Private mortgage lenders in Victoria: rates, how much you can borrow, and how it works
Rates, how much you can borrow and the Victoria rules that matter, from a licensed BC mortgage broker.
Written and reviewed by Asim Ali, Mortgage BrokerUpdated 5 November 2026
Licensed: BCFSA (BC) · RECA (Alberta) · FSRA (Ontario) · check our licences
Yes. We arrange private and B-lender mortgages in Victoria and Greater Victoria, from James Bay, Fairfield and Fernwood to Saanich, Oak Bay and Langford. In November 2026, private first mortgages in Victoria run about 7.49% to 10.99% and private seconds about 9.49% to 13.99%, interest-only, plus a lender fee and our broker fee, shown in dollars before you commit. Most lenders go to 75% of the appraised value on a first mortgage here. A written commitment usually comes in 1-2 business days and the money in 5-12 business days.
How much can I borrow against my Victoria home?
Private lenders look at what your home is worth today and what you already owe. In Victoria most will lend to 75% of the appraised value on a first mortgage. Move the sliders to see your own numbers.
You could borrow up to
- Combined loan-to-value
- Likely second-mortgage rate
- Interest-only payment
- Equity you keep
Estimate only, as of November 2026. Lenders use the appraised value, not the assessment. Fees come off the advance.
What are private mortgage rates in Victoria right now?
Rates depend mostly on loan-to-value. The lower your loan against the home, the lower the rate. These are the ranges we see on Victoria files in November 2026.
| Loan-to-value | Private first mortgage | Private second (combined) |
|---|---|---|
| Up to 55% | 7.49-8.49% | 9.49-10.49% |
| 55-65% | 8.49-9.49% | 10.49-11.99% |
| 65-70% | 9.49-10.49% | 11.99-12.99% |
| 70-75% | 10.49-10.99% | 12.99-13.99% |
Interest-only, 12-month terms. Add a lender fee (usually 1-3%), our broker fee (shown in writing first) and about $1,500-2,500 legal. Full rates, fees and APR · All of British Columbia
What is the Victoria housing market doing, and why does it matter for your loan?
Victoria Real Estate Board, Victoria Core MLS HPI benchmark prices, October 2026. (vreb.org) Lenders lend on the appraised value of your own property, not the area figure.
Victoria has the oldest homes of any city on this site: almost two in three were built before 1981. Many borrowers need money for repairs, a suite or a strata special levy on an older building. Six in ten households rent. Main local industries: government, health care, professional services and tourism.
- 30.6% of occupied homes were built in 1960 or before and 63.6% in 1980 or before, the oldest housing stock of any city on this list (2021 Census). (www12.statcan.gc.ca)
- 60.5% of households rent, and only 13.6% of homes are single-detached houses. (www12.statcan.gc.ca)
- 47.8% of homes are in apartment buildings under five storeys, and 30.6% are condominium (strata) units, many in older low-rise buildings. (www12.statcan.gc.ca)
- Across the wider Victoria CMA, 51.8% of homes were built in 1980 or before and 15.4% are counted as an 'apartment or flat in a duplex' (largely houses with a suite). (www12.statcan.gc.ca)
Who do we help in Victoria?
Victoria has the oldest housing in this group, with almost two-thirds of homes built before 1981, so many borrowers need money for repairs, suites or strata special levies on older buildings. Government and health jobs give steady income, but retirees on pensions and self-employed owners often fall outside bank debt-ratio rules even with large equity. Private and B-lenders can fund renovations, bridge a downsizing move, or lend against an older character home that a bank appraisal undervalues.
“House-rich, cash-poor at 68.”
Reverse mortgage, HELOC, private or downsizing.
How we handle itCheck my options“My lender sent a letter. They won't renew.”
What to do in the weeks before maturity.
How we handle itCheck my options“I can't lose the kids' home.”
Buy out your ex, keep the cheap first mortgage.
How we handle itCheck my options“I need $120,000 against the house.”
Borrow to 80% combined without touching your first.
How we handle itCheck my options“We close in 10 days and our buyer walked.”
Private bridge on one or both homes, 5-10 days.
How we handle itCheck my options
Which local rules affect a Victoria property?
These rules change what a lender will do, or what a sale or rental is worth. We check them on every Victoria file.
Speculation and Vacancy Tax
Victoria is in a taxable region. Every owner must file a declaration each year. A home left empty, or owned by people who earn most of their income outside Canada, can be taxed on its assessed value. (www2.gov.bc.ca)
Short-term rental rules
In Victoria, short-term rentals are limited to your own home plus one suite or laneway home on the same lot. Lenders will not count rental income that breaks the rule. (www2.gov.bc.ca)
Home Flipping Tax
Since 1 January 2025, selling a home within 730 days of buying it can trigger a tax of up to 20% of the profit. It matters if your plan is a quick sale. (www2.gov.bc.ca)
Property transfer tax
Buyers pay 1% on the first $200,000, 2% up to $2 million and 3% above that, with more on homes over $3 million. A refinance does not trigger it. (www2.gov.bc.ca)
What happens if a Victoria mortgage goes into default?
In BC a lender that is not paid can ask the BC Supreme Court for a foreclosure order. Victoria Law Courts has a BC Supreme Court registry. The court usually gives a redemption period, often six months, to pay out or sell. A private refinance or a planned sale inside that window stops the process.
Your mortgage is registered with the Land Title and Survey Authority (LTSA). If a demand letter or court paper has arrived, read how to stop foreclosure or power of sale and call us the same day.
How does getting a private mortgage work if you live in Victoria?
Form or call. Same-day callback, 8am-8pm Pacific, seven days.
Lender named, rate, fees and APR in writing, usually in 1-2 business days.
A local appraiser visits. You sign with a lawyer near you. No office visit needed.
Money in 5-12 business days. We write down how you get back to a bank.
Which Victoria neighbourhoods and nearby towns do we cover?
- James Bay
- Fairfield
- Fernwood
- Oaklands
- Rockland
- Jubilee
- Hillside-Quadra
- Burnside-Gorge
- Victoria West
- North Park
- Gonzales
- Downtown-Harris Green
We also lend in Saanich, Oak Bay, Esquimalt, View Royal, Langford, Colwood, and anywhere else in British Columbia.
Victoria private mortgage questions
Can I get a private mortgage in Victoria with bad credit?
Yes. Private lenders in Victoria look at your equity, the property and your way out more than your score. Scores under 600, a consumer proposal or CRA arrears are common files. What decides the answer is usually loan-to-value: most lenders here stop at 75% for a first mortgage.
How fast can a private mortgage fund in Victoria?
A written commitment usually takes 1-2 business days. The appraisal in Victoria takes 2-5 days, then both lawyers need a few days. Plan on 5-12 business days from your first call to money in your account.
What does a private second mortgage cost in Victoria?
Example: a $100,000 second at about 70% combined loan-to-value, at 11.99% interest-only for 12 months, with a 2% lender fee, a 1.5% broker fee, $1,800 legal and a $450 appraisal. Interest is about $11,990 and fees about $5,750, so the year costs about $17,740, an APR of about 17.7%. Your own numbers come in writing before you commit.
Do I need to visit your office to get a mortgage in Victoria?
No. Victoria files are handled from our Surrey office by phone and video. A local appraiser visits the property and you sign with a lawyer in or near Victoria. Our licence in British Columbia is with BCFSA; you can check it on the regulator's site.
Can a retiree in Victoria get a private mortgage?
Yes, but it is rarely the best first choice. A reverse mortgage needs no income and no monthly payments, while a private mortgage must be repaid within 12-24 months. A private loan fits best as a short bridge, for example until a sale or an estate settles.
Can I borrow to pay a strata special levy in Victoria?
Yes. A private second can pay the levy quickly. Lenders will read the strata's depreciation report and minutes, and the levy itself may lower the appraisal, so we look at those first.
Other cities in British Columbia
Sources. www12.statcan.gc.ca · vreb.org · www2.gov.bc.ca · vancouver.ca
Talk it through with a licensed broker before you decide
Tell us what is going on in a few lines. We call you back the same day with what lenders will say, what it costs in dollars, and how you get back to a bank. If private is the wrong tool, we say so.
- Your full cost, in dollars, before you commit
- The lender named on your commitment letter
- A written plan to exit within 12-24 months
Asim Ali, Mortgage BrokerSurrey office · BC, Alberta and Ontario
Tell us three things. A licensed broker calls you today.
No credit check. No ID. No date of birth. We ask what a lender decides on: the property, the equity and the deadline.
- 1Same-day call from Asim Ali or a licensed colleague
- 2A range for rate, fees and APR on the call
- 3Written commitment in 1-2 business days if you go ahead
- 4Nothing to pay until the mortgage funds
Asim Ali, Mortgage Broker
Licensed in BC, Alberta and Ontario · (604) 591-3590