Trusted mortgage services
Your Nanaimo mortgage broker
Homes with harbour and bay views, family homes in Linley Valley and condos downtown. We compare over 50 lenders for you.
- 5-yr fixed
- 4.69%
- 5-yr variable
- 3.70%
Updated Oct 8 · on approved credit · Compare to bank rates
Mortgages for Nanaimo homes, from the harbour to Hammond Bay
Nanaimo calls itself a city of neighbourhoods. Downtown and the Old City Quarter have condos and older homes near the harbour, Departure Bay has houses looking over the water beside the ferry terminal, Hammond Bay, Stephenson Point and Linley Valley stretch north with family homes, and Brechin Hill, Newcastle, Diver Lake, Harewood and Chase River fill in the rest. Protection Island, out in the harbour, is a city neighbourhood with no public ferry.
Homes here cost well below Victoria and Vancouver. We work with first-time buyers, families moving up, staff at Vancouver Island University and Nanaimo Regional General Hospital, and commuters who use the ferries at Departure Bay and Duke Point, comparing banks, credit unions and specialist lenders. We also know the local wrinkles, from water-access homes to the old coal workings under parts of the city.
What Nanaimo buyers ask us about
Old coal mine workings
Abandoned coal mines lie under parts of Nanaimo. To build a house or add a carriage house on a lot in the City's mine workings hazard area, you need a development permit and a geotechnical report, so build that time and cost into a construction budget.
Water-access homes
Fewer lenders finance a home you can only reach by boat, such as on Protection Island, and they look closely at access, services and insurance. We find one that will lend before you write an offer.
Buying near VIU
Parents and investors often ask about homes near Vancouver Island University. A home you won't live in needs at least 20% down; living in the main house and renting out a suite lets you buy with less and count the rent.
How it works
Your Nanaimo mortgage in 3 steps
We do the shopping, you get the keys
Schedule a consultation- Step 1: Easily apply online in 5 minutesWith some simple questions, we build your profile and match you with mortgages that fit it. No cost to you for most mortgages, and no obligation.
- Step 2: We compare 50+ lenders to find the right mortgage for youWe compare rates and features from 50+ lenders and give you transparent options. Your options side by side: rate, penalties and flexibility.
- Step 3: Approved, with human supportFrom approval to closing, you have an advisor who gives you clear, transparent advice about your mortgage. Nick stays with you from approval to keys.
Frequently asked questions
You have questions — we have answers!
Nanaimo mortgage questions
How do I know if a Nanaimo lot is over old mine workings?
The City maps the known workings as a development permit area in its City Plan, so ask the City or your realtor before you write an offer. A home inspection can't see what is underground, and if you plan to build, the City will want a report from a professional experienced with mine hazards.
Does the speculation and vacancy tax apply in Nanaimo?
Yes. The City of Nanaimo is a taxable area, so owners declare every year by March 31, even when the home is exempt. The province leaves out islands reached only by air or water, other than Vancouver Island itself, which matters if you are looking on Protection Island; check the address on the provincial map.
Do foreign buyers pay extra tax in Nanaimo?
Yes. The Regional District of Nanaimo is one of the areas where foreign nationals, foreign corporations and taxable trustees pay BC's additional 20% property transfer tax on their share. It covers the city as well as Lantzville, Parksville and Qualicum Beach.
Can I get a mortgage on Protection Island?
Yes, but from fewer lenders. With no public ferry, lenders want to understand year-round access, how the home gets its water and power, and whether it can be insured. Start early, because the usual lenders may say no where a credit union or specialist lender will say yes.
Can I rent out my suite short term?
BC's principal residence requirement applies in Nanaimo, so you can rent out your own home, or one secondary suite or laneway home on the same property, but not a separate investment property. The City also requires a business licence, and strata bylaws can be stricter.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 8.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 7.89% | 4.79% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.64% | Get this rate: 1 year fixed |
| 2 year fixed | 5.44% | 4.44% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.54% | Get this rate: 3 year fixed |
| 4 year fixed | 6.01% | 4.39% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.69% | Get this rate: 5 year fixed |
| 7 year fixed | 6.41% | 4.79% | Get this rate: 7 year fixed |
| 10 year fixed | 6.81% | 4.79% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Contact us
Have a question about your mortgage?
Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca