What does a mortgage broker in Kelowna do?

A Kelowna mortgage broker like Ash Simpson shops your mortgage application across 50+ banks and lenders to find the best rate and terms for your situation. Unlike going directly to one bank, a broker gives you access to the full market — at no cost to you, since brokers are paid by the lender.

Can self-employed people get a mortgage in BC?

Yes. Self-employed Canadians in BC can qualify for mortgages through stated income programs, bank statement mortgages, and Alt-A lenders. Traditional banks often decline self-employed applicants because their taxable income appears low on paper. Ash Simpson at Insight Mortgage specializes in self-employed mortgage solutions that work around this.

Can I get a mortgage in BC with bad credit?

Yes. Ash Simpson works with alternative and private lenders in BC who offer mortgages to borrowers with damaged or limited credit. These solutions can also help you rebuild credit over time and transition back to a traditional lender at renewal.

What areas does Insight Mortgage serve?

Insight Mortgage is based in Kelowna, BC, and serves clients throughout British Columbia and Alberta. Ash Simpson is a licensed mortgage broker in both provinces and works with clients remotely across the country.

How much does it cost to use a mortgage broker in BC?

In most cases, using a mortgage broker in BC is completely free to the borrower. Ash Simpson is paid a commission by the lender when your mortgage closes. For certain alternative or private lending situations, a broker fee may apply — this would always be disclosed upfront.

What is the difference between a mortgage broker and a bank?

A bank can only offer its own mortgage products at its own rates. A mortgage broker like Ash Simpson has access to dozens of lenders — banks, credit unions, trust companies, and alternative lenders — and can shop your application across all of them to find the best fit.

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Ash Simpson
June 10, 2026

Down Payment Rules BC Home Buyers 2026: Real Numbers

Down Payment Rules for BC Home Buyers in 2026

Key Takeaways: On a $750K townhome, minimum down is $50,000 (not 5% of full price). CMHC premiums add up to 4% to your mortgage balance. Couples combining FHSA+HBP can access $200,000. 20% down eliminates CMHC on a $491K condo ($98,260). Borrowed down payments not permitted for minimum-down insured mortgages.

The CMHC Stagger Rule

$750K townhome: 5% on first $500K = $25,000 + 10% on $250K = $25,000 = $50,000 minimum (6.67%). Above $500K the stagger kicks in — many buyers don’t know this.

Kelowna Down Payment Table

Condo $491,300 → $24,565 down (5%), $18,669 CMHC premium, $485,404 total mortgage.
Townhome $750,000 → $50,000 down (6.67%), $21,700 CMHC, $721,700 total.
SFH $1,134,500 → $226,900 down (20%), no CMHC, $907,600 total.

FHSA + HBP Combination

FHSA: $8K/year, $40K lifetime, tax-deductible in, tax-free out. HBP: $60K per person from RRSP, repay over 15 years. Combined per person: $100,000. Per couple: $200,000. See: FHSA guide.

Gifted Funds

Gifts from immediate family acceptable as entire down payment. Need: signed gift letter (non-repayable), proof donor has funds, proof deposit received.

Borrowed Down Payments

Cannot borrow minimum down payment — lenders trace all deposits in 90-day bank statements. Exception: borrowing permitted when you have 20%+ down (e.g., HELOC on another property).

FAQ

RRSP and FHSA on same purchase? Yes — $100K per person, $200K per couple.
CMHC premium paid upfront? No — added to mortgage balance. BC charges no PST on it.
Min down on $1M home? $999,999 → $74,999; $1,000,000 → $200,000 (20%).
Does down payment source matter? Yes — lenders trace 90 days of bank statements.