Mortgage Application

Crunch the Numbers

The Spring market is here!  Many buyers have been patiently waiting things out–watching the interest rates, and housing prices.  For buyers who continue to question if now is the time, we’ve done it for you, crunch the numbers that is.

Any way you slice it, by comparing March 2023 statistics to those from October 2022, you’ll see favorable conditions that show it’s time to buy. These differences may help you assist your client in deciding if they want to buy a home now or stay sitting on the fence.

NOTE: For this comparison we are using average stats for single family dwellings, with the minimum down payment, insured interest rates, based on 25-year amortization.  This is for illustration purposes only and meant for discussion. 

Let Them See For Themselves


Crunch the numbers for them and let them see that the Spring market is a good time for them to make the move. Clients who buy a home now could have savings in monthly payments of approximately $620 vs buying 6 months ago.

Look back to October 2022

  • Average home price in Nanaimo: $811, 475 (VIREB)
  • 5-year fixed rates 5.44%* 
  • Minimum down payment required $55,150
  • Household income needed to qualify: $189,000
    • Payments $4702 monthly 

Fast forward to March of 2023:

  • Average home price in Nanaimo $763,134 (VIREB)
  • 5-year fixed rates are 4.48%* 
  • Minimum down payment is $51,315
  • Household income needed to qualify: $164,605
    • Payments $4089 monthly

The numbers don’t lie–clients who waited to buy a home now stand to benefit compared to October buyers. So, now is the time to buy.



Payments: Over 5 year term buyers would make $37,260 less in payments 

Purchase price: Buyers could have saved an average of  $38,341 on purchase price

Balance: Mortgage balance after 5 year term would be $41,900 less

Income required: Buyers could buy an average home with $21,500 less in annual household income

Down payment: Roughly $3800 less would be required to be put down

CMHC Premium: Buyers could have saved $1380 in default insurance premiums

Interest rate could be approximately 1.0% less


The monthly payments required to purchase a home, the down payment required and the household income needed–are all better than they were in October 2022.  If you have clients sitting on the fence, show them the breakdowns and they can consider if now is the time. As you can see, if you crunch the numbers using average home sale prices and compare the rates from October to now, they show a favourable market for a buyer.


Clients can fill out our Mortgage Application  we will crunch the numbers for them and help you get some more pre-approvals today!

October 2022 and March 2023 VIREB Stats