The property market in Courtenay has shifted a lot in recent times. As of the moment, the average one-family home price is $777,900, a little increase of 1% from last year. It is thought that sales volume could rise another 3.3% over the following years, and mortgage rates Courtenay may get back to similar levels of 4.5% to 4.75%. Even though rates are going up, local banks are still competitive, with prime rates at 4.95% and the Bank of Canada’s rate standing at 5.25%. There is still worry about how much housing will cost, since from 2019 to 2022, homes rose in price by 61%, and families’ income increased only by 36%, or 22%. Many houses across the country need to use over one-third of what they earn to pay for housing.
Understand The First-Time Home Buyers’ Program
The B.C. First-Time Home Buyers’ Program reduces or completely removes the land transfer tax (or property transfer tax) for buyers who meet the requirements. Highly affordable prices right now can be a lifesaver, considering how much it costs to buy a house in a mortgage broker Courtenay, BC.
To get the full $8,000 exemption, your house should be valued at $500,000 or below. Between these two amounts, you will still get some relief from taxes, but the benefit is reduced little by little. A property worth up to $860,000 is eligible for a smaller amount of deduction, as in the case of a $859,000 home getting a $320 exemption.
mortgage rates and terms for First-Time Buyers
In June 2025, mortgage rates Courtenay will depend on what kind of mortgage it is and how large your down payment is.
| Terms | Rates |
| 2-year | 5.19% |
| 3-year | 4.80% |
| 4-year | 5.27% |
| 5-year | 4.62% |
Check the Eligibility Requirements for becoming a first-time home buyer.
Required Income:
People whose income is under $120,000 qualify for the credit. This means income from any source (employment, renting, and investments), including everyone who appears on the mortgage application
Requirements for the down payment:
For properties that cost between $500,000 and less than $1,000,000, a 10% tax is required. Even so, your down payment must be less than 20% of the sale price, as the program only supports insured loans.
Limit of Mortgage-to-Income:
The amount of the mortgage should never exceed four times what you make in a year. A household that makes an annual income of $100,000 is allowed to borrow up to $400,000.
The FTHBI offers shared equity so that you pay less for your mortgage each month and own a home for less. If it’s not clear how this affects your buying strength, a mortgage broker Courtenay, BC, can check your eligibility and explain the available options with current interest rates in the area.
Factors that Affect the Mortgage Rate
The mortgage broker Courtenay, BC, makes up just a portion of everything you need to consider. Your eligibility for certain rates really depends on how your finances look. The following are the primary things that will determine your mortgage rate:
The Down Payment
All Canadian home buyers need to pay a down payment before purchasing a property.The amount you pay as a down payment will depend on whether the property is expensive.
Period of amortization:
Mortgages that cover more than 25 years are not protected by insurance, so the interest rates tend to be higher. If you have a longer amortization period, you will take more time to settle the mortgage and therefore reduce your monthly dues. The calculator allows you to check out the impact of using a different amortization length on your monthly payment.
The purpose of the property:
It is usually cheaper to get a mortgage if the house will be your own home, as opposed to buying a rental property.
Type of mortgage:
It is usually less expensive to get a mortgage for a new property or a renewal than for a refinance.
Credit score and income:
Since prices are high in BC, lenders will focus on reviewing your regular income and past credit history. Information on understanding your credit score can be found in different parts of our site.
Final Thought
People looking to buy real estate will find Courtenay, BC to be an ideal place.
Reaching out to an experienced mortgage broker in Courtenay BC can help you get the right loans. They give advice, help you compare several lenders, and find the best mortgage rates in Courtenay. Having a qualified broker support you in buying or refinancing allows the process to be easier, based on what you can afford.
