Posts Tagged ‘first-time homebuyer Victoria’

Buyer’s remorse is a common concern for homebuyers, especially in a market like Victoria, BC where prices remain high even in a balanced 2026 environment. Learning how to avoid buyer’s remorse in Victoria, BC starts with preparation, realistic expectations, and the right guidance. With more inventory available across the Westshore, Oak Bay, and Saanich, buyers now have the opportunity to make confident, well-considered decisions. Get Clear on Your Budget Before You Shop Financial stress is one of the biggest causes of buyer’s remorse. A mortgage pre-approval helps define your true price range and accounts for the stress test. It also locks in your rate for up to 120 days. To stay comfortable long-term: Shop 10 to 20 percent below your maximum approval Budget 1 to 4 percent of the home’s value annually for maintenance Plan for closing costs, which typically run 1.5 to 4 percent in Victoria This buffer gives you flexibility and peace of mind after possession day. Separate Must-Haves From Nice-to-Haves Emotion can creep in quickly during showings. Creating a clear list keeps decisions grounded. Focus on: Bedrooms and layout that fit your lifestyle Commute times and access to schools or transit Outdoor space, storage, or work-from-home needs Features like high-end finishes are appealing, but they should not outweigh long-term functionality. Research the Neighbourhood, Not Just the House Even a great home can lead to regret if the location does not fit your lifestyle. Visit the neighbourhood at different times of day and on weekends. Pay attention to noise, traffic, parking, and overall activity. In Victoria, each area offers a different feel. Fairfield, Langford, Colwood, and Oak Bay all appeal to different buyers. Understanding that difference helps you avoid buyer’s remorse after you move in. Never Skip the Inspection or Rush the Process A home inspection is essential, even in a competitive market. It can uncover issues that affect both your budget and your comfort in the home. Take time to: View the property more than once Ask detailed questions Bring in specialists for older or character homes when needed Rushing often leads to overlooked details and later regret. Work With Experienced Local Professionals A knowledgeable local REALTOR helps you spot red flags, understand value, and negotiate effectively. A good mortgage broker and real estate lawyer also play a critical role in reducing surprises. In a buyer-friendly 2026 market, you can afford to slow down and compare options. If something does not feel right, it is okay to walk away. Quick Tips to Avoid Buyer’s Remorse Get pre-approved early and respect your budget Prioritize needs over cosmetic upgrades Research neighbourhoods thoroughly Always complete a home inspection Take your time and trust the process Avoiding buyer’s remorse in Victoria, BC comes down to clarity, patience, and the right advice. Ready to buy with confidence? Contact us to discuss how these strategies can support your home search and help you feel good about your decision long after you move in.   Wilson, 5-Star Review, via Google “Amazing people there! They will help you through the entire process and will always make you feel like family. For those first time home buyers, don't be intimidated entering the market because they will explain every process and guide you through.” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”  

After many years working with buyers across Victoria and the Westshore, we can tell you that the biggest shock rarely comes from the purchase price but from everything else that gets layered on top. New buyers tend to focus on the mortgage payment alone, but the real financial picture includes closing costs, maintenance, taxes, and lifestyle adjustments. If you want to feel comfortable and confident in your first year of ownership, it’s essential to budget for more than just the loan. Legal Fees and Title Costs Every home purchase in British Columbia requires a lawyer or notary to complete the deal. For most properties in Greater Victoria, legal fees typically fall between $1,400 and $2,500 depending on the complexity of the transfer, whether you’re purchasing a condo, and whether your lender has extra requirements. This is non-negotiable. Your lawyer or notary will handle title transfer, mortgage registration, trust funds, and coordinate with your bank and the seller’s legal team. Property Transfer Tax (PTT) This is the one that surprises buyers the most, especially those relocating from provinces with different rules. In BC, the Property Transfer Tax is: 1% on the first $200,000 of the purchase price 2% on the portion from $200,000 to $2 million 3% above $2 million If you’re not a first-time buyer and you buy a $900,000 home, the tax alone is thousands of dollars due at closing. Some exemptions exist for qualified first-time buyers and for certain new construction properties, but those apply in fewer cases than people expect. It’s critical to verify your eligibility before you shop. Inspections and Due Diligence Even though inspections aren’t legally required, skipping them is a costly gamble in Victoria’s market. Older homes, especially in areas like Oak Bay, Fernwood, or parts of Saanich, may have aging infrastructure, knob-and-tube wiring, or perimeter drains that haven’t been touched since the 1980s. A typical inspection ranges from $500 to $800, more if you add sewer scope, mold testing, or specialized assessments. It is one of the best investments you can make. Insurance: Annual Premiums and Lender Requirements Before a lender will release funds, you must carry home insurance. In Victoria, premiums vary widely based on the age of the home, proximity to the ocean, heating type, and whether you have a mortgage helper or short-term rental. A safe estimate is $1,200 to $2,500 annually. Condos require strata insurance, and owners must also carry their own contents and liability policy. Do not assume the building coverage protects you as it rarely covers your unit or deductible. Strata Fees and Special Assessments If you purchase a condo or townhome, monthly strata fees cover shared areas, building insurance, landscaping, and long-term maintenance funds. Newer buildings may have higher fees if they include amenities like gyms or pools. What many buyers fail to budget for is special assessments. These are extra charges levied for major repairs, such as elevator replacements, roofing projects, or exterior remediation. We always advise reviewing strata documents, depreciation reports, and meeting minutes before you write an offer. You’re not only purchasing the unit itself, you’re also investing in the financial condition of the entire building. Maintenance and Repairs Homeownership comes with the responsibility of ongoing upkeep. Even well-maintained properties need regular service: heat pumps, gutters, roof moss removal, appliance replacements, driveway sealing, and routine landscaping. A general rule is to have 1–2% of the home’s value set aside annually for maintenance. In Victoria, where moisture and mild winters accelerate wear and tear, buyers who skip this category are often caught off guard. Moving and Lifestyle Changes The final cost most people overlook is the one that impacts their daily life. Moving expenses, furniture purchases, strata move-in fees, utility deposits, or landscaping for a bigger yard. If you’re moving for lifestyle reasons, expect costs you may not have planned for. Living in View Royal or Metchosin could mean longer commute times, a downtown condo might require paid parking, and a property near the shoreline often needs added protection from salt air exposure. The Bottom Line The mortgage is just one piece of a much larger picture. Successful homeowners budget realistically, not optimistically. They prepare for legal fees, taxes, inspections, maintenance, insurance, and the rhythms of real life after the keys change hands. Fortunately, with proper planning, these expenses can be manageable. As a team that has guided Victoria buyers through every type of purchase from heritage homes to brand-new condos, our best advice is simple: understand the full financial journey, not just the monthly payment.   Liam Grigg, 5-Star Review, via Google “The real estate market felt daunting, especially when it was our first time entering it. But, working with Scott made the whole process so much easier. He was really excellent at asking questions, showing us a variety of places, and helping us narrow down exactly what we were looking for. Scott was flexible, never pushy, and I really felt supported by him throughout! He made a big difference in helping us find THE place and we couldn’t do it without him. I can’t wait to work with Scott again in the future.” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood & Zachary Parsons “Building Lasting Relationships, One Home at a Time.”