88
$1,599,900
7910 Tugwell Road
Sooke · Residential
6 bd
4 ba
3,417 sqft
$468/sqft
Built 1992
MLS® 1044965
Royal LePage Coast Capital - Sooke
Pre-approval · Sooke
What does a mortgage pre-approval in Sooke actually ask for?
The median asking price in Sooke is $799,000. At that price the minimum down payment is $54,900, 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
$799,000
Minimum down payment
$54,900
Qualifying payment
$4,980/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 Sooke buyer
A $799,000 asking price puts the minimum down payment at $54,900 under the federal rules, and twenty percent at $159,800. Financing the remaining $744,100 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 $4,980 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $153,231. The census median household income in Sooke is $90,000, which is about $63,231 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 $54,900 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 Sooke home
| Median asking price | $799,000 |
| Minimum down payment | $54,900 |
| Twenty percent down | $159,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,980 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 Sooke
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Sooke
71
$2,000,000
402 Seedtree Road
Sooke · Residential
4 bd
2 ba
2,265 sqft
$883/sqft
Built 2002
MLS® 1046893
Pemberton Holmes - Sooke
33
$1,399,000
2042 Glenidle Road
Sooke · Residential
5 bd
4 ba
2,519 sqft
$555/sqft
MLS® 1028441
Pemberton Holmes - Sooke
Open House on Sat, 1pm–2:30pm
44
$749,900
1985 Atherly Close
Sooke · Residential
4 bd
4 ba
1,918 sqft
$391/sqft
Built 2019
MLS® 1045030
Royal LePage Coast Capital - Chatterton
14
$600,000
lot 1 Otter Point Road
Sooke · Land
0 bd
0 ba
MLS® 1030386
RE/MAX Camosun
58
$775,000
#351 – 6995 Nordin Road
Sooke · Residential
3 bd
3 ba
1,646 sqft
$471/sqft
Built 2021
MLS® 1045106
RE/MAX Camosun
55
$869,000
2291 Hudson Terrace
Sooke · Residential
4 bd
4 ba
2,385 sqft
$364/sqft
Built 2025
MLS® 1046660
eXp Realty
Open House on Sat, 11am–12:30pm
31
$485,000
#202 – 6591 Lincroft Road
Sooke · Residential
2 bd
2 ba
962 sqft
$504/sqft
Built 2012
MLS® 1040543
Maxxam Realty Ltd.
54
$899,900
2175 Firwood Place
Sooke · Residential
3 bd
3 ba
1,945 sqft
$463/sqft
Built 1988
MLS® 1029869
RE/MAX Camosun
54
$1,749,900
6613 Sooke Road
Sooke · Residential
4 bd
2 ba
2,452 sqft
$714/sqft
MLS® 1038529
Maxxam Realty Ltd.
15
$3,999,000
Lot 1 Maple Avenue
Sooke · Residential
MLS® 1001863
Maxxam Realty Ltd.
11
$998,000
6734 West Coast Road
Sooke · Residential
MLS® 1028310
Maxxam Realty Ltd.
See all Sooke listings (278 active listings)
Pre-approval in cities near Sooke
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 Sooke
What income does a lender test a median-priced Sooke purchase against?
A $799,000 purchase with $54,900 down leaves $744,100 to finance. At the qualifying rate of 6.49% over 25 years the payment is $4,980 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $153,231. The census median household income in Sooke is $90,000. 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 Sooke?
At the $799,000 median asking price, the federal minimum is $54,900, and twenty percent is $159,800. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $54,900 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.
Sooke homes for saleNarrow Sooke homes by featureSooke market reportNew listings in SookeSooke 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.