Mortgage Broker · Mill Bay
Serving Mill Bay, Cobble Hill, Shawnigan Lake, and Cowichan Bay.
Book a CallQuick Takeaways
The short version, before you read the rest:
Here is what the benchmark Mill Bay home actually takes: the down payment, the monthly payment, and the income to qualify.
| Property type | Benchmark (May 2026) | Minimum down | Total mortgage | Monthly payment (4.5%) | Income (min down) | Income (20% down) |
|---|---|---|---|---|---|---|
| Detached | $918,700 | $66,870 (7.3%) | $887,607 | ~$4,475 | ~$187,000 | ~$158,000 |
| Townhouse | $631,200 | $38,120 (6.0%) | $617,989 | ~$3,116 | ~$137,000 | ~$115,000 |
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 (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 Malahat & Area MLS HPI from the May 2026 VREB package; VREB publishes no condo benchmark for this area, and the valley-wide Cowichan number you may see in the news blends in Duncan and Lake Cowichan and runs lower.
A lot of properties here don't sit on municipal services or a standard residential lot. That rarely changes whether you can get a mortgage, but it absolutely changes which lender should get your file.
Worked example
On a $1.1 million acreage purchase:
A credit union that values the full 20 acres plus outbuildings appraises at $1.1 million, and with 20% down the client brings $220,000. A bank that only values the house plus 5 acres appraises at $950,000 and lends 80% of that, $760,000. The client brings $340,000: 20% of the bank's valuation plus the $150,000 gap to the purchase price. Same property, an extra $120,000 out of pocket.
Book a call
A 20-minute conversation about your situation and goals. No documents needed.
Application and documents
A simple online application, then a secure portal that shows exactly what we need for your file.
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.
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.
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
The fastest way to get started is a 20-minute call. We work over phone, video, and email, whatever fits your schedule.
Landmark Mortgages
Service areas: Victoria, Nanaimo, Duncan, Langford, and Sooke. See all locations.
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
Get Started
One 20-minute call usually gives you a clear answer on what's realistic and what to do next. If the property has a well, septic, acreage, or a dock, even better: those are the files we handle all the time.
