35
$949,900
5141 Owlstone Place
Nanaimo · Residential
5 bd
4 ba
2,536 sqft
$375/sqft
Built 2009
MLS® 1047707
460 Realty Inc. (QU)
Pre-approval · Nanaimo
What does a mortgage pre-approval in Nanaimo actually ask for?
The median asking price in Nanaimo is $725,000. At that price the minimum down payment is $47,500, and a lender would test the balance at the federal qualifying rate rather than the rate you would pay. Here is what that works out to, and what a lender checks before any of it applies.
Median asking price
$725,000
Minimum down payment
$47,500
Qualifying payment
$4,534/mo
Estimated range · question 1 of 3
What is your gross household income?
Choose a range to start. Two more answers shape the estimate before any lender or credit check.
No credit check · About 1 minute See what you could qualify for
What the numbers ask of a Nanaimo buyer
A $725,000 asking price puts the minimum down payment at $47,500 under the federal rules, and twenty percent at $145,000. Financing the remaining $677,500 and testing it at the qualifying rate of 6.49%, which is higher than the illustrative contract rate of 4.49%, produces a payment of $4,534 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $139,508. The census median household income in Nanaimo is $75,500, which is about $64,008 short of the figure the payment implies.
A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $47,500 minimum possible. The premium is added to the mortgage.
Whether your own numbers clear that bar is a lender’s call, and it is a short conversation when your file is ready. See your estimated mortgage range and walk in with it assembled.
Minimum down payment on a Nanaimo home
| Median asking price | $725,000 |
| Minimum down payment | $47,500 |
| Twenty percent down | $145,000 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,534 per month |
The minimum is five percent of the first $500,000, ten percent of any portion between $500,000 and $1,500,000, and twenty percent on anything above $1,500,000. The qualifying payment is arithmetic at an illustrative rate, not a quote.
What a lender is testing before any of this applies
- Income you can document. Pay stubs, a letter of employment, and two years of Notices of Assessment. Self-employed files need two years of T1 Generals.
- Debt you already carry. Balances, minimum payments, and limits, including the limit on a card you never use.
- A down payment with ninety days of history. Any large deposit inside that window needs a paper trail, and a gift needs a signed letter.
- Credit. A hard check, read alongside how long your history runs.
The full document list is on how to get pre-approved for a mortgage in BC.
Homes on the market in Nanaimo
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Nanaimo
53
$994,900
TH24 – 38 Front Street
Nanaimo · Residential
3 bd
3 ba
1,723 sqft
$577/sqft
Built 2006
MLS® 1047684
460 Realty Inc. (NA)
52
$359,900
#102 – 135 Haliburton Street
Nanaimo · Residential
1 bd
1 ba
567 sqft
$635/sqft
Built 2023
MLS® 1038730
Oakwyn Realty Ltd. (NA)
44
$1,025,000
2044 Mountain Vista Drive
Nanaimo · Residential
4 bd
4 ba
2,501 sqft
$410/sqft
Built 2021
MLS® 1047411
eXp Realty (NA)
29
$779,900
297 Harwell Road
Nanaimo · Residential
5 bd
3 ba
2,198 sqft
$355/sqft
Built 2003
MLS® 1047696
REMAX Professionals (NA)
41
$864,999
6279 Blueback Road
Nanaimo · Residential
3 bd
2 ba
1,421 sqft
$609/sqft
Built 1980
MLS® 1047719
REMAX Professionals (NA)
38
$869,000
5567 Ventura Drive
Nanaimo · Residential
3 bd
3 ba
2,072 sqft
$419/sqft
Built 1979
MLS® 1047651
Real Broker
12
$449,000
300 Terminal Avenue
Nanaimo · Residential
Built 1954
MLS® 1024752
Sutton Group-West Coast Realty (Nan)
72
$1,200,000
3596 Oakridge Drive
Nanaimo · Residential
3 bd
4 ba
3,739 sqft
$321/sqft
Built 1989
MLS® 1047610
One Percent Realty Ltd.
33
$779,900
5722 Quarry Crescent
Nanaimo · Residential
2 bd
2 ba
1,332 sqft
$586/sqft
Built 1997
MLS® 1047492
REMAX Professionals (NA)
21
$198,000
#30 – 5854 Turner Road
Nanaimo · Residential
2 bd
2 ba
980 sqft
$202/sqft
Built 1989
MLS® 1044233
Royal LePage Nanaimo Realty (NanIsHwyN)
46
$999,999
513 Martina Way
Nanaimo · Residential
5 bd
3 ba
2,454 sqft
$407/sqft
Built 2015
MLS® 1047019
Royal LePage Island Living (PK)
See all Nanaimo listings (836 active listings)
Pre-approval in cities near Nanaimo
Mortgage pre-approval in Surrey
$1,048,000 median asking price
Mortgage pre-approval in Vancouver
$1,398,000 median asking price
Mortgage pre-approval in Richmond
$1,019,000 median asking price
Mortgage pre-approval in Burnaby
$890,000 median asking price
Mortgage pre-approval in Kelowna
$799,000 median asking price
Mortgage pre-approval in Langley
$949,900 median asking price
Mortgage pre-approval in Abbotsford
$824,900 median asking price
Mortgage pre-approval in Coquitlam
$952,450 median asking price
Pre-approval questions in Nanaimo
What income does a lender test a median-priced Nanaimo purchase against?
A $725,000 purchase with $47,500 down leaves $677,500 to finance. At the qualifying rate of 6.49% over 25 years the payment is $4,534 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $139,508. The census median household income in Nanaimo is $75,500. Your own number will differ with your debts, your down payment, and your property taxes.
How much do I need for a down payment in Nanaimo?
At the $725,000 median asking price, the federal minimum is $47,500, and twenty percent is $145,000. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $47,500 minimum possible. The premium is added to the mortgage. Closing costs sit on top of the down payment.
Does a pre-approval mean the mortgage is approved?
No. A pre-approval is a lender’s conditional statement about you. Final approval also depends on the specific property, which the lender appraises and, for a condo, reviews the strata documents on.
Can I get pre-approved before I choose a city?
Yes, and it is the usual order. A pre-approval is based on your income, debts, and credit rather than on a particular home, so the amount travels with you across BC. The down payment minimum changes with the price, not with the city.
Nanaimo homes for saleNarrow Nanaimo homes by featureNanaimo market reportNew listings in NanaimoNanaimo price dropsHome affordability in BCMortgage stress test
Listing data provided by the Greater Vancouver REALTORS® and partner boards under MLS® Reciprocity. Deemed reliable but not guaranteed accurate. MLS® and REALTOR® are trademarks of CREA. Asking prices come from the live MLS® feed through board reciprocity. Household income is the Statistics Canada census median for the city. Payment figures use an illustrative rate over a 25-year amortization and the federal qualifying rate. They are arithmetic, not a quote, and not an offer of credit. Ray Rasouli is a licensed REALTOR® with Real Broker B.C. Ltd. and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.