What Buyers & Sellers Need to Know in Today’s Market
The real estate market in Greater Victoria is unique. With strict laws, coastal pricing, and high demand, it’s easy to believe myths that could cost you time and money. Whether you are buying, selling, or investing, understanding the facts can help you make smarter decisions.Let’s uncover the 20 most common real estate myths in Victoria, BC and what the truth really is.1. Myth: You Need 20% Down to Buy a Home
Fact:In Canada, buyers can purchase a home with as little as 5% down (depending on price). Mortgage insurance may apply, but many first-time buyers in Greater Victoria enter the market much sooner than they think.
2. Myth: Winter Is a Bad Time to Sell
Fact:Fewer homes are listed in winter, meaning less competition. Serious buyers are still active, especially in Victoria’s mild climate.
3. Myth: You Should Always Price High to Leave Room for Negotiation
Fact:Overpricing often causes homes to sit longer and sell for less. In competitive areas like Victoria, strategic pricing creates more interest and can lead to multiple offers.
4. Myth: Open Houses Sell Homes
Fact:Most buyers find homes online. Open houses are useful for exposure but are rarely the direct reason a property sells.
5. Myth: You Don’t Need a Realtor in a Hot Market
Fact:BC real estate laws, contracts, and disclosure requirements are complex. Professional guidance helps protect your investment and avoid legal mistakes.
6. Myth: All Neighbourhoods in Victoria Increase in Value the Same
Fact:Areas like Oak Bay and Langford can perform very differently depending on development, demand, and infrastructure.
7. Myth: Home Inspections Are Optional
Fact:Skipping inspections can be risky. Coastal homes may have moisture, roof, or foundation issues due to climate conditions.
8. Myth: You Can Back Out Anytime Without Consequences
Fact:Once subjects are removed, contracts are legally binding in BC. Buyers and sellers can face lawsuits if they fail to complete.
9. Myth: You Don’t Need to Disclose Problems When Selling
Fact:In British Columbia, sellers must complete a Property Disclosure Statement. Failure to disclose material defects can result in legal action down the road.
10. Myth: Renovations Always Increase Value
Fact:Some upgrades, such as kitchens and curb appeal, add value. Others may not bring a strong return.
11. Myth: The Highest Offer Always Wins
Fact:Terms, conditions, and financing strength often matter more than price in multiple-offer situations.
12. Myth: Foreign Buyers Are Driving All Victoria Prices
Fact:While foreign ownership is restricted under Canada’s current policies, local demand, migration, and supply shortages play a much larger role.
13. Myth: Renting Is Always Cheaper
Fact:In Greater Victoria, long-term ownership can build equity and wealth, especially with rising rents.
14. Myth: Condos Are a Bad Investment
Fact:Many condos in Victoria have seen strong appreciation due to affordability and lifestyle appeal. Building equity especially as a first time home buyer, condos tend be the first initial investment.
15. Myth: You Should Wait for the Market to Crash
Fact:Timing the market is difficult. Long-term real estate trends in Victoria show steady growth due to limited land and strong demand.
16. Myth: You Can’t Buy If You’re Self-Employed
Fact:There are specialized mortgage programs available for entrepreneurs and business owners. All depends on the financial lender and/or institution.
17. Myth: Interest Rates Are the Only Thing That Matters
Fact:Inventory, population growth, job markets, and supply constraints are equally important.
18. Myth: New Homes Have No Issues
Fact:Even new builds can have defects. Warranty programs like those under BC Housing protect buyers, but inspections are still recommended.
19. Myth: All Realtors Provide the Same Service
Fact:Experience, negotiation, marketing, and local knowledge vary significantly.
20. Myth: You Don’t Need a Lawyer Until the End
Fact:In BC, a real estate lawyer or notary plays a critical role in reviewing contracts, title, and closing. Lawyers can review your contracts and titles to prepare you for any unforeseen events and to educate you on important factors to do with your real estate transaction.
