Spring is here, the cherry blossoms have bloomed, and for many first-time homebuyers in Victoria, 2025 feels like a make-or-break year to finally get into the market. I hear you—home prices are high, inventory is tight, and interest rates are still keeping buyers on their toes. But the good news? There are still opportunities out there if you know where to look, how to prepare, and what support is available to you.Let’s dive into a few key things that can make owning a home in Victoria more realistic this year—even for first-timers.
Did You Know?
Many first-time buyers in BC don’t realize that even if one person on the mortgage has owned before, you can still qualify as a first-time buyer if the other hasn’t. Reach out if you’re unsure—every situation is a little different!
Would you like a downloadable buyer’s guide or a custom property list to get started? Contact me
Affordable Neighbourhoods for First-Time Buyers in Greater Victoria (Spring 2025)
While core Victoria neighbourhoods like Fairfield, Oak Bay, and Rockland remain on the pricey side, several pockets around the region still offer value—especially for condos, townhomes, and starter homes:Langford
Still one of the fastest-growing and most accessible areas for first-time buyers. You’ll find modern condo developments, newer townhomes, and more space for your dollar. Many buildings offer amenities like gyms and underground parking. Langford also has great shopping, restaurants, and is transit-friendly.Sooke
If you're open to a bit more of a commute, Sooke is a haven for young buyers wanting space, nature, and affordability. Think ocean views, forested trails, and detached homes under the $700K mark. New subdivisions and developments are still being built here.Esquimalt
Once overlooked, now up-and-coming. With its seaside parks, close proximity to downtown Victoria, and more affordable condos and fixer-uppers, Esquimalt is drawing in young professionals and military families alike.View Royal
Bordering Langford and Esquimalt, this small municipality offers a mix of quiet residential living and convenience. Look for well-priced townhomes and units with water access or green space nearby.Grants & Financial Assistance Programs for First-Time Buyers
First-Time Home Buyer Incentive (FTHBI)
This federal program helps qualified buyers reduce their monthly mortgage payments without increasing their down payment. The government offers 5–10% of the home’s purchase price in exchange for shared equity.Home Buyers’ Plan (HBP)
You can withdraw up to $60,000 from your RRSPs tax-free to buy your first home. You then have 15 years to pay it back. This is great if you’ve been saving but need a boost on your down payment.BC First-Time Home Buyers’ Program
You may be eligible for a full or partial exemption from the Property Transfer Tax on homes priced under $835,000 (with sliding scale up to $860,000). This can save you thousands at closing.Financing Tips to Help You Succeed in 2025
- Get Pre-Approved First: In a competitive market, this isn’t optional. Pre-approval gives you a clear budget and shows sellers you’re serious.
- Work with a Mortgage Broker: They’ll help you compare lenders, rates, and alternative financing options. Many specialize in helping first-time buyers.
- Start Small: Buying a condo or townhome first can get you on the property ladder. Use your equity later to move into a larger home.
- Consider a Co-Buy: Friends, siblings, or partners pooling funds to co-purchase is becoming more common. Just be sure to have a legal agreement in place.
Final Thoughts From Janine
Getting into the Victoria market as a first-time buyer in 2025 is still possible—you just need the right plan, the right people in your corner, and the willingness to act when the right listing appears. I love working with first-time buyers because I’ve helped so many take that big first step—and I know how life-changing it can be.If you’d like a list of current properties under $750,000 in the areas I mentioned—or you want to chat about how to get pre-approved and house-hunting-ready—send me a message or book a free Zoom consultation. No pressure, just information and a friendly face.Did You Know?
Many first-time buyers in BC don’t realize that even if one person on the mortgage has owned before, you can still qualify as a first-time buyer if the other hasn’t. Reach out if you’re unsure—every situation is a little different!
Would you like a downloadable buyer’s guide or a custom property list to get started? Contact me