Why Moving to Vancouver Island Is Worth the Effort
Tanya Toye • February 20, 2025
If you’ve ever considered making the move to Vancouver Island, there are endless benefits. I speak from first-hand experience, since I moved from the mainland to Nanaimo with my family seeking an enhanced quality of life with a more affordable cost of living.
Vancouver Island is known for its stunning scenery, relaxed pace of life and welcoming communities – qualities that make it a sought-after destination. But did you know that even if you’re still commuting to the mainland for work, moving to Vancouver Island can offer a range of perks, including the following?
- Stunning Natural Beauty and Peaceful Surroundings
One of the most obvious bonuses is the beauty of the island. Surrounded by ocean, lush forests and majestic mountains, Vancouver Island offers unmatched outdoor opportunities, including beaches, forests, parks, trails, ocean sports, skiing, etc. Whether you're into hiking, kayaking or simply enjoying the tranquility of nature, it’s truly hard to beat the views and calm environment that island living offers. After a long day of work, returning to this serene atmosphere is an absolute treat. - Affordable Housing
Real estate prices on the mainland, especially in Vancouver, have increased significantly in recent years. Vancouver Island offers more affordable housing options, from cozy cottages to larger homes with space to spare. Even with the added cost of commuting, many find that they can own their dream home on the island while still working in Vancouver. - Work-Life Balance
With options like ferries or quick flights, you can still maintain your mainland job while enjoying the benefits of island living, leading to an ideal work-life balance. Many commuters appreciate the ability to escape to the island’s calm atmosphere after the busy workweek. - Stronger Sense of Community
Island life tends to foster a strong sense of community. Smaller towns and neighbourhoods often have close-knit vibes, where people know each other and enjoy a slower, more relaxed pace. It’s a great place to raise a family or retire, and many find it easier to build meaningful connections compared to the hustle of Vancouver.
If you already own a home, there are several considerations to make when planning to purchase property on the island. Do you need to align the sale with the new purchase? Do you have the option to port an existing mortgage and, if so, how do you plan for this? These are just a couple questions I’ll go through with you before you decide to buy a property.
It’s also essential to connect with an island realtor as soon as you’ve been prequalified for financing. Having clear and open communication with a local real estate professional is extremely important, since you won’t always have the opportunity to be present. You can look to them for relevant information regarding the property, the city and its communities.
If you plan to build a new home or renovate an existing property to suit your needs, there are various factors that influence your decision. In my own experience, location and budget were the driving forces. Here are some other things to note:
- Take your time to find a reputable builder
- You may opt to use an interior designer from Vancouver, or your local municipality, to partner with the selected builder, which can simplify the work you’ll need to put into your project
- Inspectors and engineers – engage these professionals early on when planning construction or a major renovation
It’s my pleasure to help make your move to the island as seamless as possible: 604-788-8693 | tanya@tanyatoye.ca
Why the Property Matters When You’re Qualifying for a Mortgage When qualifying for a mortgage, lenders typically look at four core areas: Income Credit Down payment or equity The property itself Most buyers focus heavily on income, credit, and savings—and for good reason. But even if those boxes are checked, the property can still determine whether a mortgage is approved. Why Lenders Care About the Property From a lender’s perspective, the property is the collateral for the mortgage. In the unlikely event of default, they need to know the home can be sold quickly and at fair market value to recover their funds. Because of this, lenders are careful about the condition, value, and marketability of any property they finance. Homes that are in poor repair, unconventional, or overpriced can raise red flags—even when the borrower is well qualified. Appraisals Are Always Part of the Process Every mortgage requires an appraisal to confirm value. Insured mortgages (through CMHC, Sagen, or Canada Guaranty) often use an automated valuation model completed online. Conventional mortgages typically require a full, on-site appraisal by a certified appraiser. This appraisal is not optional and happens after an offer is accepted—not at the pre-approval stage. Why Pre-Approvals Aren’t a Guarantee A pre-approval is a great first step, but it only assesses you, not the property. Once you’ve made an offer, the lender must approve the specific home you’re buying. Understanding this upfront helps avoid surprises and confusion later in the process. The Risk of Buying Without a Financing Condition In competitive markets, buyers sometimes remove financing conditions to strengthen their offer. However, this comes with risk. If the appraisal comes back low—or the lender is concerned about the property’s condition—you could be denied financing after the offer is firm. In that scenario, your deposit may be at risk. Buying a Home That Needs Work If you’re considering a property that isn’t in perfect condition, there are solutions. A purchase plus improvements program allows you to buy a home and include renovation costs in your mortgage. The process is structured and requires planning, but it can be an excellent way to turn a fixer-upper into a great long-term investment. Final Thoughts Mortgage approval isn’t based solely on your finances—the property matters just as much. Knowing this ahead of time helps you make smarter offers, reduce risk, and plan more effectively. If you’re buying a property that needs work or want clarity on how a lender may view a specific home, feel free to reach out. I’d be happy to walk you through your options and help you plan with confidence.
If the title of this article caught your attention, chances are your family is growing. Congratulations. If you’re thinking now is the right time to move into a home that better fits your growing family—but you’re unsure how parental leave affects your ability to qualify for a mortgage—you’re in the right place. Here’s the good news. Qualifying for a mortgage while on parental leave is possible when it’s done correctly. When you work with an independent mortgage professional, lenders can often qualify you based on your return-to-work income , as long as you can provide documentation confirming you have guaranteed employment waiting for you. A word of caution If you walk into a bank branch and disclose that you’re currently on parental leave, there’s a chance the bank will only allow you to qualify using your parental leave income. That can significantly reduce your borrowing power. Parental leave income is typically limited to 55% of your previous earnings, up to a weekly maximum. Qualifying on that amount alone can restrict your options and impact the type of home you can purchase. Why lender choice matters One of the biggest advantages of working with an independent mortgage professional is choice . You’re not limited to one lender’s rules or products. Some lenders will allow you to qualify using 100% of your confirmed return-to-work income , which can make a meaningful difference in your approval amount and overall options. What you’ll need to qualify Most lenders will require an employment letter that includes: Employer name (preferably on company letterhead) Your job title Original start date (to confirm probation has been completed) Confirmed return-to-work date Guaranteed salary upon return Lenders want reassurance that your income will resume once parental leave ends. You may also be asked to provide income history from the past couple of years, which is standard for most mortgage applications. One important note Whether or not you actually return to work after parental leave is entirely your decision. From a mortgage perspective, qualification is based on having a confirmed position available to you at the time of approval. If you have questions about qualifying for a mortgage while on parental leave—or anything mortgage-related—please connect anytime. I’d be happy to walk you through your options and help you plan with confidence.
