18
$289,000
#208 – 932 Johnson Street
Victoria · Residential
0 bd
1 ba
370 sqft
$781/sqft
Built 2003
MLS® 1034836
Team 3000 Realty Ltd
Pre-approval · Victoria
What does a mortgage pre-approval in Victoria actually ask for?
The median asking price in Victoria is $715,000. At that price the minimum down payment is $46,500, 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
$715,000
Minimum down payment
$46,500
Qualifying payment
$4,474/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 Victoria buyer
A $715,000 asking price puts the minimum down payment at $46,500 under the federal rules, and twenty percent at $143,000. Financing the remaining $668,500 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 $4,474 a month over 25 years. On a thirty-nine percent gross debt service ratio, that payment implies a household income near $137,662. The census median household income in Victoria is $67,500, which is about $70,162 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 $46,500 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 Victoria home
| Median asking price | $715,000 |
| Minimum down payment | $46,500 |
| Twenty percent down | $143,000 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,474 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 Victoria
These are the active listings the figures above describe. Asking prices move, and the payment moves with them.
Active listings in Victoria
38
$2,285,000
1480 Dallas Road
Victoria · Residential
4 bd
4 ba
2,133 sqft
$1,071/sqft
Built 2021
MLS® 1047495
Newport Realty Ltd.
44
$2,699,000
2018 Romney Road
Victoria · Residential
4 bd
4 ba
2,945 sqft
$916/sqft
Built 2002
MLS® 1046838
Newport Realty Ltd.
39
$1,374,000
1146 Leonard Street
Victoria · Residential
5 bd
3 ba
2,938 sqft
$468/sqft
Built 1912
MLS® 1044923
Royal LePage Coast Capital - Oak Bay
56
$599,999
#416 – 770 Fisgard Street
Victoria · Residential
2 bd
2 ba
959 sqft
$626/sqft
Built 2010
MLS® 1033866
Sotheby's International Realty Canada
40
$1,295,000
1323 Clover Avenue
Victoria · Residential
2 bd
2 ba
1,845 sqft
$702/sqft
Built 1912
MLS® 1047442
Royal LePage Coast Capital - Oak Bay
25
$459,000
#721 – 1029 VIEW Street
Victoria · Residential
1 bd
1 ba
502 sqft
$914/sqft
Built 2019
MLS® 1043018
Pemberton Holmes Ltd.
65
$1,099,000
504 Wilson Street
Victoria · Residential
4 bd
4 ba
2,664 sqft
$413/sqft
Built 1911
MLS® 1047325
RE/MAX Camosun
36
$1,550,000
590 Simcoe Street
Victoria · Residential
3 bd
4 ba
2,291 sqft
$677/sqft
Built 2008
MLS® 1047382
Pemberton Holmes Ltd.
60
$1,599,000
908 Cowichan Street
Victoria · Residential
5 bd
3 ba
3,675 sqft
$435/sqft
Built 1912
MLS® 1046704
Sotheby's International Realty Canada
20
$1,689,000
15 Pilot Street
Victoria · Residential
5 bd
3 ba
2,043 sqft
$827/sqft
MLS® 1047383
RE/MAX Camosun
37
$589,900
#108 – 369 Tyee Road
Victoria · Residential
1 bd
1 ba
705 sqft
$837/sqft
Built 2023
MLS® 1036345
eXp Realty
See all Victoria listings (527 active listings)
Pre-approval in cities near Victoria
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 Victoria
What income does a lender test a median-priced Victoria purchase against?
A $715,000 purchase with $46,500 down leaves $668,500 to finance. At the qualifying rate of 6.49% over 25 years the payment is $4,474 a month, which on a thirty-nine percent gross debt service ratio implies a household income near $137,662. The census median household income in Victoria is $67,500. 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 Victoria?
At the $715,000 median asking price, the federal minimum is $46,500, and twenty percent is $143,000. A price at or below $1,500,000 can carry mortgage default insurance, which is what makes the $46,500 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.
Victoria homes for saleNarrow Victoria homes by featureVictoria market reportNew listings in VictoriaVictoria 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.