Landmark Mortgages
250-889-1686

Mortgage Broker · Saanich

Mortgage broker in Saanich, BC

Mortgage broker for Saanich and Greater Victoria. Book a 20-minute call.

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Quick Takeaways

The short version, before you read the rest:

  • ·Current Saanich benchmarks (May 2026 VREB): Saanich East detached $1,347,300, Saanich West detached $1,091,200. Townhouses run $904,800 East and $781,800 West; condos $603,400 and $527,400.
  • ·Minimum down payment is 5% on the first $500K plus 10% on anything above, up to the $1.5M cap. On a benchmark Saanich East detached, that's roughly $109,730 down; Saanich West works out to about $84,120.
  • ·You don't have to put 20% down on a Saanich detached over $1M. Owner-occupied purchases up to $1.5M can go in with less than 20% down, whether it's your first home or your fifth, as long as you (or an immediate family member) will live there.
  • ·First-time buyers shopping detached in Saanich usually miss the PTT exemption. Most Saanich detached purchases land above the $835,000 full first-time-buyer exemption threshold. The exception: newly built homes have a separate exemption up to $1,100,000, which sometimes applies to lower-priced Saanich detached.

What does a down payment look like in Saanich?

The minimum down payment in BC is 5% on the first $500,000 plus 10% on anything above that, up to a $1.5M purchase price. At current Saanich benchmarks, that runs from about $27,740 on a Saanich West condo to $109,730 on a Saanich East detached.

Property typeZoneBenchmark price (May 2026)Minimum down paymentDown payment as % of price
DetachedSaanich East$1,347,300$109,7308.1%
TownhouseSaanich East$904,800$65,4807.2%
CondoSaanich East$603,400$35,3405.9%
DetachedSaanich West$1,091,200$84,1207.7%
TownhouseSaanich West$781,800$53,1806.8%
CondoSaanich West$527,400$27,7405.3%

A few things to keep in mind:

  • These are minimums. Many buyers put down more to lower the monthly payment, to qualify more easily, or to skip the default insurance premium that kicks in below 20% down.
  • If you're putting less than 20% down, mortgage default insurance (CMHC, Sagen, or Canada Guaranty) is required. The premium gets added to your mortgage balance, not paid in cash at closing.
  • If your amortization is longer than 25 years (for example, a 30-year amortization available to first-time buyers or buyers of newly built homes), an additional 0.20% surcharge applies on top of the base premium.

How much do I need to earn to qualify for a Saanich mortgage?

Lenders qualify you at the greater of your contract rate plus 2%, or the 5.25% federal floor. At a 4.5% contract rate, that means you're qualified at 6.5%. Below are minimum-down scenarios at current Saanich benchmarks.

Property typeZoneBenchmarkMinimum downInsurance premiumMortgage after insuranceMin qualifying income
DetachedSaanich East$1,347,300$109,730$49,503$1,287,073~$290,000
TownhouseSaanich East$904,800$65,480$33,573$872,893~$203,000
CondoSaanich East$603,400$35,340$22,722$590,782~$140,000
DetachedSaanich West$1,091,200$84,120$40,283$1,047,363~$240,000
TownhouseSaanich West$781,800$53,180$29,145$757,765~$180,000
CondoSaanich West$527,400$27,740$19,986$519,646~$127,500

Notes on the math:

  • Insurance premium calculated at the 4.00% rate for the 90.01 to 95% LTV tier, which is where all six combinations land at the minimum down. The premium is added to your mortgage balance, not paid in cash at closing.
  • Qualifying income assumes the GDS (Gross Debt Service) ratio of 39%, property tax at 0.5% of purchase price annually, strata at $350 per month for townhouse and condo, no existing debt, and principal residence owner-occupied.
  • Existing debts (car loans, credit cards, student loans) reduce what you can qualify for through the TDS (Total Debt Service) ratio.

My process

  1. 01

    20-minute call

    No paperwork, no obligation. I get your situation, you get a straight answer on what is realistic.

  2. 02

    Full application

    Online, takes most people about 30 minutes.

  3. 03

    I shop the file

    I have access to 50+ lenders, and I run your file against the ones that actually fit your situation.

  4. 04

    Approval and close

    I handle the back-and-forth with the lender and coordinate with your lawyer or notary.

How to reach us

The fastest way to get started is a 20-minute call. We work over phone, video, and email, whatever fits your schedule.

Kyle Scott, Mortgage Broker at Landmark Mortgages serving Saanich and Greater Victoria (BCFSA #504479)

Landmark Mortgages

  • Phone: 250-889-1686
  • Email: kyle@landmarkmortgages.ca
  • Hours: Monday to Friday, 8 a.m. to 7 p.m.; Saturday and Sunday, 11 a.m. to 5:30 p.m.
  • License: BCFSA #504479 (verify on the BCFSA public registry)
  • Based in: Victoria, BC. Serving clients across Vancouver Island and BC.

Service areas: Saanich (East and West), Victoria, Sidney and the Saanich Peninsula, Langford, and other Greater Victoria locations. See all locations.

FAQ

Frequently asked questions

What's the difference between the District of Saanich and the Saanich Peninsula?
The District of Saanich is the urban municipality bordering Victoria, with neighborhoods like Gordon Head, Cordova Bay, and Royal Oak. The Saanich Peninsula sits further north and includes Sidney, North Saanich, and Central Saanich, separate market, different prices. This page covers the District; the Peninsula has its own Sidney and Saanich Peninsula page.
Can I put less than 20% down on a Saanich detached over $1M?
Yes. Owner-occupied purchases up to $1.5M can go in with less than 20% down, whether it's your first home or your fifth, as long as you (or an immediate family member) will live there. If the property is going to be a rental, you need 20% down.
Will a Saanich detached purchase qualify for the first-time buyer PTT exemption?
The exemption is always available; whether your purchase qualifies depends on price. The full first-time buyer exemption tops out at $835,000 (partial up to $860,000), and most Saanich detached sits above that. If you're buying a newly built home, the threshold rises to $1,100,000, which sometimes puts lower-priced Saanich detached back in range.

Mortgage products, rates, programs, and lender policies referenced on this page are illustrative as of June 2026 and subject to change without notice. The benchmark prices, qualifying income figures, insurance premiums, and worked examples shown are for general guidance and are not an offer of credit, a rate quote, or a promise of approval. Every mortgage approval depends on the specific lender, the property, and your file. Speak with a licensed mortgage professional for advice specific to your situation. Kyle Scott, Mortgage Broker, BCFSA #504479.

Sources

Official sources used on this page

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