Mortgage Broker · Nanaimo, BC
Full BC lender access, honest numbers on what you can buy here.
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The short version, before you read the rest:
I'm Kyle Scott, a licensed mortgage broker in Victoria (BCFSA #504479). I run Landmark Mortgages with a small team that handles your file from the first call through to funding, and well past it. We work with buyers, homeowners, and self-employed clients across Nanaimo, Victoria, and the rest of Vancouver Island.
Beyond regular communication, what clients tell us they value most is the video walkthroughs. You get a custom budget breakdown and recorded walkthroughs of every part of your file, so you can re-watch on your own time and actually understand what you're signing.
Our process doesn't stop at funding; it goes well beyond that. Our client care team stays in touch after funding, so you always have a dedicated contact and a second set of eyes watching your rate and renewal.
Mortgages move fast, and most of the stress in a file comes from not knowing where it stands. That's why we built our process around constant updates. You'll never have to chase us for a status.
Most of our Nanaimo files come from a handful of client types.
Some of our favorite work. Business owners, freelancers, incorporated professionals, agency operators, online sellers: anyone whose income comes from their own company instead of a T4. I run a business myself, so I get it. The frustration of hearing “no” from a bank because of how your taxes are structured is something I've heard from entrepreneurs more times than I can count, and it's almost never because the deal isn't doable. It's because the wrong lender saw the file. We work with lenders who actually know how to read a business owner's income: add-backs, retained earnings in the corporation, gross business deposits, stated-income programs where they apply. Owning a business shouldn't disqualify you from owning a home.
Carpenters, electricians, mechanics, framers, plumbers, the whole spectrum of skilled trades. Trades income comes in many forms: straight T4, T4A, hourly with overtime, union dispatch, mixed personal and incorporated work. Add seasonal swings (busy summers, slow winters) and the approach depends entirely on what your numbers look like on paper and how recent they are. Knowing whether to qualify you off a tax-return average or a 24-month rolling income calculation can swing your approval by six figures.
Nanaimo's growing share of work-from-anywhere professionals brings income structures that lenders treat very differently. US-dollar contracts, stock-based compensation, hybrid salary-plus-equity packages, multi-country employers: none of these fit a standard bank file. Some lenders embrace this kind of income; others discount it heavily or won't touch it. Getting placed correctly the first time is the difference between qualifying for the home you want and being told to come back in two years.
Nurses, physicians, and clinicians working at NRGH or in clinics around the region. A new-grad nurse with strong future earnings but limited credit history, a relocating physician with an incorporated practice, and a long-tenured clinician thinking about a second home each belong at a different lender. Some lenders actively compete for healthcare files because the income stability is so strong, and most buyers have no idea those programs exist.
Professionals relocating from the US, the UK, Australia, and beyond. The hurdles are usually around documentation: how to translate foreign credit history, how to verify foreign or remote employment, where the down payment came from, and what's allowed under newcomer programs. CMHC and a handful of lenders have dedicated programs that go as low as 5% down for permanent residents and certain work-permit holders. Other lenders won't open the file. The whole job is knowing which is which before you start.
This is one of the bigger moments in life and you deserve answers that don't fit on a brochure. We sit down with you and walk through what your income actually qualifies for, how the First Home Savings Account stacks with RRSP withdrawals, what a real pre-approval involves vs. an online rate hold, and what to expect from the offer through possession day. You won't have to chase us for updates. See our first-time home buyer guide for the full breakdown on programs and down payments.
Trading up from a condo to a townhouse, or a townhouse to a detached. These deals often involve selling one property and buying another in the same window, which means bridge financing, deposit timing, and two sets of conditions to keep aligned. Having one broker running both sides of the math saves stress and prevents mistakes.
Nanaimo has a real rental economy: Vancouver Island University, hospital staff, working families, mid-island commuters. Whether you're buying your first rental or adding to a portfolio, investor files have their own rules: rental income offsets, 20% minimum down on non-owner-occupied, lenders with rental-friendly underwriting vs. lenders who actively avoid this business. We work with both ends and know where each file belongs.
Your term is ending and the renewal letter from your existing bank is sitting on the counter. Or you're looking at the equity in your home and wondering whether you should be using it, for a renovation, to pay off higher-interest debt, to invest, or to help a kid into their first place. Most people just sign the renewal that shows up in the mail. Most of the time, that's not the best deal available. A second opinion on a renewal costs you nothing and routinely saves five figures over a five-year term.
Don't see your situation above? This isn't a comprehensive list. If you're looking for a specific product or a situation we didn't name, see how we help for the full menu of mortgage solutions. If you're not sure whether we work with someone in your position, the answer is almost always yes.
Using the April 2026 VIREB single-family benchmark of $815,600, here's what a Nanaimo purchase looks like at different down payment levels.
| Down payment | Amount | Mortgage | Approx. household income* | Approx. monthly payment |
|---|---|---|---|---|
| Minimum (tiered) | $56,560 | $759,040 + insurance premium | $160,000 to $175,000 | $3,760.97 |
| 10% down | $81,560 | $734,040 + insurance premium | $155,000 to $170,000 | $3,605.68 |
| 20% down | $163,120 | $652,480 (no insurance) | $140,000 to $155,000 | $3,102.66 |
Minimum down payment uses Canada's tiered rule: 5% on the first $500,000, 10% on the portion above. *Income estimates assume the OSFI stress test qualifying rate (the higher of contract rate + 2% or 5.25% floor), a 30-year amortization, and typical Nanaimo property tax and heat assumptions. Your actual qualification depends on your other debts, credit, and the lender.
Other things that change the math:
Debt is the factor that surprises most buyers. Depending on your file, something like a $800/month vehicle payment can change your qualifying amount by $100,000 or more.
A recent file
Dan, a Nanaimo contractor who owns his own business
Dan came to us declined by his bank because his vehicle payment was too large. On paper, he didn't qualify for a single-family home in Nanaimo. We worked with one of our trusted partners to refinance his vehicle loan, which let us move the $1,200 monthly payment off his personal liabilities and place it under his corporation. That single change qualified him for another $134,000 of mortgage, and he got the property.
Illustrative client scenario with identifying details changed. Outcomes vary by file, lender, and current market conditions.
The most useful comparison for most Nanaimo buyers isn't Nanaimo vs. Vancouver. It's Nanaimo vs. Victoria, because that's the practical alternative for anyone choosing where to land on the island.
Here's the math, using current MLS HPI benchmark prices.
| Property type | Nanaimo (VIREB Zone 4) | Victoria (Core) | Difference |
|---|---|---|---|
| Single-family home | $815,600 | $1,339,100 | ~39% cheaper |
| Condo apartment | $404,700 | $558,300 | ~28% cheaper |
| Townhouse | $531,600 | $840,100 | ~37% cheaper |
Sources: VIREB April 2026 statistics and VREB April 2026 statistics.
The price difference between Nanaimo and Victoria isn't just a sticker-shock comparison. It dramatically changes the down payment and income requirements.
An average Nanaimo single-family home is $815,600, which means a minimum down payment of $56,560 and a household income typically in the $160,000 to $175,000 range. Compare that to a single-family home in the Victoria Core, where the minimum down payment is $108,910 and the household income required runs closer to $255,000.
A buyer with $60,000 in savings can realistically purchase a detached home in Nanaimo. In the Victoria core, that same buyer is shut out of detached entirely. That's the practical implication of the price gap, and it's a big part of what makes going up island so attractive.
Our process is built around three things: a quick first call to figure out what's actually possible, real underwriting before you start writing offers, and lender placement based on your file rather than whoever's running a teaser rate this week. Most clients go from first call to pre-approval within a week.
What sets us apart is the resources. The mortgage industry is riddled with jargon, so we break things down with custom video walkthroughs of your budget and your approval package, on your schedule, so you actually understand each piece of your mortgage and why it's the right choice for you.
For a full walk-through, see our process page.
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: Nanaimo, Parksville-Qualicum, Comox Valley, Cowichan Valley, Campbell River, and Victoria. See all locations.
FAQ
Mortgage products, rates, programs, and lender policies referenced on this page are illustrative as of April 2026 and subject to change without notice. The examples and benchmark prices 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.
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