Financing

Financing criteria: Basic

When financing a home in Whistler or anywhere in Canada, there are two criteria.

First, housing costs including the mortgage payment, taxes, utilities and strata fees cannot exceed 32% of your gross income. If you have no other debt, an exception can be made up to 35%. Total debt servicing, including all other loans and credit payments cannot exceed 40% of your gross income.
Secondly, in a conventional mortgage, a down payment of 25% is required. The exceptions to this are high ratio, insured mortgages that are available for your primary residence with a minimum of 5% down payment. The insurance cost increases as the percentage of financing requested increases.

With higher valued properties, lending values decrease as the value of the property increases.
For a property valued at or below $500,000, the conventional 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 applies to Canadian residents only, either owner occupied or investment properties.

For non-residents, the required down payments are slightly different.

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.