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Buyer's Frequently Asked Questions

Straightforward answers to the most common questions buyers ask before, during and after the home search.

Buyer FAQ Victoria BC — Your Real Estate Questions, Answered Honestly | Janine Thomson, ABR®
Victoria, BC · Buyer FAQ

Your real estate questions,
answered honestly.

Buying a home is one of the most significant decisions you will ever make, and the process involves more steps, more details, and more decisions than most people anticipate. If you have questions — and you should — here are the answers, plain and straight.

Talk to Janine — no obligation
Janine Thomson Victoria BC Realtor showing ocean view homes to buyers
5 sectionsAll your questions covered
ABR®Accredited Buyer Representative
No obligationFirst conversation is always free
Pemberton HolmesVictoria’s most trusted brokerage
Janine Thomson — Victoria, BC

If you are thinking about buying a home in Victoria, you probably have a lot of questions. Here are the ones I hear most often — with real, straight answers.

These are the questions my buyers ask me most often, answered as plainly and honestly as I can, because that is how I approach every client relationship. If your question is not here, reach out — I am always happy to talk.

Deep Cove and Dean Park luxury home with ocean views in North Saanich BC Central Saanich home for sale near the harbour Victoria BC Royal Bay and Westhills homes for sale in Greater Victoria BC
Section one

Getting started

The questions buyers ask before they even know where to begin.

Janine Thomson, Victoria BC Realtor, speaking with buyers at a lakefront property
When is the right time to contact you?
As early as possible — even if you are months away from being ready to buy. There is no obligation and no pressure attached to reaching out, and the earlier we connect, the more prepared you will be when the time comes. As soon as you know you are thinking about buying, I can set you up with a direct MLS property search so you start seeing real listings in real time. This lets you browse at your own pace, get a feel for the market, understand what your budget gets you in different neighbourhoods, and start narrowing down what you actually want. It is genuinely one of the best research tools available to buyers — and it costs you nothing.
When should I start viewing homes in person?
If you plan to be moved in within three to four months and have your mortgage pre-approval in place, we should be meeting and getting your search active right away. If you are six months or more from your target date, we can stay in regular contact, keep your search running in the background, and check in periodically as your thinking evolves.
Why is an in-person or virtual meeting important before we start looking?
Because buying a home is a deeply personal process, and who you work with matters enormously. You need to feel confident in the person advising you, comfortable asking questions, and certain that they are looking out for your interests — not just trying to get a transaction done. I need to understand your goals, your lifestyle, what truly matters to you in a home, and what your non-negotiables are. That foundation makes every part of the process go better.
Who should be at our first meeting?
Everyone who will be involved in the purchase decision and whose name will appear on the offer or title. This includes a partner, spouse, parent, or anyone with significant influence over the decision. It is important that all decision-makers hear the same information at the same time and feel equally informed from the very beginning.
Do I need to sign anything at our first meeting?
No. Our first meeting is introductory — an opportunity for you to see how I work, ask questions, and decide whether you feel good about moving forward together. I would never expect a commitment from someone I have just met. The formal Buyer Agency Agreement comes into play when you are ready to make that commitment, and by that point you will have had plenty of time and information to make that decision with confidence.
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Accredited Buyer Representative (ABR®): I hold the ABR® designation, meaning I have completed advanced training in buyer representation and demonstrated experience working specifically on behalf of buyers — not sellers — through complex transactions.
Section two

The mortgage and money questions

The financial questions that matter most before you start seriously searching.

What is the difference between being pre-qualified and pre-approved?
Pre-qualified means you have had a general conversation with a lender and received a rough estimate — not verified, not documented, and not binding. Sellers and their agents do not take it seriously. Pre-approved means your financial information has been verified by the lender: your income, employment, credit history, debts, and down payment source. The lender has issued a written commitment confirming the maximum they will lend you, at a specific interest rate, held for a defined period (typically 90 to 120 days). This is the number you can actually rely on, and it is what you need before we start seriously looking at properties.
How much do I need for a down payment?
The minimum down payment depends on the purchase price. For homes up to $500,000, the minimum is 5%. For homes between $500,000 and $999,999, it is 5% on the first $500,000 and 10% on the portion above that. For homes at $1,000,000 or more, the minimum is 20%. Any down payment under 20% requires mortgage default insurance through CMHC, Sagen, or Canada Guaranty — this insurance protects the lender, not you, and the premium is added to your mortgage amount.
What additional costs should I budget for beyond the purchase price?
Beyond your down payment, plan for legal and notary fees (typically $1,200 to $2,000), a home inspection ($400 to $600), title insurance (approximately $150 to $300), moving costs, home insurance for your first year, and any property transfer tax that applies. If buying a strata property, there may also be move-in fees set by the strata corporation.
Are there programs that can help me with costs as a first-time buyer?
Yes, and more than most people realize. In BC, first-time buyers may be eligible for the Property Transfer Tax Exemption. Federally, the First Home Savings Account (FHSA) allows you to save up to $40,000 toward your first home on a tax-free basis. The RRSP Home Buyers’ Plan allows you to withdraw up to $35,000 tax-free for a down payment. There is also a GST rebate on newly constructed homes. I will make sure you are connected with a mortgage professional who helps you maximize every program you qualify for.
Down Payment

5% minimum up to $500K

10% on the $500K–$999K portion; 20% minimum on homes at $1M+.

Closing Costs

Budget $3,000–$5,000+

Legal fees, inspection, title insurance, and property transfer tax beyond your down payment.

FHSA

Up to $40,000 tax-free

First Home Savings Account: up to $8,000/year on a tax-deductible basis.

RRSP HBP

Up to $35,000 per person

Withdraw from your RRSP tax-free for a qualifying home purchase, repayable over 15 years.

Section three

Working together

How the agent relationship works, what to expect, and what it costs you.

Janine Thomson ABR Victoria BC Realtor reviewing home listings with buyers
What do I need to do before we start looking at homes?
Before we view properties, I will ask you to complete a short questionnaire about your home-buying goals. It helps me understand what you are looking for, gives you a chance to organize your own thinking, and makes our time together far more efficient. I will also ask that you have your mortgage pre-approval in place or be actively working toward it before we begin active home viewings. There is no point in falling in love with a home before we know what you can actually spend.
How available are you? I have a busy schedule.
I understand that most people want to view homes on evenings and weekends. I plan around that. At the start of our search, we will look at your work schedule and the pace of the current market, and set up viewings that give you quality time without rushing. As your search progresses, the priority becomes being able to act quickly when the right home appears. I am responsive by phone, text, and email, and will always keep you informed.
Does it cost me anything to work with you as a buyer?
In most cases, no. The buyer’s agent commission is typically paid from the seller’s proceeds, which means my services come at no direct cost to you. I will always be fully transparent about how compensation works before we begin working together.
Do I have to sign a Buyer Agency Agreement?
Yes. In British Columbia, a written Buyer Agency Agreement is required when working with a Realtor to represent you in a purchase. This agreement formally establishes that I am working exclusively in your interests. I will walk you through the agreement in full, explain every section in plain language, and answer all your questions before you sign anything.
Section four

The search and the offer

From finding the right home to writing a competitive offer.

How do I know when I have found the right home?
The answer is both practical and instinctive. On the practical side, the right home satisfies the key items on your must-have list, fits within your budget, and holds up to scrutiny when we dig into the details. On the instinctive side — and this happens more often than people expect — you walk in and you simply know. Both things matter. I will make sure the practical side is solid. The instinct is yours to trust.
What happens if there are multiple offers on a home I want?
Multiple offer situations are common in Victoria, particularly for well-priced homes in desirable areas. I will advise you on how to structure your offer to be as competitive as possible without overextending yourself. That might mean adjusting your price, modifying your conditions, strengthening your deposit, or a combination of factors. I have navigated many multiple-offer situations and know how to present a compelling offer that gives you the best possible chance of success.
What is a subject-free offer, and should I ever make one?
A subject-free offer means you are purchasing the property without any conditions. My strong advice is to approach this with significant caution. Removing conditions means removing your safety net. If something unexpected comes up, you have limited recourse and your deposit is at risk. I will always counsel you on the real risks of any offer structure and help you make a decision you are genuinely comfortable with, not one driven by pressure or fear of missing out.
What if problems are found during the home inspection?
A home inspection is one of the most valuable steps in the buying process, and findings are common — especially in older homes. I will be at the inspection with you, review the inspector’s findings carefully, and advise you on what they mean for the property’s value and your decision. If there are material concerns, we can negotiate with the seller for a price adjustment, repairs before closing, or decide together that the right move is to walk away.
Janine Thomson — Offer Strategy

In a competitive market, the strongest offer is not always the highest one.

Price matters, but so does certainty. A well-structured offer with a strong deposit, clean terms, and a realistic timeline often beats a higher number with shaky conditions. I help you find that balance every single time.

Section five

Closing and beyond

What happens from accepted offer to keys in hand — and after.

Janine Thomson Realtor on an ocean view balcony overlooking the BC coast
What happens on closing day?
Closing day is when ownership of the property legally transfers from the seller to you. In the days leading up to it, you will sign your closing documents with your lawyer or notary, who will have prepared the transfer of title, the final financial figures, the mortgage documents, and any adjustments for property taxes or strata fees. On the day itself, once funds are transferred and the transaction is registered at the Land Title Office, the sale is complete and you receive your keys. I will be there to hand them over personally.
What should I do if something comes up after closing?
Call me. My relationship with my clients does not end at the closing table. If you have questions after you move in, need a recommendation for a contractor, or want to talk through something related to your property, I am still here and always happy to help. Real estate is a long game, and the clients who trust me with their first purchase often come back when life changes bring a new one.
Possession day for home buyers in Greater Victoria BC keys in hand
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Janine Thomson, ABR®
778-678-5466 · info@janinethomson.net
Pemberton Holmes · 103–814 Goldstream Ave, Victoria, BC
Janine Thomson ABR Victoria BC Realtor working with buyers
Janine Thomson — Victoria, BC

Still have a question that isn’t answered here? Just ask.

There is no question too basic or too complex, and I would much rather you ask than wonder. Buying a home in Victoria is a big step. My job is to make sure you take it with confidence, clarity, and the right person in your corner.

Ready to buy a home in Victoria, BC?

Whether you are months away or ready to start this week, I am here to answer every question and guide you through the entire process. The first conversation is always free and there is no obligation attached.

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Janine Thomson

Pemberton Holmes

103-814 Goldstream Ave  Victoria,  BC  V9B 2X7 

Mobile: 778-678-5466

Phone: (250) 384-8124

Toll Free: 1-800-665-5303

Fax: 250-380-6355

info@janinethomson.net