40
$1,098,000
3941 Larchwood Drive
Saanich · Residential
4 bd
3 ba
1,885 sqft
$582/sqft
Built 1976
MLS® 1047155
Engel & Volkers Vancouver Island
Pre-approval · Saanich
What does a mortgage pre-approval in Saanich actually ask for?
The median asking price in Saanich is $1,059,000. At that price the minimum down payment is $80,900, 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
$1,059,000
Minimum down payment
$80,900
Qualifying payment
$6,546/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 Saanich buyer
A $1,059,000 asking price puts the minimum down payment at $80,900 under the federal rules, and twenty percent at $211,800. Financing the remaining $978,100 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 $6,546 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $201,415. The census median household income in Saanich is $93,000, which is about $108,415 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 $80,900 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 Saanich home
| Median asking price | $1,059,000 |
| Minimum down payment | $80,900 |
| Twenty percent down | $211,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $6,546 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 Saanich
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Saanich
34
$999,900
#12 – 4530 Pipeline Road
Saanich · Residential
4 bd
3 ba
1,804 sqft
$554/sqft
Built 2004
MLS® 1042136
RE/MAX Camosun
60
$2,179,000
930 Kentwood Terrace
Saanich · Residential
4 bd
3 ba
3,693 sqft
$590/sqft
Built 1971
MLS® 1043717
RE/MAX Camosun
32
$1,250,000
430 Gorge Road
Saanich · Residential
3 bd
2 ba
2,658 sqft
$470/sqft
Built 1946
MLS® 1042546
Royal LePage Nanaimo Realty LD
35
$339,999
#407 – 3133 Tillicum Road
Saanich · Residential
2 bd
1 ba
834 sqft
$408/sqft
Built 1998
MLS® 1047286
Sutton Group West Coast Realty
76
$2,999,900
240 Viaduct Avenue
Saanich · Residential
5 bd
4 ba
4,070 sqft
$737/sqft
Built 1999
MLS® 1044987
Sutton Group West Coast Realty
62
$1,599,900
2825 Austin Avenue
Saanich · Residential
5 bd
6 ba
3,615 sqft
$443/sqft
Built 1965
MLS® 1046739
Pemberton Holmes Ltd. - Oak Bay
74
$1,589,000
284 Prospect Lake Road
Saanich · Residential
4 bd
2 ba
2,028 sqft
$784/sqft
Built 1918
MLS® 1047585
RE/MAX Camosun
Open House on Sun, 2pm–4pm
68
$4,580,000
3905B Cadboro Bay Road
Saanich · Residential
4 bd
4 ba
3,896 sqft
$1,176/sqft
Built 1991
MLS® 1047189
Pemberton Holmes Ltd.
40
$899,000
941 McKenzie Avenue
Saanich · Residential
5 bd
2 ba
1,989 sqft
$452/sqft
Built 1955
MLS® 1047506
RE/MAX Camosun
99
$2,395,000
4836 Spring Road
Saanich · Residential
4 bd
4 ba
4,265 sqft
$562/sqft
Built 1992
MLS® 1033009
Royal LePage Coast Capital - Oak Bay
67
$925,000
711 Wells Road
Saanich · Residential
4 bd
3 ba
1,888 sqft
$490/sqft
Built 1958
MLS® 1047076
Newport Realty Ltd.
See all Saanich listings (523 active listings)
Pre-approval in cities near Saanich
Mortgage pre-approval in Surrey
$1,049,000 median asking price
Mortgage pre-approval in Vancouver
$1,398,000 median asking price
Mortgage pre-approval in Richmond
$1,020,000 median asking price
Mortgage pre-approval in Burnaby
$889,950 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
$949,900 median asking price
Pre-approval questions in Saanich
What income does a lender test a median-priced Saanich purchase against?
A $1,059,000 purchase with $80,900 down leaves $978,100 to finance. At the qualifying rate of 6.49% over 25 years the payment is $6,546 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $201,415. The census median household income in Saanich is $93,000. 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 Saanich?
At the $1,059,000 median asking price, the federal minimum is $80,900, and twenty percent is $211,800. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $80,900 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.
Saanich homes for saleNarrow Saanich homes by featureSaanich market reportNew listings in SaanichSaanich 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.