22
$799,000
5154 Island Highway
Qualicum Beach · Residential
5 bd
4 ba
3,293 sqft
$243/sqft
Built 1988
MLS® 1047433
Royal LePage Island Living (QU)
Pre-approval · Qualicum Beach
What does a mortgage pre-approval in Qualicum Beach actually ask for?
The median asking price in Qualicum Beach is $895,000. At that price the minimum down payment is $64,500, 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
$895,000
Minimum down payment
$64,500
Qualifying payment
$5,558/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 Qualicum Beach buyer
A $895,000 asking price puts the minimum down payment at $64,500 under the federal rules, and twenty percent at $179,000. Financing the remaining $830,500 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 $5,558 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $171,015. The census median household income in Qualicum Beach is $76,500, which is about $94,515 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 $64,500 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 Qualicum Beach home
| Median asking price | $895,000 |
| Minimum down payment | $64,500 |
| Twenty percent down | $179,000 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $5,558 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 Qualicum Beach
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Qualicum Beach
6
$865,000
Lot 9 Flail Road
Qualicum Beach · Land
0 bd
0 ba
MLS® 1025383
Royal LePage Island Living (PK)
6
$799,900
Lot 4 Flail Road
Qualicum Beach · Land
0 bd
0 ba
MLS® 1025404
Royal LePage Island Living (PK)
9
$799,900
Lot 8 Flail Road
Qualicum Beach · Land
0 bd
0 ba
MLS® 1025382
Royal LePage Island Living (PK)
7
$1,125,000
Lot 1 Flail Road
Qualicum Beach · Land
0 bd
0 ba
MLS® 1025379
Royal LePage Island Living (PK)
15
$749,900
Lot 3 Flail Road
Qualicum Beach · Land
0 bd
0 ba
MLS® 1025380
Royal LePage Island Living (PK)
42
$698,800
#1 – 885 Berwick Road
Qualicum Beach · Residential
2 bd
2 ba
1,470 sqft
$475/sqft
Built 1991
MLS® 1047694
One Percent Realty Ltd.
80
$389,000
G12/13 – 2650 Turnbull Avenue
Qualicum Beach · Residential
1 bd
1 ba
257 sqft
$1,514/sqft
Built 2014
MLS® 1032546
Pemberton Holmes - Westshore
20
$832,500
1307 Oceanside Drive
Qualicum Beach · Residential
2 bd
2 ba
1,430 sqft
$582/sqft
Built 1994
MLS® 1042826
RE/MAX Anchor Realty (QU)
47
$999,999
538 Rowan Drive
Qualicum Beach · Residential
3 bd
2 ba
2,105 sqft
$475/sqft
Built 2000
MLS® 1047322
eXp Realty (NA)
80
$1,224,500
589 Belyea Road
Qualicum Beach · Residential
3 bd
3 ba
2,470 sqft
$496/sqft
Built 1993
MLS® 1034394
RE/MAX Anchor Realty (QU)
45
$999,000
1704 Warn Way
Qualicum Beach · Residential
4 bd
4 ba
2,864 sqft
$349/sqft
Built 2023
MLS® 1047293
Royal LePage Island Living (PK)
See all Qualicum Beach listings (177 active listings)
Pre-approval in cities near Qualicum Beach
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 Qualicum Beach
What income does a lender test a median-priced Qualicum Beach purchase against?
A $895,000 purchase with $64,500 down leaves $830,500 to finance. At the qualifying rate of 6.49% over 25 years the payment is $5,558 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $171,015. The census median household income in Qualicum Beach is $76,500. 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 Qualicum Beach?
At the $895,000 median asking price, the federal minimum is $64,500, and twenty percent is $179,000. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $64,500 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.
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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.