First-Time Homebuyer Checklist: Everything You Need to Know 

Buying your first home is a huge milestone—and if you’re doing it in beautiful Victoria, British Columbia, you're in one of Canada’s most desirable and competitive real estate markets. But with high demand and many moving parts, it’s crucial to understand the process clearly.To help you navigate the journey, here’s your step-by-step first-time homebuyer checklist—designed specifically for those purchasing in Victoria and throughout BC.

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1. Understand Your Budget & Financing Options

Before you start browsing listings, figure out how much home you can afford. Victoria’s average home prices are among the highest in Canada, so being realistic is key.

What to Do:

• Use mortgage calculators to estimate monthly payments.
• Consider your down payment: In Canada, the minimum is 5% (for homes under $500,000) but ideally 20% to avoid CMHC mortgage insurance.
• Factor in property taxes, utilities, and strata fees (for condos).
• Get pre-approved by a mortgage broker or lender.

💡 Tip: BC offers the First-Time Home Buyer Incentive and Property Transfer Tax exemptions—take advantage of them if you qualify!

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2. Get Pre-Approved for a Mortgage

A mortgage pre-approval not only gives you a price range but also shows sellers you’re serious.

Key Documents:

• Proof of income (pay stubs, job letter)
• Recent tax returns
• Credit report
• Bank statements

In a hot market like Victoria’s, a pre-approval gives you a competitive edge.

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3. Find a Local Real Estate Agent You Trust

The Victoria market has unique neighborhoods—from historic James Bay to growing areas like Langford. A knowledgeable local REALTOR® can help guide you based on your needs and budget.

Your agent will:

• Recommend neighborhoods
• Set up custom MLS® searches
• Arrange showings
• Prepare offers
• Negotiate on your behalf

🧭 Local tip: Don’t underestimate nearby communities like Sooke, Shawnigan Lake, or Sidney—they offer great value for first-time buyers.

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4. Start the House Hunt (Be Ready to Act Fast!)

Once you’re pre-approved, start viewing properties that match your criteria. Victoria’s market moves fast—homes can sell in days.

What to Watch For:

• Age of the home (Victoria has many older houses—check the roof, plumbing, and foundation)
• Strata rules and fees (if buying a condo or townhouse)
• Nearby amenities (transit, schools, grocery stores, parks)

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5. Make an Offer & Negotiate

Your agent will help you write a competitive offer based on market conditions. Offers in Victoria often include:

• Price
• Deposit amount (typically 5% of the purchase price)
• Subjects (e.g. financing, home inspection, strata review)
• Proposed completion and possession datesTip: Always include a home inspection as a subject—it can uncover costly issues, especially in older homes.

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6. Do Your Due Diligence

After your offer is accepted, you’ll enter the subject removal phase—typically 5–10 business days.

Tasks include:

• Finalizing mortgage approval
• Conducting a home inspection
• Reviewing strata documents (if applicable)
• Getting property insurance quotes

Only once you remove all subjects does the sale become firm.

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7. Hire a Real Estate Lawyer or Notary

A lawyer or notary will complete the legal transfer of the home, register the title, and ensure funds are properly transferred.You’ll meet with them closer to the completion date to sign paperwork.

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8. Prepare for Closing Day

On completion day, your lawyer will transfer funds, and the property becomes legally yours. Possession usually happens 1–3 days later.

Before moving in:

• Set up utilities (BC Hydro, FortisBC, internet, etc.)
• Change your address with Canada Post
• Purchase home insurance
• Do a walk-through to confirm the property is in agreed-upon condition

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Final Thoughts

Buying your first home in Victoria, BC is an exciting (and sometimes overwhelming) experience. But with the right preparation, support, and understanding of the local market, you can confidently find a home that fits your lifestyle and financial goals.Need personalized help buying your first home in Victoria or Southern Vancouver Island?

Contact Janine Thomson today for expert real estate advice, a custom home search, and insider tips on becoming a successful first-time buyer in BC. 778-678-5466