Down payments are way up in Surrey and Burnaby. realestate realestatenews downpayments housingmarket BC Surrey Burnaby
3:17 PM Mar 16, 2023
Zoocasa used the traditional down payment minimums of 5% on the first $500,000, 10% on the portion up to $999,999, and 20% on purchase prices above $1M. Benchmark prices from each of the 18 markets — sourced from the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board — were used to calculate the minimum down payments.
On the other end of the spectrum was Vancouver West, which saw minimum down payments increase by just $37,820 — the smallest increase across the 18 markets — as a result of benchmark prices remaining steady . Tsawwassen was the only other market to see an increase of less than $50,000.Interestingly enough, when it comes to the minimum down payments for condominiums, the list of markets that saw the highest increases nearly flips.
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