British Columbia
Consultants, tourism operators and trades on a supply-tight Island market.
The short answer
In Victoria, a stated income mortgage qualifies self-employed borrowers on documented business revenue rather than net taxable income. It suits the city's consultants, tourism and hospitality operators, marine trades and independent professionals.
Tourism-linked businesses earn unevenly through the year. A full twelve-month deposit review is the appropriate lens rather than a three-month snapshot.
Character homes and older buildings can raise lender questions on condition and insurance, which sit alongside the income assessment.
In competitive offers, a fully documented file with lender conditions understood upfront is worth more than a broad pre-qualification.
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 Victoria 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 $519,792 in mortgage capacity on stated income, versus about $236,964 on the net figure alone.
Commission-only realtor, 4 years licensed
A Victoria 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 $546,546 in mortgage capacity on stated income, versus about $271,362 on the net figure alone.
Sole-proprietor IT consultant on long-term contracts
A Victoria 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 $521,703 in mortgage capacity on stated income, versus about $221,676 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.
Not when it is documented. Lenders annualise twelve months of deposits, which absorbs the slower shoulder season.
Yes, though fewer lenders finance island and rural properties, so property placement matters as much as income placement.
Send your details and we'll review your business income the way a self-employed lender does — no credit pull to start the conversation.