Posts Tagged ‘Greater Victoria real estate’

Choosing where to live in Greater Victoria is about more than just the house; it’s about lifestyle, convenience, and community. Areas like Langford, View Royal, and Sooke have grown in popularity for good reason. They offer a unique combination of space, lifestyle, and value that can be hard to find in the city core. More Space for the Money One of the biggest advantages of suburban living is the amount of space you can get for your budget. Homes in Langford, View Royal, and Sooke often come with larger lots, multiple bedrooms, and garages. Whether you are looking for room for a growing family, a backyard for pets, or extra storage, suburbs provide options that are harder to find in downtown Victoria. Modern Homes and New Developments Suburban communities often feature newer construction, townhomes, and family-friendly developments. Many properties come with modern layouts, updated appliances, and energy-efficient features. This is especially appealing for buyers who want to avoid costly renovations or enjoy contemporary finishes from day one. Access to Nature and Outdoor Activities Living in these areas puts you closer to some of the region’s most beautiful natural spaces. Sooke offers beaches, hiking trails, and parks. Langford and View Royal have local parks, walking paths, and convenient access to cycling routes. If your lifestyle includes outdoor recreation, suburban living can make it easier to enjoy it every day. Strong Community Feel Suburban neighbourhoods often foster a tight-knit sense of community. Local schools, community centres, and family-friendly events help residents feel connected. Whether it’s participating in a farmers’ market, attending a local festival, or simply meeting neighbours at the park, these areas offer a welcoming environment that is ideal for families and newcomers alike. Convenient Amenities and Growing Services While suburban living offers more space, it doesn’t mean sacrificing convenience. Langford, View Royal, and Sooke have shopping centres, restaurants, gyms, and essential services within easy reach. Many areas are expanding rapidly, bringing in new stores, medical facilities, and recreational options, making day-to-day life easier for residents. The Bottom Line Suburban communities like Langford, View Royal, and Sooke offer a balance of space, lifestyle, and convenience that appeals to a wide range of buyers. Whether you are a young family, a professional looking for more room, or someone seeking a quieter lifestyle without giving up amenities, these areas provide options that combine value and quality of life. As realtors in Greater Victoria, we help buyers explore these suburban markets, compare properties, and find the right fit for their needs. For many, the suburbs provide not just a home but a lifestyle that supports both family life and personal freedom.   Marieke de Jongh , 5-Star Review, via Google “We had a fantastic experience with Cal and Scott. From the first meeting via Zoom until the moment we received the keys to our new home. They are very kind and warm people, and made us feel at home and welcome right away. Scott is very knowledgeable, easy to work with, professional, honest and quick to respond to questions. We felt in good hands and comfortable having him at our side in our buying process. When looking for a great realtor in the Victoria area, I would highly recommend Cal and Scott from Faber Real Estate Group.” 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.”

We’ve been in the Greater Victoria market long enough to see buyers make all kinds of decisions - some strategic, some emotional, and some regrettable. When the market was red-hot a few years ago, people waived everything: financing, inspections, and even reviewing strata documents. For some, it worked out. For others, it was the costliest gamble of their lives. Today the market is more balanced, but the question still comes up: should you get a mortgage pre-approval and a home inspection, or skip them to look more competitive? The short answer is that skipping them rarely makes sense and seldom pays off long-term. Pre-Approval: Clarity, Confidence, and Negotiating Power A pre-approval is not just a bank saying, “You’re good for X amount.” It’s the groundwork for a successful purchase. It tells you exactly what you can afford and gives sellers confidence that you’re serious. In a balanced market like Victoria’s 2025 landscape, a buyer without a pre-approval is simply not competitive. Offers with financing uncertainty tend to fall to the bottom of the list. We’ve seen deals fall apart because a buyer assumed their numbers would work out, only to find out a lender wouldn’t approve the condo’s age, strata bylaws, or the debt-to-income ratio. By then, the seller had wasted a week, other buyers had moved on, and everyone was left disappointed. A proper pre-approval also protects buyers from emotional bidding. In neighbourhoods like Saanich or Fernwood, where homes are desirable and pricing feels manageable, it’s easy to chase a property higher than intended. A lender-verified budget anchors decisions. Home Inspections: The Hidden Cost of Skipping Due Diligence Home inspections can feel like a speed bump when you’re excited about a listing, especially if the seller hints that “other buyers are coming in clean.” That’s when mistakes happen. Victoria has an older housing stock: character homes, mid-century builds, 1980s condos, and homes renovated across several decades. Problems rarely show themselves during a 20-minute showing. We’ve had clients who waived inspections and later discovered issues like poly-B plumbing, improperly vented bathrooms, hidden water damage behind drywall, or foundations that shift seasonally on rock bed. One buyer saved a few hundred dollars by skipping an inspection and then paid tens of thousands after possession. An inspection is not there to scare you or give you bargaining leverage. It’s decision-making insurance. It shows what’s urgent, what’s routine maintenance, and what’s predictable down the road. In Victoria’s climate - wet winters, salt air near the coast, and our love for older homes - understanding the condition of the property is essential. Does Skipping Conditions Actually Make You More Competitive? The myth is that a “clean” offer automatically beats every conditional offer. That was sometimes true in bidding-war days between 2021 and mid-2022. It is less true today. Strong sellers tend to choose strong buyers. They want certainty and professionalism, not last-minute chaos. A clean offer without pre-approval is a risk for them. A clean offer without an inspection is a liability for you. What Moves Offers Forward Today: Solid deposits Clear pre-approval documentation Realistic possession dates Respectful negotiation Those elements build trust. Skipping due diligence does the opposite. The Victoria Difference Every local market behaves differently, and Victoria is a unique one. Inventory is balanced, but quality homes still draw attention. Sellers know they will attract multiple showings, and most understand that serious buyers will want conditions. The right offer today is the one that shows competency, not recklessness. When we sit across from a seller reviewing offers, the ones that stand out are prepared, cleanly structured, and backed by a qualified lender, not the ones that gamble. Final Thoughts If you truly love a home, protect the purchase. Get pre-approved so you know what you can safely pay. Get an inspection so you understand what you’re taking responsibility for. Competitive offers are not made by cutting corners; they’re made by showing that you are a buyer who will close calmly and professionally.   Tatiana Small, 5-Star Review, via Google “Absolutely phenomenal service from start to finish! Scott took the time to really get to know us and understand our likes and dislikes, what were dealbreakers and what really sold us in finding our perfect first home! Being first time homebuyers, he was extremely patient with all of our questions and very thorough when it came down to the finer details. Without a doubt, I would recommend him to everyone!”   Faber Real Estate GroupRoyal 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.”

As realtors who have worked through hot cycles, slowdowns, and everything in between, we can confidently say that Greater Victoria is currently a balanced market. Not the runaway bidding wars of 2021-2022, and not the ultra-cautious environment immediately after the interest rate hikes. Instead, we’re in a middle ground where good properties sell, and buyers have room to think. Inventory and Sales Pressure The clearest indicator of balance is inventory relative to demand. At the end of October 2025, the Victoria Real Estate Board recorded 3,423 active listings across Greater Victoria. That’s well above the extremely low inventory levels of the pandemic boom, but it isn’t oversupply. It allows buyers to compare options without forcing sellers to slash prices. The sales-to-active-listings ratio sits around 18-20 percent. Industry standards consider roughly 12-16 percent a buyer’s market and 20-28 percent a seller’s market. The mid-to-high teens is the territory we call balanced. In practice, this means neither side has full leverage: buyers can negotiate, and sellers can still get fair results when priced correctly. What Prices Are Doing Prices in 2025 are steady overall, though the behavior varies by product type. The benchmark price for a single-family home in the Victoria core is approximately $1,276,500. That is down about 1.8 percent from 2024. The drop is far from a crash; it’s more of a normalization after years of outsized growth. Condominiums are holding firm. The benchmark condo price in the core is just over $551,000, up roughly 0.6 percent year-over-year. This segment benefits from affordability pressures and downsizers returning to the city. Townhomes sit in between. Average sales this year hover around $815,000, with a median around $794,500. They offer more space than a condo without the single-family price tag, and they remain attractive to young families. Across all property types, homes are selling close to listing price. Most transactions land in the 97-98 percent of asking range, which is another sign of equilibrium. When a market favors sellers, you see multiple offers and over-asking. In a soft market, homes sell well below list. Right now, neither extreme is dominant. How This Feels on the Ground If you’re a buyer, you can breathe. You’re no longer racing through 15-minute showings only to hear the home sold before you’ve reached your car. You can walk through several properties, compare finishes and layouts, and analyze monthly costs. You still need pre-approval and a strategic approach, but you have the luxury of choice. If you’re a seller, strategy matters more than ever. A well-priced home in a core neighbourhood like Fairfield, Oak Bay, or East Saanich still attracts strong attention. Listings that land above the comparable range or need too much work for today’s buyers will sit. Presentation, staging, and timing have become essential strategies again rather than optional add-ons. Why Balanced Markets Are Often the Best Balanced markets tend to be healthier and more sustainable. In an overheated market, buyers stretch beyond comfort, waive due diligence, and often regret the decisions that follow. In a weak market, sellers feel trapped or discouraged. Balance creates clarity. It allows everyone involved to act rationally, negotiate fairly, and make informed decisions. The Greater Victoria market is dynamic by nature. It reacts to interest rates, lifestyle migration, limited land supply, and the value people place on this region. But right now, the numbers and the day-to-day experience line up: this is not a market tilted heavily toward either party. It is one in which preparation and proper advice matter more than brute force. Justine Dancey, 5-Star Review, via Google “Cal and Scott treated us like family. We had only 5 days to find a home and Cal cleared his schedule to make himself available to us. Cal guided us in the purchase of our home, as if we were a member of his family asking for advice. I knew we could trust Cal. His service to us did not stop with the purchase of our home…he helped us find trades people and provided information about rental incomes in the area. We were new to the Island and I honestly felt that Cal adopted us and has made sure we had everything we needed. We did not just gain a realtor, but a friend. If you are looking for a realtor you can TRUST, and will look out for YOUR interests— then Cal and Scott are IT!!!” 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.”

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.”