British Columbia
Trades, marine work and remote self-employment on central Island.
The short answer
In Nanaimo, a stated income mortgage lets self-employed borrowers qualify on documented business revenue rather than net income after write-offs. Trades, marine and forestry contractors and remote-working consultants are the most common profiles.
Lower price points than Metro Vancouver mean a modest lift in qualifying income often moves a borrower from renting to owning outright.
Forestry, marine and camp-based schedules produce lumpy deposits. Twelve-month averaging is the correct lens for these files.
Outside the city core, well and septic details and property access affect which lenders will fund the purchase.
Documented revenue is totalled, a reasonable industry expense factor is deducted, and the resulting qualifying income is tested against debt-service limits at the stress test rate. See the full step-by-step breakdown for the numbers.
Illustrative case studies
Incorporated renovation contractor, 6 years in business
A Nanaimo buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $599,760 in mortgage capacity on stated income, versus about $273,420 on the net figure alone.
Commission-only realtor, 4 years licensed
A Nanaimo buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $630,630 in mortgage capacity on stated income, versus about $313,110 on the net figure alone.
Sole-proprietor IT consultant on long-term contracts
A Nanaimo buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $601,965 in mortgage capacity on stated income, versus about $255,780 on the net figure alone.
For demonstration purposes only. These case studies are hypothetical examples created to show how stated income calculations work. They are not real clients, not guarantees, and not an offer of credit. Actual qualifying income, rates and approvals depend on the lender, your documentation, credit profile, down payment and the property.
The income approach stays the same, but the lender list narrows, which can affect rate and down payment.
Lenders typically want the most recent six to twelve months, with the latest statement no more than 30 days old at funding.
Send your details and we'll review your business income the way a self-employed lender does — no credit pull to start the conversation.