26
$349,900
$762/sqft
1 bd · 1 ba · 459 sqft
#206, 760 Johnson Street
Victoria · Single Family
Listed by Royal LePage Coast Capital - ChattertonMLS® 1051610
Pre-approval · Victoria
What does a mortgage pre-approval in Victoria ask for?
At the $700,000 median asking price, you need $45,000 down. A lender tests a payment of $4,383 a month.
- Minimum down
- $45,000
- Monthly payment a lender tests
- $4,383
- Implied household income
- $134,862
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $45,000
- Monthly payment a lender tests
- $4,383
- Implied household income
- $134,862
What a Victoria buyer needs
At $700,000, the minimum down payment is $45,000 and twenty percent is $140,000. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,383 a month over 25 years, which needs a household income near $134,862. The Victoria census median is $67,500, about $67,362 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $45,000 minimum.
Minimum down payment on a Victoria home
| Figure | Amount |
|---|---|
| Median asking price | $700,000 |
| Minimum down payment | $45,000 |
| Twenty percent down | $140,000 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,383 per month |
The qualifying payment uses an illustrative rate, not a quote.
What a lender checks first
- 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
Active listings in Victoria
592 active listings
59
$799,900
$696/sqft
2 bd · 2 ba · 1,149 sqft
2310 Fernwood Road
Victoria · Single Family
Listed by RE/MAX Sabre Realty GroupMLS® 1051423
33
$415,000
$807/sqft
1 bd · 1 ba · 514 sqft
#204, 960 YATES Street
Victoria · Single Family
Listed by Newport Realty Ltd.MLS® 1051879
33
$377,900
$409/sqft
2 bd · 1 ba · 924 sqft
#411, 909 Pembroke Street
Victoria · Single Family
Listed by Pemberton Holmes - WestshoreMLS® 1051390
65
$1,299,000
$404/sqft
3 bd · 3 ba · 3,213 sqft
1614 Richardson Street
Victoria · Single Family
Listed by RE/MAX CamosunMLS® 1051978
28
$339,000
$881/sqft
0 bd · 1 ba · 385 sqft
#310, 515 Chatham Street
Victoria · Single Family
Listed by RE/MAX CamosunMLS® 1051897
40
$639,900
$753/sqft
2 bd · 1 ba · 850 sqft
#402, 838 Broughton Street
Victoria · Single Family
Listed by Royal LePage Coast Capital - ChattertonMLS® 1051979
36
$495,000
$478/sqft
2 bd · 2 ba · 1,035 sqft
#306, 1518 Pandora Avenue
Victoria · Single Family
Listed by RE/MAX CamosunMLS® 1051853
32
$324,900
$479/sqft
1 bd · 1 ba · 678 sqft
#204, 1035 McClure Street
Victoria · Single Family
Listed by Engel & Volkers Vancouver IslandMLS® 1051960
50
$449,900
$519/sqft
2 bd · 1 ba · 867 sqft
#206, 2022 Foul Bay Road
Victoria · Single Family
Listed by eXp RealtyMLS® 1051888
56
$960,000
$660/sqft
2 bd · 2 ba · 1,454 sqft
#704, 225 Belleville Street
Victoria · Single Family
Listed by eXp RealtyMLS® 1051570
46
$550,000
$731/sqft
1 bd · 1 ba · 752 sqft
#416, 1433 Faircliff Lane
Victoria · Single Family
Listed by Engel & Volkers Vancouver IslandMLS® 1051917
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
Pre-approval in cities near Victoria
Mortgage pre-approval in Surrey
$999,999 median asking price
Mortgage pre-approval in Vancouver
$1,379,500 median asking price
Mortgage pre-approval in Burnaby
$859,950 median asking price
Mortgage pre-approval in Richmond
$1,004,800 median asking price
Mortgage pre-approval in Kelowna
$789,450 median asking price
Mortgage pre-approval in Langley
$959,900 median asking price
Mortgage pre-approval in Abbotsford
$799,900 median asking price
Mortgage pre-approval in Coquitlam
$956,450 median asking price
Pre-approval questions in Victoria
At the $700,000 median, the minimum is $45,000 and twenty percent is $140,000. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $45,000 minimum.
No. Final approval also depends on the property.
Yes. It is based on you, not a home, so it works anywhere in BC.
Related pages
Prepared by
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Data
Source: MLS® listing data from BC real estate boards (MLS® Reciprocity) and CREA's DDF®.
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
CorrectionsReport a correction
Payments use an illustrative rate over 25 years and the federal qualifying rate. Not a quote or an offer of credit. Ray Rasouli is a licensed REALTOR® and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.