BUYERS FAQS

Easy! Visit the Market Update page or get in touch and we can go for a coffee. We’d love to bring you up to speed on the market.

That is a question with many moving parts. The answer will be found by speaking to a mortgage broker. The moving parts that need to be considered are:

• How much of a down payment do I have?

• What is my income, credit score and how stable is my job?

• What am I looking to buy and where? A condo in Langford has much different needs than a home in Oak Bay.

Consider chatting with a mortgage broker to fully layout your situation and decide where to go from there. It’s free and is extremely helpful.

Need a recommendation? Let us know!

This is a very common question. There’s no hard and fast answer because it depends what you intention is with buying a home in Victoria. In a declining or slow market (like the one we’re in), make sure you’re buying for the long-term. This isn’t a market to buy and sell just over a year later. If you’re buying for at least 5-10 years, you should be just fine.

To get a traditional mortgage you need a score of around 680 (+/-). Some secondary lenders may consider a lower score, but you will not get prime rates on your mortgage.

In short:

• Contact a mortgage broker, find out how much you can spend.

• Contact a REALTOR®, start a property search.

• View properties of interest.

• Negotiate an offer on a property.

• Complete due diligence on property.

• Complete conveyancing with a lawyer.

• Take ownership of the home.

(This is very brief! Please get in touch if you’d like to sit down so we can walk you through the details of the process).

No one has a crystal ball to say exactly where the market is going. At the current moment, the market is in a cooling off period. This has created good opportunities for Buyers. The market could change depending on inventory and interest rates. We are expecting the market to remain steady yet slow for the remainder of 2023.

The answer to whether it is a good time to buy real estate in Victoria, BC depends on several factors such as market conditions, interest rates, personal financial stability, and long-term plans. Currently, the real estate market in Victoria is experiencing increased levels of inventory but also low demand. This has put Victoria into a Buyer’s market. With the fact that the interest rates have increased many times over the past year, it is a matter of running the numbers. In some cases the downward pressure on the prices leaves you at break-even on payments compared with higher prices and lower rates. Additionally, real estate has historically been a solid long-term investment. If your longterm goal is to live in Greater Victoria and your work is stable, you will likely be better off owning than paying someone else’s mortgage.

Whether it's better to rent or buy depends on individual circumstances such as financial stability, lifestyle, and long-term plans. Renting may be a more affordable and flexible option for those who do not plan to stay in one place for a long time or who do not have the funds for a down payment and ongoing home maintenance costs. On the other hand, buying a home can build wealth through equity accumulation and provide stability for those who plan to stay in one place for a long time. Ultimately, the decision to rent or buy should be based on a careful evaluation of personal goals, financial stability, and future plans.

It depends on your specific needs and preferences. Here are some advantages and disadvantages of both buying and building a home:

Advantages of buying a home:

Typically quicker and less complicated process

Can often be moved into immediately

Often costs less upfront than building a home

Advantages of building a home:

Allows for customization and personalization to your specific tastes and needs

Can potentially be more energy-efficient and cost-effective in the long run

Can increase property value and potentially lead to higher long-term returns

Whether it's better to buy a renovated home or renovate it yourself depends on several factors such as personal preferences, budget, and time.

If you're looking for a quick and convenient solution, buying a renovated home might be the better option as it eliminates the hassle and time required for renovation work. However, you may have limited options and may need to pay a premium for the renovation work.

On the other hand, renovating a home yourself gives you more control over the design and allows you to personalize the space to your taste. It can also increase the value of your property, provided the renovation is done properly. However, renovation work can be time-consuming, require significant investment, and involve numerous trade-offs and compromises.

In the end, the decision comes down to personal priorities, budget, and the level of involvement you're comfortable with.

The purchaser pays the Property Transfer Tax on a real estate transaction in BC. The general property transfer tax rate is: 1% of the fair market value up to and including $200,000. 2% of the fair market value greater than $200,000 and up to and including $2,000,000. 3% of the fair market value greater than $2,000,000.

As a general guideline for a standard home purchase, you can expect these costs:

• Lawyer/ Notary - $1500-$2000

• Home Inspection - $500-$800

• Appraisal - $400-$500

• Home Insurance - $800-$1200/yr

• Adjustment Costs - $500 (+/-)

• Title Insurance - $300 (+/-)

• GST (if applicable/new build)

• Property Transfer Tax (% sale price)

• Other Types of Inspections (Varies)