| HOMEBUYERS |

What Do I Need To Buy?

Index

Financial Preparation: What Victoria Buyers Need First
Victoria’s Housing Types — Know What You’re Buying
Offer Strategy in a Competitive Market
Local Risks Every Buyer Should Understand
Choosing the Right Neighbourhood
Timeline: What to Expect
First-Time Buyer Considerations in BC
The Bottom Line

Prepared Buyers.
Better Results.

Buying a Home in Victoria, BC — What You Really Need to Know

Buying a home in Victoria isn’t the same as buying in most other Canadian cities. This is a coastal market with limited inventory, aging housing stock, heritage overlays, strata complexity, and weather that quietly tests buildings over time. If you’re entering this market, you need more than enthusiasm.

You need strategy.

Victoria is desirable for good reason — ocean access, walkable neighbourhoods, historic charm, and a stable real estate environment. But competition can be tight, and understanding the nuances of this region can save you thousands of dollars and months of frustration.

Let’s walk through what really matters.

Financial Preparations

Before you start touring homes, there are a few essential steps to complete. In Victoria’s market, preparation isn’t optional — it’s what allows you to compete confidently.

STEP 1

Speak with a Mortgage Broker or Lender

Start here.

A mortgage broker will review your income, debts, credit history, and financial goals to determine what you can realistically afford.

This conversation is about more than a number — it’s about comfort level, long-term planning, and risk tolerance.

You’ll discuss:

Down payment amount
Monthly payment range
Current interest rates
Mortgage stress test requirements
Available programs (first-time buyer exemptions, RRSP withdrawals, etc.)

Clarity at this stage prevents disappointment later.

Get in touch if you need a referral to a reliable and supportive Mortgage Broker.

STEP 2

Get Pre-Approved

A pre-approval gives you a confirmed borrowing range and often locks in an interest rate for a period of time.

In Victoria, this matters.

When a desirable property hits the market, multiple buyers may be watching.

Sellers are far more confident accepting an offer from someone who is already approved versus someone “planning to apply.”

Without a solid pre-approval, your offer will end up at the bottom of the pile if it’s even included in the pile.

Pre-approval gives you:

Defined budget boundaries
Stronger negotiating position
Faster offer readiness

It shifts you from browsing to buying.

As a REALTOR®, it’s also my responsibility to ensure that if we are touring someone else’s home, you are in a position to purchase it.

Every showing involves real effort on the Seller’s side. Many homeowners clean their property top to bottom before each appointment. Some gather their children, load up the pets, and sit in their car or drive around the neighbourhood to give buyers space and privacy.

That’s not a small ask.

Being pre-approved isn’t just a financial step — it’s a matter of respect. When we schedule a showing, we are stepping into someone else’s home and their daily life. The least we can do is arrive prepared.

Imagine spending hours preparing your home, leaving for an evening, and later discovering the prospective buyer hasn’t spoken to a lender, doesn’t know their budget, and couldn’t act even if the home was perfect.

Preparation protects you — and it respects them.

That’s why I treat pre-approval as essential before we begin touring seriously. It ensures that when we walk through a door, you are there with intention and the ability to move forward if the right opportunity presents itself.

Not ready to obtain a pre-approval?

No problem at all — this is exactly why open houses exist.

If you’re still in the early stages, take advantage of weekend open houses and explore as many homes as you’d like.

It’s a fantastic way to understand layout preferences, pricing, and neighbourhood feel — all without scheduling private showings.

Open houses allow you to gather insight, refine your criteria, and get comfortable with the market, without displacing Sellers before you’re financially prepared to act.

It’s smart, low-pressure research — and a great first step.

STEP 3

Understand the Money You’ll Need Up Front

In British Columbia, buyers should plan for:

Down payment
(percentage depends on purchase price and mortgage rules)
Deposit
(counts towards down payment)
(often payable two days after subject removal — typically 3 - 5% of purchase price, held in trust)
Property Transfer Tax
(Online Calculator)
Legal or notary fees
($1700 - $2000 Average)
Home inspection costs
($650 - $2500 per property depending on what needs inspecting)
Appraisal
(if required by lender - $450 - $650 approx)
Title insurance
(Typically $225 - $300)
Adjustment costs
(property taxes, utilities, strata fees- varies)

In Victoria’s competitive market, deposits are often due quickly. Funds should be accessible and transferable without delay.

Being financially prepared allows you to act decisively — without scrambling or second-guessing.

Understanding Deposits in Victoria Real Estate

Timing of the Deposit

Typically, the deposit is due roughly two business days after final subject removal. For most buyers purchasing a standard property, this means you should have deposit funds available about a week after writing your offer.

As a rule of thumb, if your deposit funds need to be accessed from an investment or similar source, confirm your timeline well in advance.

Ideally, deposit funds should already be in a chequing or savings account, ready to pay at the time of writing your offer. This ensures you’re fully prepared and can move quickly in a competitive market.

How Are Deposits Paid?

Deposits are normally paid via bank draft, wire transfer, or online bill payment. Personal cheques and cash are generally not recommended and rarely accepted.

Where Is the Deposit Held?

Most often, deposits are held in the Buyer’s REALTOR®’s brokerage trust account, which is interest-bearing. The funds are safely held until closing, when they are transferred to your lawyer’s office and applied toward your down payment.

What Happens If You Back Out?

If a buyer fails to complete the purchase after removing subjects, there is a very high likelihood — about 95% of the time — that the deposit will be forfeited to the seller.

Once subjects are removed, you are legally bound to complete the purchase. If the contract is frustrated, courts typically award the deposit to the seller to compensate for their time and effort.

Financial Preparation