Purchasing a home is a major milestone—and one of the most exciting decisions you’ll ever make. But while the listing price often steals the spotlight, it’s important to remember that the final cost of homeownership goes far beyond that number. If you’re house-hunting in Victoria, BC, there are several extra expenses that can sneak up on you and quickly stretch your budget if you’re not prepared.

In this blog, we’ll walk you through the key hidden costs every homebuyer in Victoria should plan for—plus some tips to help you stay on track financially.

---

1. Property Transfer Tax (PTT)

In BC, Property Transfer Tax is a one-time cost due when you purchase real estate—and it often catches first-time buyers off guard. Here's how it breaks down:

• 
  

  1% on the first $200,000 of the purchase price

• 
  

  2% on the amount between $200,000 and $2,000,000

• 
  

  3% on anything over $2,000,000

For example, if you’re buying a home for $750,000 in popular areas like Oak Bay, Fairfield, or James Bay, you’ll pay around $13,000 in PTT. While there are exemptions for eligible first-time buyers, not everyone qualifies, so it’s essential to factor this into your budget.

---

2. Home Inspection Fees

A home inspection is a small investment that can save you from huge surprises later. Typically costing between $400 and $600, inspections are especially important in older neighborhoods like Rockland or Gonzales. Inspectors can uncover issues like foundation cracks, outdated electrical systems, or roofing problems—things you’ll want to know before you buy.

---

3. Legal Fees

You’ll need a real estate lawyer or notary to complete your home purchase. Expect to pay between $1,000 and $2,000, depending on the complexity of the transaction. Legal professionals handle title searches, contract reviews, and the official transfer of ownership—critical tasks to protect your investment.

---

4. Strata Fees (For Condos & Townhomes)

Buying a condo or townhouse in areas like Victoria West, Esquimalt, or Cook Street Village? You’ll likely pay monthly strata fees to cover shared space maintenance. These fees typically range from $200 to $600 or more and can vary based on amenities, the size of the building, and upcoming repairs. Always review the strata documents to see if special assessments are looming.

---

5. Property Taxes

Annual property taxes vary based on the location, size, and assessed value of your home. In high-value neighborhoods like South Oak Bay or Uplands, you’ll likely pay more. For a home around $700,000, expect to budget $3,000 to $4,000annually. It’s smart to check with the local municipality for exact figures.

---

6. Home Insurance

Home insurance protects your property against damage, theft, and liability. In Victoria, annual premiums usually range between $800 and $1,500, depending on the property's age, value, and location. If you’re in a flood-prone area or your home has special risk factors, your rate may be higher—so be sure to shop around for the best coverage.

---

7. Utilities & Moving Expenses

When moving into a new home, setting up utilities like electricity, gas, water, and internet often comes with connection fees—usually $100 to $300. If you're hiring movers, expect to spend anywhere from $300 to $1,000, depending on the distance and amount of belongings.

---

8. Renovation Costs

If you're eyeing an older home in Saanich East or the Victoria Highlands, renovations may be part of your plan. Whether it’s a simple refresh or a full-scale remodel, costs can range from a few thousand to over $50,000. Always get quotes from contractors before buying to understand what you’re getting into.

---

9. Ongoing Maintenance & Repairs

Homeownership comes with long-term responsibilities. From lawn care to gutter cleaning, HVAC servicing, and roof repairs, maintenance costs can add up. A good rule of thumb is to set aside 1% of your home’s value annually for upkeep.

---

Final Thoughts

Buying a home in Victoria, BC, is a rewarding experience—but only if you're financially prepared for the full picture. From taxes and legal fees to insurance and maintenance, the true cost of homeownership includes much more than the asking price.

Understanding these hidden costs in advance will help you plan your budget with confidence—and avoid surprises along the way.

If you’re thinking about buying a home and want help navigating the process (and the numbers), don’t hesitate to get in touch with me, Janine Thomson, at 778-678-5466. I’d love to help you make smart, informed decisions and find the right home for your future!

---