First-Time Home Buyers Guide for Victoria BC

Before Anything Else: Know That You Can Do This

Victoria is a competitive real estate market, and it is no secret that home prices here are significant. Many first-time buyers wonder whether homeownership is even realistic for them right now. The answer, for many people, is yes — but it requires a clear plan, realistic expectations, and the right professional in your corner.

There are also more programs, grants, and incentives available to first-time buyers in British Columbia than most people realize. By the time you finish reading this page, you will have a clear picture of what is available to you and what your next steps should be.

Step 1: Get Pre-Approved for a Mortgage

The very first step in buying a home — before you browse a single listing or visit a single open house — is understanding how much you can actually spend. That means getting a mortgage pre-approval.

A pre-approval is a written commitment from a lender that confirms how much they are willing to lend you, at what interest rate, and under what terms. It is not the same as a casual conversation with a bank representative where they give you a rough estimate based on your income. A pre-approval is a verified, documented statement that gives you a real number to work with.

Mortgages in Canada are available from a wide range of lenders including banks, credit unions, trust companies, loan companies, mortgage companies, and insurance companies. Working with a mortgage broker gives you access to multiple lenders at once and can help you find the most competitive rate and terms for your situation.

When you apply for a pre-approval, your lender will review your income and assets, proof of employment, existing debts and liabilities, your down payment amount and source, your credit history, and if you are self-employed, your CRA tax assessments.

Your pre-approval will be provided in writing and will include a guaranteed interest rate, typically held for 90 to 120 days. This protects you if rates rise while you are searching.

One important note: if you are purchasing a strata property such as a condo or townhouse, your lender will factor in the monthly strata fees when calculating how much you qualify for. This means your maximum purchase price may be somewhat lower than it would be for a freehold home at the same income level. Your mortgage broker or lender will walk you through how this affects your budget.

Once you have your pre-approval in hand, you will know exactly what price range to focus on. This saves you time, prevents disappointment, and most importantly, it means that when you find the right home, you are ready to act.

Step 2: Know What Financial Programs Are Available to You

One of the most overlooked parts of buying your first home in British Columbia is taking full advantage of the programs and incentives that exist specifically to help first-time buyers. Here is a summary of the key ones available as of 2026.

The First-Time Home Buyers' Property Transfer Tax Exemption (BC) In British Columbia, buyers typically pay a Property Transfer Tax (PTT) when purchasing a home. However, as a first-time buyer, you may be fully or partially exempt from this tax. To qualify, you must be a Canadian citizen or permanent resident, have never owned a principal residence anywhere in the world, have lived in BC for at least a year prior to the purchase or filed two income tax returns as a BC resident, and the property must be used as your principal residence. The full exemption currently applies to homes purchased for $835,000 or less, with a partial exemption available on homes up to $860,000. This can save you thousands of dollars at closing.

The First Home Savings Account (FHSA) The First Home Savings Account is a registered savings account introduced by the federal government that allows first-time buyers to save up to $40,000 toward their first home on a tax-free basis. Contributions are tax-deductible (similar to an RRSP), and qualifying withdrawals are non-taxable (similar to a TFSA). You can contribute up to $8,000 per year and carry forward unused room from previous years. If you have not already opened an FHSA, this is one of the most valuable tools available to you.

The RRSP Home Buyers' Plan The Home Buyers' Plan allows first-time buyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to use toward a down payment, tax-free at the time of withdrawal. If you are purchasing with a partner who also qualifies, you can each withdraw up to $35,000 for a combined total of $70,000. The withdrawn amount must be repaid to your RRSP over a 15-year period.

The First-Time Home Buyer Incentive (Federal) This federal program offers a shared equity mortgage where the government contributes 5% (or 10% for qualifying new builds) toward your down payment in exchange for a corresponding share in your home's value. This reduces your mortgage amount and therefore your monthly payments. Eligibility is income-based and there are purchase price limits, so speak with your mortgage broker to determine if this applies to your situation.

The GST/HST New Housing Rebate If you are purchasing a newly constructed home, you may be eligible for a partial rebate of the GST paid on the purchase. This rebate applies to new homes purchased as your primary residence and is subject to the purchase price of the property.

The BC Home Owner Grant Once you own and occupy your home as your principal residence, you may qualify for the BC Home Owner Grant, which reduces the amount of property tax you pay each year. As a first-time buyer settling into your new home, this is worth knowing about for your first full year of ownership.

Understanding which of these programs apply to your specific situation can make a meaningful difference to your finances. Part of my role as your Realtor is to make sure you are aware of every tool available to you and connected with the right mortgage professional to maximize what you qualify for.

Step 3: Build Your Wish List

Before you start viewing homes, it helps to get clear on what you actually need and want. This goes deeper than just the number of bedrooms. Think through what your day-to-day life looks like and what kind of home genuinely supports it.

Consider the number of bedrooms and bathrooms you need, the type of property that suits your lifestyle (detached home, townhouse, condo), how much outdoor space matters to you, your preferred neighbourhoods or communities within Greater Victoria, your commute and proximity to work, schools, or transit, and how important square footage is versus location.

It also helps to divide your list into three categories: must-haves, nice-to-haves, and absolute deal-breakers. This clarity makes the search far more efficient and prevents the common trap of spending months looking at homes that were never quite right.

One thing I always tell first-time buyers: be open to the neighbourhoods just outside your first choice. In Victoria, areas like Langford, Colwood, View Royal, Saanich, and Esquimalt can offer significantly better value than the downtown core while still providing an excellent quality of life. Price point often shapes geography, and that is not a compromise — it is strategy.

Step 4: Choose the Right Realtor

Buying your first home is not the time to go it alone or to work with an agent who is not fully committed to representing your interests. Your Realtor is your protector, your advisor, your negotiator, and your guide through one of the most legally complex transactions you will ever enter.

As an Accredited Buyer's Representative, I am specifically trained and experienced in representing buyers — not sellers, not both sides. My loyalty is to you, and only you. That means I disclose everything that is material to your decision, protect your confidential information, and negotiate exclusively in your favour.

Beyond the credentials, what matters is that you work with someone who communicates clearly, knows the local market deeply, and treats your purchase with the care and urgency it deserves. That is the standard I hold myself to with every client.

Your home-buying team will also include a mortgage broker or lender to guide your financing, and a real estate lawyer or notary who handles the final transfer of title, legal documents, and closing paperwork. I can connect you with trusted professionals in both areas.

Step 5: Start Your Home Search

With your pre-approval in place, your wish list defined, and your Realtor chosen, the real search begins.

While many buyers start by browsing realtor.ca, working with a Realtor gives you direct access to the Victoria MLS with more detailed, accurate, and up-to-the-minute listing information. I will set you up with a custom property search tailored to your criteria so that new listings matching your needs are sent to you the moment they hit the market. In a competitive market, that speed matters.

The search process involves reviewing listings, previewing properties online through photos and virtual tours, driving through neighbourhoods to get a feel for the area, and then visiting homes in person. Over time, you will get a stronger sense of what you are looking for — and what does not work for you. Your wish list may evolve, and that is completely normal.

From experience, most buyers reach a moment where they walk into a home and simply know it feels right. That instinct, combined with the practical facts, is a powerful combination. My job is to make sure both are working for you.

Step 6: Make an Offer

You have found the home. Now comes one of the most important steps in the entire process: writing and submitting an offer.

In British Columbia, all offers must be submitted in writing through the Contract of Purchase and Sale (CPS), which is a legally binding document. Getting this right matters enormously, and this is where having an experienced Realtor on your side is invaluable.

Your offer will include the price you are prepared to pay, the deposit amount (typically 5% of the purchase price, due within 24 hours of acceptance), your preferred closing and possession date, any inclusions you want included in the purchase such as appliances or window coverings, and any conditions that must be met before the sale is firm.

Common conditions for first-time buyers include a financing condition to confirm your mortgage is fully approved, a home inspection condition allowing a licensed inspector to assess the property, a title review condition for your lawyer to confirm clear and marketable title, and review of the Property Disclosure Statement.

These conditions are there to protect you. They give you a defined window to complete your due diligence and ensure you are not locked into a purchase before all the critical facts are confirmed.

Once your offer is submitted, the seller can accept it, reject it, or respond with a counter-offer. The negotiation process can involve some back and forth, and I will guide you through every step — advising on strategy, interpreting the seller's response, and making sure you do not pay more than you should or accept terms that are not in your best interest.

Step 7: Fulfill Your Conditions and Submit Your Deposit

Once your offer is accepted, the clock starts on your conditions. This is an active period where several things happen at once.

Your mortgage broker works to obtain your final financing approval. A licensed home inspector visits the property to assess its condition and identify any concerns. Your lawyer reviews the title and the Property Disclosure Statement. You work with your insurance broker to arrange home insurance, which is required by your lender before they will advance funds.

Your deposit — typically 5% of the purchase price — is submitted upon removal of conditions and held in trust until closing. It is not lost if the sale completes; it is credited toward your purchase price.

Once all your conditions are met and formally removed in writing, the sale becomes firm. At that point, you are committed, and so is the seller. The home is yours — you just need to wait for closing day.

Step 8: Prepare for Closing and Moving In

Closing is the final step in the transaction. It is the day that ownership of the property legally transfers from the seller to you.

In the days leading up to closing, your lawyer will prepare all the legal transfer documents, calculate the final figures including your down payment, legal fees, remaining balance, and any adjustments for property taxes or strata fees, and coordinate with your lender to ensure funds are in place.

You will typically sign your closing documents with your lawyer a day or two before possession. On possession day, once all funds have been transferred and the transaction is registered at the Land Title Office, your Realtor will hand you your keys.

It is one of the best moments in the entire process, and I genuinely love being there for it.

What You Need to Budget for Beyond the Purchase Price

First-time buyers are sometimes caught off guard by the additional costs that come with purchasing a home. Here is a clear list of what to plan for:

The deposit is typically 5% of the purchase price, submitted upon removal of subjects and credited to your purchase at closing. Your down payment is the minimum of 5% of the purchase price for homes under $500,000, with a sliding scale for higher-priced properties, and the full amount is required at closing. Legal and notary fees typically range from $1,200 to $2,000 depending on the complexity of the transaction. A home inspection generally costs between $400 and $600 and is strongly recommended for every purchase. If you are purchasing a property that is not your primary residence or a new build, GST may apply. Title insurance is a one-time fee of approximately $150 to $300 and is typically required by your lender. Moving costs vary widely depending on your situation but should be factored into your overall budget. And if you are purchasing a strata property, there may be move-in fees set by the strata corporation.

Your mortgage broker will provide you with a detailed breakdown of all closing costs specific to your purchase so there are no surprises on closing day.

First-Time Buyer Questions I Hear Most Often

How much do I need for a down payment? The minimum down payment in Canada is 5% of the purchase price for homes up to $500,000. For homes priced between $500,000 and $999,999, it is 5% on the first $500,000 and 10% on the remainder. For homes $1,000,000 and above, the minimum is 20%. Any down payment under 20% requires mortgage default insurance through CMHC, Sagen, or Canada Guaranty, which adds a premium to your mortgage.

Does it cost me anything to work with a Realtor as a buyer? In most cases, no. The buyer's agent commission is typically paid out of the seller's proceeds. I will always be transparent about how compensation works before we begin, so you have a complete picture from the start.

Do I have to sign a buyer representation agreement? Yes. In British Columbia, a written Buyer Agency Agreement is required when working with a Realtor to purchase a home. I will walk you through the agreement in full, answer every question you have, and make sure you are completely comfortable with it before signing.

What if I find a home at an open house or through a builder's sales office? This is an important one. The agent hosting an open house represents the seller, not you. The sales representative at a new construction site works for the builder. In both cases, you are negotiating without anyone truly in your corner. Having your own Realtor in these situations costs you nothing and protects you from the moment you show interest in a property.

How long does the home-buying process take? From the time you are pre-approved to the day you move in, the process typically takes anywhere from two to four months, though it can be shorter or longer depending on the market and your specific circumstances. The search phase varies the most — some buyers find their home quickly, while others take several months to find the right fit.

What if I want to buy with a partner, friend, or family member? Purchasing with someone else is common and entirely possible. Your mortgage broker will assess both incomes and financial profiles together. There are also legal and ownership structure considerations — such as joint tenancy versus tenants-in-common — that your lawyer will explain at closing. I am happy to guide you through what this means in practice.

A Word From First-Time Buyers I Have Worked With

"Janine works for you to achieve the best outcome. She is passionate about what she does. Above and beyond is what I experienced with Janine. If you want someone to truly represent you and understand your needs, then I highly recommend Janine. She is simply the best in the area." — Troy Wilson

"Janine was easy to work with and understood what our requirements were. She was highly dedicated and I would have no hesitation in recommending her. Her professionalism and interpersonal skills are second to none." — Ralph Miller

Ready to Take the First Step?

Buying your first home in Victoria is absolutely achievable — and it is one of the most rewarding things you will do. What makes the difference between a stressful experience and a smooth one is having the right person guiding you through it.

I have helped first-time buyers navigate this market at every price point and in every type of property. I will answer your questions honestly, explain every step clearly, and make sure you never feel lost or pressured at any point in the process.

If you are thinking about buying — whether it is this month or in a year from now — reach out for a no-obligation conversation. There is no pressure, no sales pitch, and no commitment required. Just a chance to get clarity on where you stand and what your path forward looks like.

Let's find your first home together.

Janine Thomson, ABR Realtor, Pemberton Holmes Victoria, BC 778-678-5466 info@janinethomson.net

Janine Thomson is an Accredited Buyer's Representative (ABR) and licensed Realtor with Pemberton Holmes, serving buyers throughout Greater Victoria and the surrounding communities including Langford, Colwood, Saanich, Oak Bay, Esquimalt, View Royal, Sidney, Sooke, and beyond.