Landmark Mortgages
250-889-1686

Mortgage Broker · Colwood

Mortgage broker in Colwood, BC

Serving Colwood and the West Shore.

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Quick Takeaways

The short version, before you read the rest:

  • ·Benchmark single-family home: $1,094,000 (May 2026). Minimum down payment: $84,400.
  • ·At 4.5% with minimum down and a 30-year amortization, the payment is about $5,304/month, and it takes roughly $221,000 in household income to qualify (about $187,000 with 20% down).
  • ·Townhouse benchmark: $736,500. Minimum down $48,650, payment about $3,614/month, income around $158,000.
  • ·Condo benchmark: $482,900. Minimum down $24,145, payment about $2,410/month, income around $108,000, and a qualifying first-time buyer typically pays no property transfer tax at that price.
  • ·A lot of Colwood inventory is new construction. Presale financing runs on its own clock; the protection gets set up when you go under contract.

The math on a Colwood home

Here is what the benchmark Colwood home actually takes: the down payment, the monthly payment, and the income to qualify.

Property typeBenchmark (May 2026)Minimum downTotal mortgageMonthly payment (4.5%)Income (min down)Income (20% down)
Detached$1,094,000$84,400 (7.7%)$1,052,003~$5,304~$221,000~$187,000
Townhouse$736,500$48,650 (6.6%)$716,740~$3,614~$158,000~$133,000
Condo$482,900$24,145 (5.0%)$478,023~$2,410~$108,000~$91,000

Numbers assume a 4.5% five-year fixed rate stress-tested at 6.5%, a 30-year amortization, 39% GDS, property tax at 0.5% of the price, heat at $150/month, and $350/month strata on townhouses and condos (half counted). Minimum down is 5% of the first $500,000 plus 10% of the rest; minimum-down rows include the 4.20% insurance premium for a 30-year insured amortization, added to the balance rather than paid in cash. Insured 30-year amortizations apply to first-time buyers and new construction. Other debts reduce what you qualify for. These are estimates, not a rate quote or an approval. Benchmarks are the Colwood MLS HPI from the May 2026 VREB package.

Buying new construction in Colwood: what to watch

Presale buyers sign today and complete one to three years later, and the biggest mistake is treating financing as a completion-day problem.

  • The trap is waiting. Between signing and completion, rates can move and life happens: a job change, a new vehicle loan, a swing in self-employed income. A buyer who waits until the home is ready may find they no longer qualify for the mortgage they assumed they'd get, with deposits already committed.
  • The protection is set up front. The big banks run Builder Cap Programs with extended rate holds, most commonly 12 to 18 months and sometimes as long as three or four years. The savvy buyer puts one in place as soon as they're under contract. How much protection the program gives varies by lender: some are ironclad, some are not, and knowing which is which is part of placing the file.
  • Values can move between signing and completion. Prices can go either way in that window, and a shift can impact your financing if the file wasn't prepared for it. Sometimes the appraisal can even be done up front. Plan for movement instead of assuming prices only go one way.
  • Not all new construction is the same file. A unit in a condo project, where lenders may run blanket appraisals across the building, and a custom single-family build on a lot you own are both new construction, and they are financed very differently.
  • The upsides are real. Insured 30-year amortizations apply on new construction, and BC's newly-built-home PTT exemption runs to $1.1 million. On top of that, the federal first-time buyer GST rebate eliminates the GST on new homes up to $1 million (phasing out to $1.5 million), worth up to $50,000. On a benchmark Colwood townhouse bought new, that's roughly $36,800 back.

How our process works

  1. 01

    Book a call

    A 20-minute conversation about your situation and goals. No documents needed.

  2. 02

    Application and documents

    A simple online application, then a secure portal that shows exactly what we need for your file.

  3. 03

    Custom budget proposal and strategy video

    A personalized 5 to 10 minute video walking through your options, to watch with your family on your own time.

  4. 04

    Full approval and signing package video

    We get you approved at your chosen lender, one of our 50+ lending partners, with another video walking through the details of your approval.

  5. 05

    Close, fund, and beyond

    We coordinate your realtor, lawyer, and lender through closing. After funding you get a dedicated concierge and complimentary Ownwell rate and equity tracking.

See the full seven-step breakdown on our process page.

FAQ

Frequently asked questions

What income do I need to buy a benchmark Colwood house?
For the benchmark detached home ($1,094,000), you'd typically need roughly $221,000 in household income at minimum down, dropping to about $187,000 with 20% down. A townhouse at the $736,500 benchmark needs roughly $158,000, and a condo at $482,900 needs roughly $108,000. The exact number depends on your rate, other debts, and the lender.
Does the BC first-time buyer PTT exemption apply in Colwood?
It helps, but it rarely wipes out the tax here. The first-time buyer exemption covers the property transfer tax on the first $500,000 of the price, worth up to $8,000, with full eligibility up to $835,000. A benchmark Colwood condo at $482,900 comes in under $500,000, so a qualifying first-time buyer typically pays no PTT at all. On a benchmark townhouse at $736,500, the PTT is $12,730 and the exemption brings it down to about $4,730. The detached benchmark at $1,094,000 is past the $860,000 phase-out cutoff, so no exemption applies.
Do you handle presale and new-construction purchases in Colwood?
Yes, regularly. The main risk on a presale is the gap between signing and completion: rates move, life changes, and property values can shift either way. The move that protects you is putting a Builder Cap Program in place as soon as you're under contract, which holds a rate for 12 to 18 months and sometimes longer. That first call should happen when you go under contract, not a few months before completion.

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 Colwood and the West Shore (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: Victoria, Langford, Sooke, Nanaimo, and Sidney. See all locations.

Book a 20-minute call→Call 250-889-1686

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

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