You’re one step closer to owning a home in the stunning Greater Victoria real estate market. But what happens next? While it’s a thrilling milestone, the road from offer acceptance to getting the keys involves several important steps. Whether you're a first-time buyer or have been through this before, understanding the closing process can help everything go smoothly.

In this blog, we’ll walk you through the essential stages of closing on a home in Greater Victoria—from the moment your offer is accepted to the exciting day you get the keys in your hand.

1. Your Offer Is Accepted: What Comes Next?

Even though your offer has been accepted, the deal isn’t final just yet. There are still a few critical conditions—like financing, inspections, and legal paperwork—that need to be completed.

What You’ll Need to Do:

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  Provide a Deposit: Typically 1–5% of the purchase price, this "good faith" deposit is held in trust (often by the seller’s brokerage or a lawyer) until closing. It shows you're serious about the purchase.

  
  


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  Confirm Financing: If you’ve been pre-approved, now is the time to lock things in with your lender. They’ll need to finalize the mortgage, which includes a formal appraisal to confirm the home’s market value. In Victoria’s competitive and diverse market, especially in higher-priced areas like Oak Bay, this step is crucial.

  
  

2. Home Inspections & Contingencies

Many offers are subject to inspections—especially for older homes in character neighborhoods like Fernwood, James Bay, or Esquimalt. Inspections protect you by ensuring the property is in the condition you expect.

What Happens During This Phase:

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  Hire a Home Inspector: A certified inspector will check key systems like the roof, plumbing, electrical, foundation, and appliances. This provides a full picture of the home’s condition.

  
  


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  Review the Property Disclosure Statement (PDS): Sellers are required to disclose any known issues. This document isn’t a substitute for an inspection, but it’s still an important part of your due diligence.

  
  


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  Negotiate if Needed: If the inspection reveals problems, you can request repairs or negotiate a price reduction. While sellers may be less flexible in a hot market, it’s still worth discussing.

  
  

3. Mortgage Approval & Appraisal

With inspections complete and conditions being met, it’s time to finalize your financing.

Final Steps in Securing Your Mortgage:

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  Appraisal: Your lender will order an appraisal to determine the property’s fair market value. If the appraisal is lower than the offer price (which can happen in Victoria’s fluctuating market), you might need to renegotiate or cover the difference.

  
  


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  Full Mortgage Approval: Once the appraisal is complete and everything checks out, your mortgage will be formally approved. Your lender may ask for additional documents during this process.

  
  

4. Work with a Lawyer or Notary

In British Columbia, a real estate lawyer or notary handles the legal side of closing. They ensure everything is in place so you can take legal ownership of your new home.

What They’ll Do:

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  Conduct a Title Search: This ensures the property has no liens or legal claims that could prevent the sale.

  
  


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  Prepare the Closing Statement: This document outlines the final purchase price, adjustments for property taxes or utilities, legal fees, and property transfer tax. Your lawyer/notary will tell you the exact amount you need to bring on closing day.

  
  

5. Closing Day in Greater Victoria

It’s the big day—everything comes together now!

What to Expect:

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  Transfer of Funds: Your lender sends the mortgage funds to your lawyer or notary, and you provide your down payment and any outstanding costs.

  
  


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  Final Review & Signing: You’ll meet with your legal representative to review all documents, including the title transfer. Once signed, they’ll register the title with the Land Title and Survey Authority of BC.

  
  


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  Key Handover: Once the transaction is complete and registered, your REALTOR® will hand over the keys. Welcome to your new home!

  
  

6. After Closing: Getting Settled In

You're officially a homeowner in Greater Victoria—congrats! But don’t forget these final details as you transition into your new space:

To-Do List After Move-In:

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  Change the Locks: For security and peace of mind, change or rekey the locks after moving in.

  
  


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  Set Up Utilities: Contact local providers like BC Hydro (electricity), FortisBC (gas), and your internet provider to get services in your name.

  
  


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  Activate Home Insurance: Make sure your homeowner’s insurance is active and up-to-date to protect your investment from day one.

  
  

Final Thoughts: Buying in Victoria

The closing process in Greater Victoria can feel overwhelming, but with the right team and information, it’s a manageable and exciting journey. Whether you’re buying a heritage home in Fairfield or a modern condo in Langford, knowing what to expect each step of the way makes a big difference.

With your financing secured, legal team in place, and keys in hand, you're ready to enjoy everything Greater Victoria has to offer—beautiful scenery, vibrant communities, and your brand-new home.