TDS is 44%. However, rental Income earned from the property can be included in the equation and can increase your mortgage limit.
        CLICK here to see how this is calculated.

Pre-Approval

Getting prequalified for financing is free and takes very little time. Simply submit an application and your mortgage broker can give you a good idea of how much you qualify for.