Mortgage Broker · Sooke
Mortgage broker in Sooke, BC
Landmark Mortgages: a Victoria-based brokerage serving Sooke and the West Coast. Book a 20-minute call.
Kyle Scott
Owner of Landmark Mortgages
Kyle Scott
Owner of Landmark Mortgages
Based on the latest VREB statistics, a Sooke detached home was around $807,300 in September 2026, with townhouses at $651,200 and condos at $468,300. That makes Sooke dramatically cheaper than most other CRD areas and one of the more affordable options still close to Victoria. A lot of Sooke properties are on well and septic, with hobby farms and acreages in the mix; only certain lenders will underwrite these files, and some are better than others.
Quick Takeaways
The short version, before you read the rest:
- ·Minimum down payment at current benchmark prices: roughly $55,730 on a Sooke detached, $40,120 on a townhouse, and $24,945 on a condo. The formula is 5% on the first $500K plus 10% on anything above; the condo benchmark falls under $500K, so it's just 5% across.
- ·The PTT first-time home buyer exemption actually applies here. Because the Sooke detached benchmark ($807,300) is under the $835,000 limit for the $8,000 exemption, first-time buyers get the full $8,000 off the Property Transfer Tax on a typical Sooke detached purchase, leaving about $6,100 to pay. That isn't true in most other CRD markets.
- ·Well water, septic, hobby farms, and acreage show up on a lot of Sooke files. Lender policies on those features vary widely, and the difference can make or break a deal.
What does a down payment look like in Sooke?
The minimum down payment in BC follows a simple formula: 5% on the first $500,000, plus 10% on anything above that. At current Sooke benchmarks, that works out to about $55,730 on a detached home, $40,120 on a townhouse, and $24,945 on a condo (the condo benchmark sits under $500,000, so it's a flat 5%).
| Property type | Benchmark (September 2026) | Minimum down | Total mortgage (incl. insurance) | Monthly payment (4.5%) | Income (min down) | Income (20% down) |
|---|---|---|---|---|---|---|
| Detached | $807,300 | $55,730 (6.9%) | $783,136 | ~$3,949 | ~$166,000 | ~$139,000 |
| Townhouse | $651,200 | $40,120 (6.2%) | $636,745 | ~$3,211 | ~$141,000 | ~$119,000 |
| Condo | $468,300 | $23,415 (5.0%) | $463,570 | ~$2,337 | ~$105,000 | ~$88,000 |
Why the mortgage is more than the price minus your down payment: with less than 20% down, default insurance is mandatory in Canada. The 4.20% premium is added to your mortgage balance rather than paid in cash at closing, so you borrow slightly more than the shortfall. That is normal, and it is already included in the payment and income columns.
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 half the $350/month strata on townhouses and condos. Minimum down is 5% of the first $500,000 plus 10% of the rest; minimum-down rows include the 4.20% insurance premium, added to the balance. 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 Sooke MLS HPI from the September 2026 VREB package.
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.
Rural files: well, septic, hobby farms, acreage
A meaningful share of Sooke listings come with well water instead of municipal supply, a septic system instead of sewer, or land beyond a standard residential lot. Same file, different lender, different outcome. A few specific places the gap shows up:
- Well and septic testing. Some lenders require formal water-quality and septic-system testing as a closing condition. Others accept a title insurance policy with the proper endorsement bought at the lawyer's office, which usually saves time and out-of-pocket cost.
- Acreage and outbuildings. Some lenders are good and will lend against many acres plus outbuildings (barns, shops, detached garages). Others cap the lending value at 5 acres with no outbuildings included. On a 10-acre Sooke property with a workshop, those two lenders will produce very different mortgage numbers.
- Appraised lending value. If the appraisal comes in below your purchase price (or below it once the lender's acreage and outbuilding rules are applied), the lender funds only against the appraised lending value, and you cover the difference in cash. Picking a lender whose lending-value rules match the property up front reduces the chance of a surprise at appraisal.
How Sooke compares
| Market | Detached | Townhouse | Condo |
|---|---|---|---|
| Sooke (this page) | $807,300 | $651,200 | $468,300 |
| Langford | $1,051,100 | $712,900 | $480,800 |
| Colwood | $1,080,800 | $719,700 | $461,000 |
| Victoria Core | $1,280,100 | $829,400 | $547,800 |
September 2026 benchmarks. Victoria Core is VREB's headline figure for the central municipalities, not the City of Victoria district alone.
How our process works
- 01
Book a call
A 20-minute conversation about your situation and goals. No documents needed.
- 02
Application and documents
A simple online application, then a secure portal that shows exactly what we need for your file.
- 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.
- 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.
- 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.
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.
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: Sooke, Langford, Colwood, Metchosin, Victoria, and other West Shore and Greater Victoria locations. See all locations.
FAQ
Frequently asked questions
Do I have to be in Victoria to work with you if I'm buying in Sooke?
Can I get a mortgage on a Sooke property with well water and septic?
Does the BC first-time buyer PTT exemption apply to Sooke detached purchases?
Mortgage products, rates, programs, and lender policies referenced on this page are illustrative as of October 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
- Victoria Real Estate Board Monthly Statistics (September 2026): vreb.org/current-statistics
- BC Property Transfer Tax: Government of British Columbia, gov.bc.ca/.../property-transfer-tax
- First-Time Home Buyers' PTT Exemption: Government of British Columbia, gov.bc.ca/.../first-time-home-buyers
- Mortgage Loan Insurance (down payment tiers): Canada Mortgage and Housing Corporation, cmhc-schl.gc.ca/.../mortgage-loan-insurance-for-consumers
- Residential Mortgage Underwriting (Stress Test / B-20): Office of the Superintendent of Financial Institutions, osfi-bsif.gc.ca/.../guideline-b-20
- Mortgage Broker Public Registry: BC Financial Services Authority, bcfsa.ca/.../find-mortgage-broker
Get Started
Buying in Sooke? Let's talk.
One 20-minute call usually gives you a clear answer on what you can do and what to do next. No pressure, no obligation.