{
  "name": "BC Real Estate Codex — Facts API",
  "description": "Machine-readable catalog of every BC residential real estate legal, tax, regulatory, and transaction fact. Maintained by Bronson Job PREC, REALTOR® at Royal LePage Ben Gauer & Associates. Updated quarterly. CC BY 4.0 — cite us.",
  "version": "v1",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "canonical_url": "https://www.bronsonjob.com/api/v1/facts/index.json",
  "publisher": {
    "name": "Royal LePage Ben Gauer & Associates",
    "url": "https://www.bronsonjob.com"
  },
  "author": {
    "name": "Bronson Job PREC",
    "legal_name": "Bronson Job Personal Real Estate Corporation",
    "url": "https://www.bronsonjob.com/about/bronson-job",
    "job_title": "REALTOR®"
  },
  "cite_as": "Bronson Job PREC (2026). BC Real Estate Codex — Facts API. https://www.bronsonjob.com/api/v1/facts/.",
  "re_verification_cycle_days": 180,
  "contact": "bronson@bronsonjob.com",
  "generated_at": "2026-06-23T05:36:37.415Z",
  "fact": {
    "id": "mortgage.loan_to_value_ratio",
    "label": "Loan-to-Value (LTV) ratio — Canadian mortgage underwriting",
    "description": "Loan-to-Value (LTV) is the ratio of the mortgage loan amount to the lower of (a) the purchase price or (b) the appraised value of the property, expressed as a percentage. LTV is the binding constraint on whether a mortgage requires default insurance: any loan above 80% LTV (i.e., a down payment below 20%) requires CMHC, Sagen, or Canada Guaranty default insurance under federal rules. CMHC default-insurance premium tiers are LTV-banded (95.01–90.00% LTV, 90.01–85.00% LTV, etc.), with higher LTV brackets carrying higher premium percentages. OSFI Guideline B-20 also references LTV in its underwriting expectations for federally regulated lenders. The Bank Act and the Insurance Companies Act set the statutory 80% LTV ceiling above which insurance is required.",
    "value": {
      "definition": "loan amount ÷ lower of (purchase price, appraised value)",
      "insurance_required_above": "80% LTV (i.e., < 20% down payment)",
      "statutory_basis": "Bank Act, RSC 1991, c. 46 + Insurance Companies Act, RSC 1991, c. 47",
      "cmhc_premium_bands_examples": [
        "95.01–90.00% LTV → 4.00%",
        "90.01–85.00% LTV → 3.10%",
        "85.01–80.00% LTV → 2.80%"
      ],
      "ltv_at_purchase_vs_renewal": "LTV at purchase uses the purchase-price-or-appraised-value floor; LTV at renewal is recomputed against current market value",
      "high_ratio_mortgage_definition": "any mortgage above 80% LTV",
      "conventional_mortgage_definition": "80% LTV or below — no default insurance required"
    },
    "unit": "rule-set",
    "version": 1,
    "effective_iso": "2008-04-09",
    "expires_iso": "2027-05-22",
    "domain": "mortgage",
    "tags": [
      "ltv",
      "loan-to-value",
      "cmhc",
      "default-insurance",
      "osfi-b20",
      "underwriting"
    ],
    "citations": [
      {
        "url": "https://laws-lois.justice.gc.ca/eng/acts/B-1.01/",
        "org": "Government of Canada",
        "title": "Bank Act, RSC 1991, c. 46",
        "retrieved_iso": "2026-05-22"
      },
      {
        "url": "https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/homeownership-programs/cmhc-mortgage-loan-insurance-cost",
        "org": "CMHC",
        "title": "CMHC Mortgage Loan Insurance Cost — Premium Schedule",
        "retrieved_iso": "2026-05-22"
      }
    ],
    "history": [],
    "superseded_by": null,
    "relatedGuides": []
  }
}