Mortgage Broker · Langford
Mortgage broker in Langford, BC
Mortgage broker for Langford and West Shore files, based in Victoria. Book a 20-minute call.
Book a CallBased on the latest VREB statistics, a Langford detached home was around $1,054,700 in May 2026, with townhouses at $721,000 and condos at $510,800. Most of the better homes we see on our desk cross the $1M line, but the minimum down payment math stays mostly the same across that range, and we'll walk through what a typical down payment looks like for each property type just below. Langford has grown fast enough that a lot of the inventory is new build, so we see a lot of pre-construction condos and larger single-family homes with mortgage helpers, which fits the area's young-family demographic.
Quick Takeaways
The short version, before you read the rest:
- ·Minimum down payment at current benchmark prices: roughly $80,470 on a Langford detached, $47,100 on a townhouse, and $26,080 on a condo. The formula is 5% on the first $500K plus 10% on anything above, up to a $1.5M purchase price.
- ·You may qualify for a PTT (Property Transfer Tax) exemption. First-time home buyers can claim a full exemption on purchases up to $835,000 (with a partial exemption up to $860,000). Buyers of newly built homes can claim a full exemption on purchases up to $1,100,000 (with a partial exemption up to $1,150,000). Worth checking against your specific purchase.
- ·A mortgage helper changes what you can qualify for. Rental income from a legal secondary suite gets counted toward your qualifying income, which is one reason larger detached homes with land work financially for buyers who couldn't otherwise stretch. How much of the rent counts depends on the lender.
- ·If you're buying pre-construction, lenders offer long-term rate holds, typically 12 to 24 months (sometimes longer), that come with a proper approval. You can get everything sorted out well ahead of closing and reduce your risk if the market fluctuates.
What does a down payment look like in Langford?
The minimum down payment in BC follows a simple formula: 5% on the first $500,000, plus 10% on anything above that, up to a $1.5M purchase price. At current Langford benchmarks, that works out to roughly $80,470 on a detached home, $47,100 on a townhouse, or $26,080 on a condo.
| Property type | Benchmark price (May 2026) | Minimum down payment | Down payment as % of price |
|---|---|---|---|
| Detached | $1,054,700 | $80,470 | 7.6% |
| Townhouse | $721,000 | $47,100 | 6.5% |
| Condo | $510,800 | $26,080 | 5.1% |
A few things to keep in mind:
- These are minimums. Many buyers put down more, either 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.
- A common misconception: you don't have to be a first-time home buyer to put less than 20% down on a property above $1M. The December 2024 federal rule change raised the insured mortgage cap to $1.5M for owner-occupied purchases (by you or an immediate family member).
How much do I need to earn to qualify for a Langford mortgage?
The income you need depends on three things: the mortgage size, the qualifying rate the lender uses (which is higher than your contract rate, thanks to the stress test), and your existing debts. Below are two scenarios at current Langford benchmarks, one at the minimum down payment and one at 20% down.
The stress test, in plain English. 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%. The stress test applies to all federally regulated mortgages and is designed to make sure you can still afford the payment if rates rise.
With minimum down payment
| Property type | Benchmark | Minimum down | Insurance premium | Mortgage after insurance | Min qualifying income |
|---|---|---|---|---|---|
| Detached | $1,054,700 | $80,470 | $38,969 | $1,013,199 | ~$225,000 |
| Townhouse | $721,000 | $47,100 | $26,956 | $700,856 | ~$165,000 |
| Condo | $510,800 | $26,080 | $19,389 | $504,109 | ~$150,000 |
With 20% down
| Property type | Benchmark | 20% down | Mortgage size | Min qualifying income |
|---|---|---|---|---|
| Detached | $1,054,700 | $210,940 | $843,760 | ~$185,000 |
| Townhouse | $721,000 | $144,200 | $576,800 | ~$140,000 |
| Condo | $510,800 | $102,160 | $408,640 | ~$100,000 |
Notes on the math:
- Insurance premium in the first table calculated at the 4.00% rate for the 90.01 to 95% LTV tier, which is where all three property types land at the minimum down. The premium is added to your mortgage balance, not paid in cash at closing.
- 20% down avoids the insurance premium entirely.
- Qualifying income assumes the GDS (Gross Debt Service) ratio of 39%, which counts mortgage payment plus property tax plus heat plus 50% of strata fees.
- Property tax assumed at 0.5% of purchase price annually.
- Strata fees assumed at $350 per month for townhouse and condo in both tables.
- These scenarios assume no existing debt, or very minimal debt. Existing debts (car loans, credit cards, student loans) reduce what you can qualify for through the TDS (Total Debt Service) ratio.
- Numbers assume principal residence, owner-occupied. Investment properties have different rules.
Pre-construction in Langford: why a long-dated rate hold matters
If you're buying pre-construction, the gap between signing and completion can be long. We see a lot of files where it's 12 to 24 months or more until possession. Regular rate holds typically last four months. That's why we work with lenders who offer mortgage products specifically for pre-construction buyers, typically with full approvals held up to 18 months out.
How they work. The lender underwrites the full mortgage upfront based on your current income, credit, and down payment, then commits to funding at completion. They hold a specific rate for the duration of the rate hold and also approve the property's value upfront. The held rate is usually higher than current market, because the lender is taking on time risk. This is a more involved version of a standard mortgage pre-approval, stretched over a longer commitment window.
Why it matters. Life can change in a 12-to-24-month window. A job change, a new dependent, a credit hit, or a change in what lenders are willing to approve can all derail your file if you have to re-qualify from scratch at completion. Markets can also shift. If the appraisal at completion comes in below the price you signed at, you can be left needing to cover the gap in cash to close. A long-dated approval that locks in your income qualification, your rate, and the property's value helps protect against both scenarios.
Near completion. About 3 to 4 months from closing, you typically have two paths. You can shop the market for a better rate from another lender, or you can stay with the holding lender, who will often float you down to current market rates if their held rate is higher. Either way, you usually get a better outcome than walking in cold at completion without a commitment in place.
The takeaway. The held rate is usually higher than today's market, but that's the cost of insurance against the time gap. It's not the rate you're likely to end up with at completion. The real value is the underwriting commitment and the locked-in value, not the rate itself.
How a mortgage helper changes what you can qualify for in Langford
A mortgage helper is rental income from a legal secondary suite on the property you're buying. Most lenders count some of that rental income toward your qualifying income, which is one of the main reasons larger detached homes in Langford work financially for buyers who couldn't otherwise stretch into them. How much of the rent counts, and how it gets counted, varies significantly by lender.
How lenders treat mortgage helper income. All lenders use an add-back approach (adding some portion of the rental income to your qualifying income), but they vary in two ways: how much of the rental they count, and whether the property's expenses (taxes, utilities) stay in the qualifying ratios. Two common variations:
- 50% add-back. The lender adds half of the gross rental income to your qualifying income. Property taxes, utilities, and the full mortgage payment all still count in the qualifying ratios. Simpler, more conservative.
- 100% add-back, expenses removed. The lender adds all of the gross rental income to your qualifying income, and removes property taxes and utilities from the qualifying ratios. More aggressive, typically gives a higher qualifying capacity.
The right lender depends on your file. Same buyer, same property, same down payment, different lender treatment, different qualifying income required.
Worked example
$1.1M Langford detached with a mortgage helper
Setup
- Purchase price: $1,100,000
- Down payment: 10% ($110,000)
- Mortgage before insurance: $990,000
- Insurance premium (90% LTV, 3.10% tier): $30,690
- Total mortgage: $1,020,690
- Contract rate: 4.5%, 25-year amortization
- Property tax: 0.5% of purchase price = $5,500 per year
- Rental income from the legal suite: $2,000 per month
| Lender | Treatment | Min household income (apart from rental) |
|---|---|---|
| Lender A | 50% add-back, all property expenses counted in qualifying ratios | ~$217,000 |
| Lender B | 100% add-back, property taxes and utilities removed from qualifying ratios | ~$186,500 |
Difference: ~$30,500. Same buyer, same property, same down payment, just different lender treatment.
The takeaway. If you're looking at a detached home in Langford with a legal suite, the lender you use can meaningfully change what you qualify for. We see this come up all the time: borrowers come to us after their bank ran the numbers and told them they can't qualify, and when we shop the same file against lenders whose suite-income treatment actually fits, the outcome is often different. Going direct to one bank means accepting whatever treatment that bank uses, even if it's the wrong fit for your numbers.
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.
We work with mortgage clients across Langford and the West Shore, including Bear Mountain, Westhills, Belmont, Olympic View, Happy Valley, Florence Lake, and Goldstream.
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: Langford, Colwood, Sooke, View Royal, Victoria, Saanich, 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 Langford?
Can I put less than 20% down on a home in Langford if it's not my first home?
What happens to my pre-construction rate hold if completion gets delayed?
Can I qualify for a Langford home with a mortgage helper if I don't have a tenant yet?
How much should I budget for closing costs in Langford beyond the down payment?
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
- Victoria Real Estate Board Monthly Statistics (May 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
- Newly Built Home PTT Exemption: Government of British Columbia, gov.bc.ca/.../newly-built-home-exemption
- 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
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Buying in Langford? Let's talk.
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