Posts Tagged ‘Greater Victoria real estate’

Many buyers are searching for homes that allow them to settle in quickly with minimal work. As construction costs rise and renovation timelines become less predictable, move in ready homes are gaining more attention and often selling faster than properties that require updates. Understanding why these homes are standing out can help buyers make better decisions in today’s market. Why Buyers Are Prioritizing Convenience and Certainty Renovations can add stress, cost, and time to the buying process. Move in ready homes provide the opposite experience. Buyers can take possession with confidence, avoid immediate upgrades, and focus on enjoying the home from day one. This level of convenience is especially appealing to busy professionals, families, and first time purchasers who want a smooth transition. How Updated Finishes Create Strong First Impressions Homes that have been well maintained or updated tend to photograph better, show better, and attract more interest online. Modern kitchens, refreshed bathrooms, and neutral colour schemes help buyers envision themselves living in the home. This often leads to increased foot traffic, stronger offers, and a more competitive market position. Cost Predictability Matters More Than Ever With renovation prices continuing to fluctuate, buyers appreciate the financial clarity that a move in ready home provides. There are fewer unknowns, fewer surprise expenses, and greater ability to plan ahead. This predictability can be a major advantage when budgeting for closing costs, moving costs, and future ownership responsibilities. Move In Ready Options Still Need Strong Due Diligence Even well presented homes require careful evaluation. Buyers should review home history, ask about recent upgrades, and understand the age of key systems such as roofs, plumbing, and electrical. A move in ready home is most valuable when both the cosmetic and functional features are in good condition. Why These Homes Stand Out in Competitive Markets In a market where buyers value simplicity and stability, move in ready homes often rise to the top of the list. They reduce barriers to settling into a new community and allow buyers to focus on lifestyle rather than renovation planning. As more purchasers prioritize low maintenance living, these properties will continue to play a key role in overall market activity. If you would like support identifying move in ready opportunities across the Westshore or Greater Victoria, we can help you compare neighbourhoods, property conditions, and long term value.   Grace Chong., 5-Star Review, via Google “Zach is very pleasant and professional at all times. He's great to work with. He helped us find a great home for our family. Thank you.” 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.”

Think Beyond Today When buying a home, it is easy to focus on what fits your life right now. However, considering resale value from the start can make a meaningful difference in the long run. Even if you plan to stay in your home for many years, market conditions and personal circumstances can change. Purchasing with resale in mind helps protect your investment and keeps future options open. Location Still Leads Every Decision Location remains one of the most important factors in resale value. Buyers consistently prioritize neighbourhoods with strong amenities, good schools, access to transit, and proximity to daily conveniences. Quiet streets, walkable areas, and well established communities tend to attract broader buyer interest when it comes time to sell. Choosing a location that appeals to a wide range of buyers can help reduce risk and support long term value. Layout and Function Matter A functional layout often matters more than overall size. Homes with practical floor plans, comfortable living spaces, and flexible rooms appeal to more buyers. Features such as open living areas, adequate storage, and the ability to adapt rooms for different uses can enhance resale appeal. Avoid highly specialized layouts that may limit a future buyer’s vision. Flexibility is key. Condition Over Customization Well maintained homes generally perform better than those with heavy personalization. Neutral finishes, timeless materials, and quality workmanship tend to stand the test of time. While personal style is important, overly customized design choices can narrow the pool of future buyers. Regular maintenance and thoughtful updates often provide a stronger return than major renovations driven by trends. Understanding Market Preferences Local market preferences play a significant role in resale value. Factors such as parking, outdoor space, energy efficiency, and storage consistently matter to buyers in Greater Victoria. Understanding what is commonly valued in your specific area can help guide smarter purchase decisions. A Long Term Perspective Buying with resale in mind does not mean sacrificing lifestyle. It means choosing a home that balances personal needs with broad market appeal. When these elements align, homeowners are better positioned for a successful sale whenever they decide to move on, regardless of market conditions. Andy Moore, 5-Star Review, via Google “Thank you so much to Faber group for their amazing customer service. Cal and Scott were there for us every step of the way and we couldn’t be more pleased with our sale and purchase.” 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 a period of uncertainty, improved interest rate stability is bringing renewed confidence to the Greater Victoria real estate market. Many buyers who had paused their plans are now re-entering the market, particularly in the entry-level and mid-range price points. This renewed activity is helping create a healthier balance between buyers and sellers after a quieter stretch. With rates holding steadier, buyers are better able to plan their finances and understand what they can comfortably afford. More predictable borrowing costs allow purchasers to focus on long-term goals rather than short-term fluctuations. We are seeing increased activity in areas such as the Westshore, Saanich West, and Esquimalt, where value, lifestyle, and commuting options continue to align well for a wide range of buyers. Although current interest rates remain higher than the historic lows of recent years, buyer expectations have begun to adjust. Many are recognizing that waiting for the perfect market conditions may mean missing out on the right home. Instead, buyers are prioritizing finding a property that fits their needs today, with the understanding that refinancing options may become available in the future. This shift in mindset has resulted in more thoughtful and strategic offers that balance price, conditions, and flexibility. We are also seeing buyers approach the process with greater preparation. Preapprovals, realistic budgeting, and clear must-have lists are helping them move confidently when the right opportunity arises. This has led to stronger competition for well priced and well-presented homes, even as overall inventory improves. For sellers, increasing buyer confidence means that homes priced appropriately for current market conditions are seeing solid interest. Properties that are well prepared, professionally marketed, and aligned with buyer expectations continue to perform best. Presentation, pricing, and timing remain critical, and sellers who focus on these fundamentals are well-positioned for a successful sale in today’s Greater Victoria market. Shannon Rehsler, 5-Star Review, via Google “It was a pleasure to work with Scott Faber and Faber Real Estate Group. When I started looking for my first home in August 2021, I had some pretty specific requirements. Scott is a really knowledgeable Agent who also took the time to understand what I was looking for. I never felt pressured into making a decision that wasn't my own, but always valued his honest opinion and guidance when needed.” 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.”

When buying a home in Greater Victoria, it is easy to focus on the mortgage payment and overlook additional ownership costs. Two of the most important expenses to understand are property taxes and, for condos or townhomes, strata fees. Knowing how these costs work helps buyers budget accurately and avoid surprises after possession. Property Taxes Explained Property taxes are annual fees paid to municipalities and school districts based on the assessed value of a property. In Greater Victoria, these taxes support essential services such as schools, road maintenance, parks, and emergency services. Tax amounts vary depending on location, property type, and assessed value. For example, homes in areas like Oak Bay or Cadboro Bay often carry higher property taxes than those in Langford or Colwood, largely due to differences in assessed values and municipal budgets. Many homeowners choose to pay property taxes through automatic payments or include them with their mortgage to simplify budgeting. Understanding expected taxes upfront helps ensure homeownership costs remain manageable. Understanding Strata Fees Buyers considering a condo or townhome will also need to factor in monthly strata fees. These fees contribute to shared expenses within the building or community and typically include: Maintenance of common areas Building insurance Contributions to the reserve fund for future repairs Utilities in some cases Strata fees vary widely. Buildings with amenities such as gyms, elevators, or rooftop spaces often have higher fees. Older buildings may have lower monthly fees but can face larger repair projects over time. Buyers should also be aware of special assessments, which are one time charges for major or unexpected repairs. Reviewing the strata minutes and depreciation report before purchasing provides valuable insight into the building’s financial health. Budgeting for the Full Cost of Ownership Property taxes and strata fees play a significant role in overall affordability. Detached homes typically carry higher property taxes but no strata fees. Condos and townhomes may offer lower purchase prices, but monthly strata fees can meaningfully impact long term costs. We always encourage buyers to look beyond the mortgage payment and consider total monthly and annual expenses when comparing properties. Final Thoughts Understanding property taxes and strata fees is essential when buying a home in Greater Victoria. These costs are part of responsible homeownership and support well maintained communities and shared services. With the right guidance and preparation, buyers can make confident decisions and choose a home that fits both their lifestyle and long term budget.   Lou N., 5-Star Review, via Google “Scott is a knowledgeable, professional, dedicated and thorough expert in his field. Excellent at what he does and we couldn't have found a better realtor to guide us through one of the most important decisions in our lives.” 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.”

Langford has grown into one of Greater Victoria’s most dynamic communities. With strong schools, expanding amenities, improved transportation, and thoughtful planning, it continues to attract families, professionals, and long term homeowners looking for a balanced lifestyle. Schools in Langford Langford offers a wide range of educational options for families. Public schools fall within the Sooke School District, which includes several well regarded elementary, middle, and secondary schools. There are also independent and private school options nearby, offering additional choices for families with specific learning priorities. As the city grows, new schools and facility upgrades continue to be part of long term planning. This focus on education has helped make Langford a practical and appealing choice for growing households. Amenities and Daily Convenience One of Langford’s strongest draws is the convenience it offers. Residents have access to a wide variety of shopping, dining, recreation, and essential services without needing to travel far. Major retailers, grocery stores, fitness centres, medical services, and local businesses are all within easy reach. Langford is also home to excellent recreational amenities such as Westhills Stadium, YMCA facilities, parks, lakes, and extensive trail networks. These features support an active lifestyle and create strong community engagement year round. Future Development and Growth Langford is one of the fastest growing municipalities in British Columbia, and development remains a major focus. New residential communities, mixed use projects, and infrastructure improvements are carefully planned to accommodate growth while maintaining livability. Future development includes expanded commercial spaces, improved transportation corridors, community facilities, and higher density housing near urban centres. This approach supports sustainability and helps ensure Langford remains functional and vibrant as it evolves. Long Term Livability Langford offers a combination of affordability, accessibility, and opportunity that supports long term livability. The city appeals to first time buyers, move up purchasers, and investors alike due to its continued growth, strong rental demand, and improving infrastructure. With access to nature, modern amenities, and ongoing investment in community planning, Langford continues to mature into a well rounded city that supports residents at every stage of life. For those considering a move within Greater Victoria, Langford remains a compelling option with long term value and lifestyle appeal. Cindy H., 5-Star Review, via Google “The Faber team go above and beyond! Scott is wonderful to deal with and has a great attitude. I definitely recommend. ” 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.”

Selling a home in Greater Victoria is about more than listing it online. First impressions matter, and how your home looks during an open house or private showing can make a big difference in attracting serious buyers. As experienced realtors, we help homeowners get their properties ready to sell quickly and at the best possible price. Start with a Deep Clean Cleanliness is one of the simplest but most impactful ways to make your home appealing. Dust, vacuum, and scrub every room. Pay attention to areas buyers notice most, like kitchens, bathrooms, and entryways. A clean home signals that it has been well maintained and makes it easier for buyers to imagine themselves living there.   Declutter and Depersonalize Buyers want to envision their own life in the space, not yours. Remove personal photos, keepsakes, and excessive decorations. Clear countertops, organize closets, and minimize furniture where possible. A tidy, open space makes rooms appear larger and more inviting.   Boost Curb Appeal The exterior of your home is the first thing buyers see. Trim hedges, mow the lawn, clean windows, and consider adding simple touches like potted plants or a fresh welcome mat. A welcoming exterior sets the tone for what buyers can expect inside. Make Minor Repairs Small fixes can make a big impression. Check for leaky faucets, squeaky doors, chipped paint, or loose handles. Addressing these issues shows buyers that the home has been cared for and reduces potential objections during negotiations. Create a Neutral and Inviting Atmosphere Neutral colors, good lighting, and subtle scents help buyers feel comfortable. Open blinds to let in natural light, turn on lamps in darker rooms, and consider baking something simple or lighting a lightly scented candle to create a warm ambiance. Avoid overpowering fragrances.   Stage Strategically Staging is more than decorating. Arrange furniture to highlight space and functionality. If you have empty rooms, set them up for a clear purpose, like a home office or reading nook. Well-staged homes often sell faster and for higher prices. Be Flexible with Showings The more accessible your home is for potential buyers, the better. Accommodating private showings and open houses—even at short notice—can increase interest and create a sense of urgency. Consider leaving during showings so buyers feel comfortable exploring the space freely. Final Thoughts Preparing your home for open houses and showings is an investment in the selling process. Clean, decluttered, and well-staged homes attract more buyers and help you achieve the best possible outcome. As realtors in Greater Victoria, we guide homeowners through every step of preparation to ensure their property stands out in a competitive market.   Vince Reda, 5-Star Review, via Google “Cal and Scott made our home selling experience very simple and easy, especially when you consider that we were in a different province and corresponding via our mobile devices. In less than 2 weeks we received and accepted an offer on our Condo. We would like to thank the both of them for listing our property and sharing all their expertise in properly listing our condo.” 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.”

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.”