Frequently Asked Questions
Questions About Buying
How much do I need for a down payment in Canada? You need at least 5% on the first $500,000 of the price and 10% on the portion between $500,000 and $1.5 million. For homes at $1.5 million or more, the minimum is 20%. With less than 20% down you’ll also pay mortgage default insurance, which is added to your mortgage.
Can I use my RRSP or FHSA toward my first home? Yes. The Home Buyers’ Plan lets each first-time buyer withdraw up to $60,000 from their RRSP, and you repay it over 15 years. A First Home Savings Account (FHSA) lets you save up to $8,000 a year ($40,000 lifetime) tax-free for your first home, and you can use both together.
What does “subject to” mean in a BC offer, and how long do subjects last? Subjects are conditions that must be met before your offer becomes firm, such as financing, a home inspection, or reviewing strata documents. In Greater Victoria, subjects usually run 5 to 7 days. In a busy market some buyers write “subject-free” offers, but that’s only wise if you’ve done your homework first.
Can I back out after my offer is accepted? In BC, buyers of most residential properties have a 3-business-day rescission (cooling-off) period after acceptance. Backing out costs 0.25% of the purchase price, so on a $700,000 home that’s $1,750. After that, and once subjects are removed, the deal is firm.
What should I look for in strata documents before buying a condo or townhome? Ask for at least the last 2 years of strata minutes, the bylaws, the Form B, the depreciation report and the current budget. Watch for upcoming special levies, low contingency reserve funds, rental or pet restrictions, and repeated complaints about leaks or repairs. I review these with every strata buyer.
Do I need a home inspection in Victoria? Yes, for almost every resale home. Inspections usually cost $500 to $800 and can uncover issues like older electrical, drainage, oil tanks or roof wear, which are common in Victoria’s older neighbourhoods. A clean inspection gives you peace of mind, and a problem gives you room to renegotiate.
Should I get pre-approved before I start looking? Yes. A mortgage pre-approval tells you your real budget, holds an interest rate for up to 120 days, and shows sellers you’re serious. In multiple-offer situations, offers from pre-approved buyers are taken more seriously.
How do I get notified when a new home matching my search hits the market? Create a free account on this site and save your search. You’ll get new listings emailed the day they come on the market, plus price-drop alerts on homes you’ve saved. Get New Listing Alerts
Does it cost me anything to work with a buyer’s agent? In most Victoria sales, the buyer’s agent is paid out of the commission the seller has already agreed to, so you usually pay nothing directly. I’ll explain how it works for any home you’re considering before you write an offer.
Questions About Selling
How do you decide what my home is worth? I prepare a Comparative Market Analysis (CMA) that compares your home with recent sales, active listings and expired listings nearby, adjusted for size, condition, lot and updates. Your BC Assessment value is a starting point, but it’s based on a July 1 valuation date and often differs from today’s market value.
What does it cost to sell a home in Victoria? Plan for the real estate commission (it’s negotiable, and I’ll show you exactly what you’d pay), legal or notary fees of roughly $1,500 to $2,000, any mortgage prepayment penalty, and moving costs. There’s no property transfer tax for sellers, and GST generally doesn’t apply to resale homes.
When is the best time to sell in Greater Victoria? Spring (March to June) usually brings the most buyers, but there’s also less competition from other listings in fall and winter. The best time is when your home is ready and the numbers work for your next move. I can show you how prices and days-on-market in your neighbourhood are trending right now.
How long does it take to sell a home in Victoria? Well-priced homes in good condition often sell within 2 to 4 weeks, depending on property type and neighbourhood. Overpriced homes sit longer and usually sell for less in the end. That’s why getting the price right at the start matters so much.
Can I buy my next home before I sell my current one? Yes. Common options are a subject-to-sale offer (your purchase depends on selling your home), bridge financing from your lender, or timing both closing dates to line up. Each has trade-offs, and I’ll help you choose based on the market and your comfort with risk.
Do I pay tax when I sell my home? If the home was your principal residence for every year you owned it, the gain is generally tax-free under the principal residence exemption. You still have to report the sale on your tax return. Rental or investment properties are different, so talk to your accountant first.
What should I do to get my home ready to sell? Focus on low-cost, high-impact fixes: declutter, deep clean, fresh neutral paint where needed, minor repairs and tidy landscaping. Professional photos are essential, since most buyers see your home online first. I’ll walk through your home and give you a prioritized list.
What’s my home worth right now? Request a free, no-obligation home evaluation and I’ll send you a personalized price range based on recent sales near you. Free Home Evaluation