Buying a home is one of the most important (and expensive) decisions you'll ever make—especially in a competitive and unique market like Victoria, British Columbia. Whether you're a first-time buyer or relocating from another part of Canada, it’s easy to make costly mistakes without proper guidance.To help you make smarter decisions, here are 10 things to avoid when buying a home in Victoria and the BC real estate market:
1. Not Getting Pre-Approved Before House Hunting
In Victoria’s fast-moving market, having mortgage pre-approval is crucial. Sellers often expect serious buyers to show proof they can finance the deal.Pre-approval helps define your budget and gives you negotiating power when the perfect listing hits the market.2. Underestimating the Cost of Living in Victoria
Victoria has one of Canada’s highest housing costs, but buyers often forget to budget for the extras—like strata fees, property taxes, utility costs, or commuting if you’re buying in outer areas like Langford, Sooke, or Sidney.Always factor in the total cost of ownership—not just the mortgage payment.3. Skipping the Home Inspection
Some buyers, especially in competitive offer situations, skip the inspection to make their offer more attractive. But in an area like Victoria, where many homes are older or heritage properties, skipping this step can lead to costly surprises.Always hire a qualified local inspector—someone who knows what to look for in older BC homes.4. Letting Emotions Lead the Way
It’s easy to fall in love with a character home in Fernwood or a beachfront view in Cordova Bay, but don’t ignore structural issues, zoning limitations, or poor resale value.Use data, not just your heart—especially when making an offer.5. Not Researching the Neighborhood
Victoria’s neighborhoods vary greatly—from urban living in Downtown to more suburban or rural lifestyles in Metchosin or Brentwood Bay. It’s important to consider not just the house, but what’s around it.Visit at different times of the day, talk to neighbors, and check local amenities and schools.6. Forgetting About BC's Property Transfer Tax (PTT)
Many first-time buyers are caught off guard by BC’s Property Transfer Tax, which applies unless you're exempt. In Victoria’s price ranges, that could mean thousands of dollars added to your closing costs.Ask your REALTOR® or lawyer early if you qualify for a first-time homebuyer exemption.7. Ignoring Strata Bylaws and Fees (For Condos or Townhomes)
Buying a condo in Victoria? Don't ignore the strata documents, which outline rules (like pet or rental restrictions), maintenance plans, and monthly fees.Review at least two years of strata minutes and financials before removing subjects.8. Not Understanding Future Development Around the Property
A home may look quiet today, but what if a major condo project is being built next door in 6 months? In places like Westshore, growth is rapid.Check city planning and zoning maps or talk to your agent about upcoming developments.9. Stretching Your Budget Too Far
Don’t max out your mortgage approval. In Victoria, interest rates, taxes, or strata fees can rise—and that cozy home may suddenly become unaffordable.Leave room for future expenses, repairs, or lifestyle changes.10. Going It Alone Without a REALTOR®
Some buyers think they’ll save money by working without a real estate agent—but in Victoria’s complex market, that’s risky. You need someone who knows the local market, negotiation tactics, and legal process.A buyer’s agent typically costs you nothing—they’re paid by the seller’s side of the deal.Final ThoughtsAvoiding these 10 mistakes can save you time, money, and stress—especially in Victoria’s fast-paced and high-demand real estate market. Take the time to research, ask questions, and work with trusted professionals every step of the way.