How much money you need, and where to get a mortgage

How much money do I need to buy a house in Vernon?

You need two separate amounts: a down payment and closing costs. In Canada the minimum down payment is 5% of the first $500,000 of the price, plus 10% of any portion between $500,000 and $1.5 million; homes of $1.5 million or more need 20% down.

Here is an example using the median sold price of a detached house in Vernon and Coldstream, $832,700 (sales September 7 to October 5, 2026). The minimum down payment would be $58,270. B.C. property transfer tax would be $14,654, or $6,654 for a buyer who qualifies for B.C.’s first-time home buyers’ exemption, which is $8,000 in that price range.

Then add legal or notary fees, a home inspection, title insurance, property tax and utility adjustments, home insurance and moving. With less than 20% down you also pay mortgage default insurance, which is usually added to the mortgage.

Sources: Financial Consumer Agency of Canada, B.C. property transfer tax rates, first-time home buyers’ exemption. Run your own numbers in my BC home buyer calculator and see Closing costs when buying a home in Vernon.

General information only, not legal or tax advice. Talk to a lawyer or accountant.

Where can I get a mortgage in Vernon, BC?

You can get a mortgage from a bank, a credit union or a mortgage broker. Banks and credit unions lend their own money; a mortgage broker compares offers from several lenders for you.

In B.C., mortgage brokers must be licensed by the BC Financial Services Authority. Before you sign, you can check a broker on BCFSA’s Before You Sign, Search page.

Whichever route you choose, get a pre-approval before you start viewing homes. It tells you what you can borrow, can hold a rate for a set period and makes your offer stronger. Compare the rate, the term, prepayment options and the penalty for breaking the mortgage early, not just the rate.

More on my Mortgage Info page, and if you need to sell before you buy, see subjecttosaleoffers.ca.