Purchasing your first home in Greater Victoria, BC is a major milestone—and an exciting one! But in a fast-paced and competitive market like Victoria, it can feel a little overwhelming. The good news? With the right plan and guidance, you can navigate every step of the home-buying process with clarity and confidence.

Whether you're drawn to a cozy condo in Downtown Victoria, a modern townhouse in Langford, or a charming single-family home in Saanich or Sidney, this step-by-step guide is tailored just for first-time homebuyers in Greater Victoria.

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Step 1:  Assess Your Financial Readiness

Before diving into Victoria’s real estate listings, take a close look at your finances. Here's what to keep in mind:

• Down Payment: In Canada, the minimum down payment is 5% for homes under $500,000. If the home price falls between $500,000 and $1,000,000 (as many do in Greater Victoria), you’ll need 5% on the first $500,000 and 10% on the remaining amount.
  
  

• Credit Score & Pre-Approval: Aim for a credit score of 680+ to secure the best mortgage rates. Talk to a local Victoria mortgage broker to get pre-approved—this shows sellers you’re serious and ready.
  
  

• Hidden Costs: Be prepared for closing costs (1.5%–4% of the purchase price), Property Transfer Tax (PTT), inspection fees, legal fees, and possible upgrades or renovations.
  
  

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Step 2: Define Your Home Needs and Lifestyle

The Greater Victoria real estate market offers a wide range of homes—each neighborhood has its own vibe and benefits.

• Location Matters: Want the energy of downtown Victoria? The peaceful waterfront of Sidney? Or maybe the family-focused communities in Langford, Colwood, or Oak Bay?
  
  

• Home Type: Consider whether a condo, townhouse, or detached home fits your lifestyle and budget.
  
  

• Commuting & Convenience: Look at proximity to work, public transit, schools, beaches, parks, and shopping hubs like Uptown and Mayfair Mall.
  
  

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Step 3: Work with a Local Real Estate Expert

Navigating your first home purchase in Victoria is easier with a knowledgeable, local real estate professional by your side. As a first-time buyer specialist, I offer:

• Expert guidance tailored to Victoria’s neighborhoods and pricing trends
  
  

• Access to virtual tours and private showings
  
  

• Help with paperwork, negotiations, and contracts from start to finish
  
  

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Step 4: Begin the House Hunt

Now the fun begins! With your budget set and pre-approval in hand, it’s time to explore homes for sale in Greater Victoria.

• Use MLS® listings, attend open houses, and schedule private tours
  
  

• Stay flexible—new listings in Victoria can go fast!
  
  

• Compare resale homes vs. new construction. Keep in mind: new builds may be subject to GST, while older homes may require some updates.
  
  

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Step 5: Make a Smart Offer & Negotiate

When you find "the one," your real estate agent will help you craft a competitive offer based on current Victoria market trends.

• In a seller’s market, you may need to offer above asking price to stay competitive
  
  

• Include key conditions like financing approval, home inspection, and title review
  
  

• Expect to provide a deposit—typically 5% of the home price—when your offer is accepted
  
  

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Step 6: Finalize Your Mortgage

Once your offer is accepted, finalize your financing with your lender. You'll need to provide income documents, tax info, and more to secure the mortgage.

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Step 7: Book a Home Inspection

A thorough inspection is a must—especially in Victoria’s mix of heritage homes and older builds.

Look out for:

• Outdated plumbing or electrical in older homes
  
  

• Moisture or mold due to the West Coast climate
  
  

• Seismic upgrades (Victoria is in an earthquake zone!)
  
  

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Step 8: Close the Deal

Your lawyer or notary will now take care of the final steps, including title transfer, legal paperwork, and payments.

Closing costs in Victoria may include:

• Legal/notary fees
  
  

• Property Transfer Tax (unless exempt)
  
  

• Title insurance
  
  

• Property tax adjustments
  
  

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Step 9: Move In & Celebrate!

Once everything is signed and sealed, it’s time to get your keys and move into your new home. Set up your utilities, internet, and change your address—and start enjoying life in your new Greater Victoria neighborhood.

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Final Thoughts: Ready to Buy Your First Home in Greater Victoria?

Buying your first home doesn’t have to be stressful. With the right plan, the right support, and a trusted local real estate agent by your side, your journey to homeownership can be smooth and rewarding.

Ready to make your move?

Contact Janine Thomson today at 778-678-5466 for expert advice, local insights, and personalized support tailored for first-time homebuyers in Greater Victoria.

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Did You Know?

First-time homebuyers in British Columbia may qualify for the First Time Home Buyers’ Program, which can reduce or eliminate the Property Transfer Tax on homes up to $500,000 (with partial exemptions up to $525,000). Talk to your real estate agent or mortgage broker about how to apply!

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