60
$799,000
5633 STRICK Road
Port Alberni · Residential
5 bd
3 ba
3,169 sqft
$252/sqft
Built 1968
MLS® 1047069
RE/MAX Mid-Island Realty
Pre-approval · Port Alberni
What does a mortgage pre-approval in Port Alberni actually ask for?
The median asking price in Port Alberni is $599,000. At that price the minimum down payment is $34,900, 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
$599,000
Minimum down payment
$34,900
Qualifying payment
$3,775/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 Port Alberni buyer
A $599,000 asking price puts the minimum down payment at $34,900 under the federal rules, and twenty percent at $119,800. Financing the remaining $564,100 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 $3,775 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $116,154. The census median household income in Port Alberni is $62,800, which is about $53,354 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 $34,900 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 Port Alberni home
| Median asking price | $599,000 |
| Minimum down payment | $34,900 |
| Twenty percent down | $119,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $3,775 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 Port Alberni
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Port Alberni
98
$1,999,999
7201 Bell Road
Port Alberni · Residential
4 bd
4 ba
3,994 sqft
$501/sqft
Built 1994
MLS® 1047689
RE/MAX Mid-Island Realty
56
$599,000
3727 Maitland Street
Port Alberni · Residential
3 bd
3 ba
2,160 sqft
$277/sqft
Built 1977
MLS® 1040177
RE/MAX Mid-Island Realty
42
$285,000
#43 – 10325 Lakeshore Road
Port Alberni · Residential
2 bd
2 ba
1,163 sqft
$245/sqft
Built 1990
MLS® 1040680
RE/MAX Mid-Island Realty
30
$549,900
4853 Gertrude Street
Port Alberni · Residential
3 bd
2 ba
1,460 sqft
$377/sqft
Built 1947
MLS® 1047589
Loyal Homes Ltd.
30
$629,900
6009 River Road
Port Alberni · Residential
2 bd
2 ba
1,600 sqft
$394/sqft
Built 1943
MLS® 1047534
Loyal Homes Ltd.
43
$349,000
4217 8th Avenue
Port Alberni · Residential
2 bd
2 ba
1,229 sqft
$284/sqft
Built 1970
MLS® 1044396
Real Broker
38
$520,000
#204 – 5700 Pierce Road
Port Alberni · Residential
2 bd
2 ba
1,410 sqft
$369/sqft
Built 2025
MLS® 1033315
RE/MAX Mid-Island Realty
32
$649,900
4281 Michigan Road
Port Alberni · Residential
3 bd
2 ba
1,660 sqft
$392/sqft
Built 1957
MLS® 1046784
Real Broker
50
$749,000
3894 Morton Street
Port Alberni · Residential
5 bd
4 ba
2,980 sqft
$251/sqft
Built 1956
MLS® 1047606
REMAX Professionals - Dave Koszegi Group
55
$759,900
5118 Compton Road
Port Alberni · Residential
4 bd
2 ba
2,139 sqft
$355/sqft
Built 1940
MLS® 1043517
RE/MAX Mid-Island Realty
63
$699,000
2893 11th Avenue
Port Alberni · Residential
4 bd
2 ba
2,438 sqft
$287/sqft
Built 1936
MLS® 1032801
RE/MAX Mid-Island Realty
See all Port Alberni listings (248 active listings)
Pre-approval in cities near Port Alberni
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 Port Alberni
What income does a lender test a median-priced Port Alberni purchase against?
A $599,000 purchase with $34,900 down leaves $564,100 to finance. At the qualifying rate of 6.49% over 25 years the payment is $3,775 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $116,154. The census median household income in Port Alberni is $62,800. 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 Port Alberni?
At the $599,000 median asking price, the federal minimum is $34,900, and twenty percent is $119,800. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $34,900 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.
Port Alberni homes for saleNarrow Port Alberni homes by featurePort Alberni market reportNew listings in Port AlberniPort Alberni 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.