Mortgage Calculator Victoria 2025

$950,000

Avg. Victoria Home Price

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Est. Monthly Payment

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Min. Down Payment

Victoria Mortgage Calculator

Home Price ($)

Average Victoria home price: $950,000

Down Payment (%)

Min. 5% for homes under $500K | 200% avoids CMHC insurance

Down Payment ($)

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Interest Rate (% annual)

2025 average 5-year fixed rate: ~5.0000%–5.500%

Amortization (years)

Max 25 years for insured mortgages (under 200% down)

Estimated Monthly Payment

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Mortgage Amount

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Down Payment

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Total Cost

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CMHC Insurance

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Amortization

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CMHC Insurance Required: Down payment under 200%. Insurance premium added to mortgage principal.

British Columbia Land Transfer Tax / Property Transfer Tax

BC Property Transfer Tax: 1% on first $200,000 + 2% on $200,001–$2M. On a $950,000 Victoria home: approximately $17,000.

Victoria buyers pay BC's Property Transfer Tax. On a $950,000 home, PTT is approximately $17,000. At Victoria's price point, first-time buyer exemptions don't apply (only homes under $500,000 qualify). Budget for PTT as a significant closing cost.

FAQ — Mortgages in Victoria

What is the average home price in Victoria in 2025?

Victoria's average home price is approximately $950,000 in 2025. The BC capital offers government employment stability (provincial government, DND), strong post-secondary institutions (UVic, Camosun), and a mild climate that commands a premium. Single-family homes in Saanich and Oak Bay average $1.2M–$1.8M.

Is Victoria cheaper than Vancouver?

Slightly — Victoria's average of $950,000 is lower than Vancouver's $1.3M. However, Victoria's higher salaries relative to Vancouver are often lower, making the affordability ratio challenging. Victoria condos at $600,000–$800,000 are more accessible entry points.

What government jobs in Victoria help with mortgage qualification?

Victoria has extensive BC and federal government employment: BC public service, DND (Canadian Forces Base Esquimalt), UVic, Camosun College, and provincial crown corporations. Government employment offers stable income for mortgage qualification — important given Victoria's high prices.

What are typical Victoria mortgage payments?

On a $950,000 Victoria home with 200% down ($190,000), your mortgage is $760,000. At 5.19% over 25 years, monthly payments are approximately $4,5500. That's a high ratio of income required — Victoria buyers typically need household incomes of $180,000+ to qualify comfortably.

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Victoria Mortgage Calculator

British Columbia Land Transfer Tax / Property Transfer Tax

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FAQ — Mortgages in Victoria