Frequently Asked Questions

In Victoria, you should budget approximately 2% to 4% of the purchase price for closing costs. This includes the BC Property Transfer Tax (PTT), legal/notary fees (usually $1,500–$2,500), a professional home inspection ($500–$800), and adjustments for property taxes or strata fees already paid by the seller.

If you are a first-time homebuyer and a Canadian citizen or permanent resident, have lived in BC for at least 12 consecutive months immediately before the date you register the property, or have filed at least 2 income tax returns as a BC resident in the last 6 years, and you have never received a BC first-time home buyers’ exemption or refund before, you may be exempt if the purchase price is below a certain threshold currently $835,000 for a full exemption. You are exempt from the tax on the first $500,000. This would be a savings of $8,000. There is a partial exemption on homes valued between $835,000 and $860,000 with a sliding scale partial exemption. The land size must be 0.5 hectares (1.24 acres) or smaller and the home must be used only as your principal residence.

There are also exemptions for newly built homes up to $1.1 million and a partial exemption on homes between $1.1 million and 1.15 million. You must move into the home within 92 days of registration and continue to occupy it as your principal residence for at least the full first year.

I always recommend a quick call to your real estate lawyer or notary to confirm your specific eligibility. More info can be found at First time home buyers’ program – Province of British Columbia

While the 2026 market is more “balanced” than previous years, well-priced homes in Langford and Colwood still move quickly. By the time a home hits Realtor.ca, it has often been on the private MLS® for 24–48 hours. I recommend setting up an Instant Alert on this site so you see listings the moment they go live.