Posts Tagged ‘Westshore home buyers’

In the stable 2026 Victoria real estate market, where inventory remains higher and prices are holding steady, getting pre-approved for a mortgage is one of the smartest first steps you can take as a buyer. Pre-approval gives you clarity around your budget and shows sellers that you are prepared and serious. Whether you are a first-time buyer looking at condos or townhomes, or planning to move into a family home in areas like Oak Bay or the Westshore, pre-approval helps you shop with confidence and focus on realistic options. What Is Mortgage Pre-Approval? Mortgage pre-approval is a lender’s conditional commitment outlining how much you may be able to borrow based on a review of your finances. This includes a credit check, income verification, and an assessment under Canada’s mortgage stress test. Unlike pre-qualification, which is only an estimate, pre-approval provides a more reliable borrowing range. It also allows many buyers to lock in an interest rate for up to 90 to 120 days, offering protection against short-term rate changes. In a market like Victoria, where average home prices remain high, pre-approval helps narrow your search and avoid wasted time. Why Pre-Approval Matters in Victoria’s 2026 Market Pre-approval strengthens your position when making an offer. Sellers are more likely to take your offer seriously when financing is already reviewed, especially in desirable neighbourhoods where competition can still exist. It also provides peace of mind. Knowing your borrowing limit allows you to plan confidently, align expectations, and avoid overextending yourself. For first-time buyers, pre-approval also helps coordinate eligibility for government programs and incentives. Steps to Get Pre-Approved The process is straightforward when documents are prepared in advance. Review your finances Check your credit score, outstanding debts, and available down payment. A score of 680 or higher typically opens access to better rates. Gather required documents Having documents ready can significantly speed up approval timelines. Choose a lender or mortgage broker Banks, credit unions, and brokers each offer different advantages depending on your needs. Submit your application Applications can be completed online, in person, or over the phone. A hard credit check is required. Receive your pre-approval Once approved, you will receive a letter outlining your maximum purchase price and rate hold period. Documents You Will Need To keep things moving smoothly, prepare the following: Government-issued photo ID Recent pay stubs and T4s or Notices of Assessment Employment confirmation letter Bank statements and details of existing debts Proof of down payment and closing costs Self-employed buyers may need additional documentation covering the past two years. Choosing a Lender or Broker in Victoria Victoria buyers can choose between major banks, local credit unions, or licensed mortgage brokers. Banks and credit unions offer direct applications and familiar products. Mortgage brokers, on the other hand, can compare multiple lenders and help structure financing based on your goals. Working with a broker can be especially helpful if your income is variable, you are self-employed, or you want to explore more flexible options.  Common Mistakes to Avoid Avoid taking on new debt during the pre-approval process, as it can impact your borrowing power. It is also wise to review your credit report in advance and correct any errors. Finally, try to complete lender applications within a short time frame to limit the impact on your credit score. Bottom Line Mortgage pre-approval sets the foundation for a successful home purchase in Victoria. It helps you understand your budget, strengthens your offers, and reduces stress once you find the right property. Ready to take the next step toward buying in Victoria or the Westshore? Contact us to discuss how pre-approval fits into your home search and overall strategy. We can also refer you to a mortgage broker.    James C., 5-Star Review, via Google “Scott made the process of finding a good condo in Victoria as simple and straightforward as it can be. He was always very helpful, and quick to respond throughout the process from start to finish. Being new to BC I think the ordeal would have been pretty overwhelming otherwise. I'd definitely recommend Scott and his team to others 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, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”  

Happy Valley is one of the Westshore’s most distinctive neighbourhoods, blending rural character with easy access to shops, schools, trails, and everyday conveniences. Located in south Langford near the Metchosin border, Happy Valley has historically been known for its agricultural roots, open spaces, and family‑friendly vibe, and today it continues to evolve while retaining its welcoming atmosphere.  Community Character and Location Happy Valley is a mix of agricultural land and residential developments, offering a laid‑back, country‑inspired lifestyle while still being close to Westshore amenities. It borders Royal Bay to the east and provides a quieter alternative to busier urban nodes, with homes set among green spaces and fields. Nearby Shopping and Everyday Amenities While Happy Valley itself is primarily residential, essential shopping and services are just a short drive away. Residents often visit Westshore Town Centre, Millstream Village, and Goldstream Village for grocery stores, cafes, restaurants, personal services, and weekend errands. A major retail centre is also being developed at Happy Valley Road and Latoria Road that will bring even more shops, services, and dining options closer to home.  Schools and Family Services Families are well served here. Happy Valley Elementary School sits within the neighbourhood and is a focal point for families with young children. Because of the family‑friendly nature of the area, playgrounds and parks are integrated into the community fabric, with spaces like Honeycrisp Park Playground providing safe places for kids to play and neighbours to connect.  Parks, Trails and Outdoor Access Happy Valley’s location supports an active, outdoor lifestyle. The neighbourhood has easy access to nature and recreational pathways, including sections of the Galloping Goose Regional Trail that run nearby for walking, cycling, and longer recreational outings. These trails connect Happy Valley to broader Westshore and Victoria areas while offering residents great opportunities for daily outdoor activity. Housing and Real Estate Trends The housing stock in Happy Valley reflects its growth from a rural enclave into a residential community. Many homes are single‑family properties, from newer builds to updated family homes, with options ranging from around mid‑$700,000 to higher‑end properties depending on size and location. Townhome developments have also appeared along Happy Valley Road, expanding housing choices for buyers seeking a lower‑maintenance property. . Why Happy Valley Appeals to Homebuyers Happy Valley attracts a diverse range of buyers: families drawn by the schools and parks, couples and professionals seeking space and community, and those who value proximity to nature without sacrificing everyday convenience. Its combination of quiet residential streets, agricultural charm, and proximity to Westshore amenities makes it an appealing choice for many homebuyers in the Greater Victoria area. Getting to Know Happy Valley As Langford continues to grow, Happy Valley maintains its unique identity. It offers a blend of open green space, community‑centric living, and emerging amenities that support both a relaxed daily lifestyle and convenient access to the rest of the Westshore.   Helen M., 5-Star Review, via Google “Cal and Scott are the best. They made it happen and made the entire process of securing my condo smooth and stress free. They were always supportive, responsive, and clearly committed to getting the right result. I am very grateful for their hard work and would highly recommend them to anyone looking for reliable, dedicated realtors.” 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.”