Landmark Mortgages
250-889-1686

Mortgage Broker · Sooke

Mortgage broker in Sooke, BC

Mortgage broker for Sooke and West Coast files, based in Victoria. Book a 20-minute call.

Book a Call

Based on the latest VREB statistics, a Sooke detached home was around $821,800 in May 2026, with townhouses at $666,200 and condos at $498,900. 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 $57,180 on a Sooke detached, $41,620 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 ($821,800) is under the $835,000 full-exemption threshold, first-time buyers can avoid the Property Transfer Tax entirely on a typical Sooke detached purchase. 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 $57,180 on a detached home, $41,620 on a townhouse, and $24,945 on a condo (the condo benchmark sits under $500,000, so it's a flat 5%).

Property typeBenchmark price (May 2026)Minimum down paymentDown payment as % of price
Detached$821,800$57,1807.0%
Townhouse$666,200$41,6206.2%
Condo$498,900$24,9455.0%

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.

How much do I need to earn to qualify for a Sooke mortgage?

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%. Below are minimum-down scenarios at current Sooke benchmarks.

Property typeBenchmarkMinimum downInsurance premiumMortgage after insuranceMin qualifying income
Detached$821,800$57,180$30,585$795,205~$180,000
Townhouse$666,200$41,620$24,983$649,563~$153,000
Condo$498,900$24,945$18,958$492,913~$118,000

Notes on the math:

  • Insurance premium 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.
  • Qualifying income assumes the GDS (Gross Debt Service) ratio of 39%, property tax at 0.5% of purchase price annually, strata at $350 per month for townhouse and condo, no existing debt, and principal residence owner-occupied.
  • Existing debts (car loans, credit cards, student loans) reduce what you can qualify for through the TDS (Total Debt Service) ratio.

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.

Sooke vs. Langford, by the numbers

Two West-Shore-adjacent markets with very different price profiles. Same buyer profile, same minimum down payment formula, different qualifying income required.

SookeLangford
Detached benchmark (May 2026)$821,800$1,054,700
Townhouse benchmark$666,200$721,000
Condo benchmark$498,900$510,800
YoY benchmark change (detached)-3.6%-2.8%
Detached, minimum down$57,180 (7.0%)$80,470 (7.6%)
Detached, min qualifying income~$180,000~$225,000

The detached gap is about $233,000 in price and roughly $45,000 in required income. Same buyer might qualify in Sooke but not Langford on a detached purchase. See the full Langford mortgage broker page for the deeper Langford breakdown.

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.

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 Sooke and the West Coast (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: 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?
No. All of our process happens by phone, email, or video, from the first conversation to signing the final commitment. We work with mortgage clients across British Columbia and Alberta.
Can I get a mortgage on a Sooke property with well water and septic?
Yes, in most cases. 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. The lender pool for well-and-septic files is narrower than for standard urban properties, so picking the right one at the application stage matters.
Does the BC first-time buyer PTT exemption apply to Sooke detached purchases?
Often, yes. The full first-time-buyer exemption applies to purchases up to $835,000, and the partial exemption extends to $860,000. With the Sooke detached benchmark at $821,800, a typical Sooke detached purchase often falls within the full-exemption range, which is unusual elsewhere in the CRD.

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

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.

Book a Call→Start an Application→250-889-1686