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Reality Check

Most first-time buyers I work with aren't sure they're ready. They've saved some money but don't know if it's enough. They've looked at listings but can't tell what's realistic.

Before we tour homes, let's figure out if buying now makes sense for you. The tool below takes 60 seconds and gives you an honest read on where you stand.

Should You Buy Now, Wait, or Keep Renting?

Answer these questions honestly. Self-assessment - no one sees your answers but you.

What It Actually Costs to Buy Your First Home

Three numbers you need to think through before you start looking.

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Down Payment Options

5% down: Minimum for homes under $500K. Requires mortgage insurance (adds to monthly cost).

10-19% down: Still requires insurance but lowers monthly payment.

20%+ down: No insurance, lowest monthly cost, but takes longer to save.

Lower down payments mean mortgage insurance and higher monthly costs. Higher down means lower payments but takes longer to save. We'll compare scenarios so you know what each option actually costs.

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Upfront Costs

Beyond your down payment, budget $2,500-$4,000 for closing:

Home inspection: $500-$700

Legal fees: $1,200-$2,000

Title insurance: $200-$400

Property Transfer Tax: May be exempt for first-time buyers (see below)

Appraisal: $300-$500 (if lender requires)

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Monthly Carrying Costs

What you'll actually pay each month:

Mortgage payment: Varies by price/rate/down

Property tax: ~$200-$400/month (Victoria area)

Home insurance: $100-$200/month

Strata fees: $200-$500/month (if condo/townhome)

Utilities & maintenance: $150-$300/month

Want to map this out for your situation?

Download the Cost Breakdown Checklist

First-Time Buyer Property Transfer Tax Exemption

In BC, first-time buyers are typically exempt from Property Transfer Tax on homes up to $835,000 (partial exemption up to $860,000). That can save you $8,000-$16,000+.

You qualify if you're a Canadian citizen or permanent resident who has never owned a principal residence anywhere in the world and will occupy the home as your principal residence.

We'll help you confirm eligibility before you make an offer so there are no surprises.

How We Work Together

Four steps from first conversation to keys in hand.

1

Talk Through Your Situation

We start with where you are, what you're aiming for, and whether buying now makes sense.

2

Dial In Your Numbers

Pre-approval, budget reality check, and down payment options so you know exactly what you can afford.

3

Search, Tour, & Compare

We look at homes together, compare options, and narrow down what actually fits your life and budget.

4

Offer, Negotiate, & Close

When you're ready, we write the offer, handle negotiations, and walk you through closing.

Ready to see what's on the market in your price range?

Start Browsing Listings

Free account • Save favourites • Get alerts when new homes match

"We had no idea where to start and were honestly scared of making a huge mistake. Bil walked us through every step, never made us feel dumb for asking questions, and helped us find a place we actually love without stretching beyond what we could afford. We can't imagine doing it without his advice."

— Sarah & Mike T., first-time buyers, Langford (2024)
Read what other clients say →

What First-Time Buyers Worry About (And How We Avoid It)

Overpaying

We compare recent sales, look at price trends, and stress-test your offer against the actual market - not just what the seller is asking.

Missing Something Wrong

Home inspection covers structure, systems, and major defects. I'll also flag things inspectors might miss and help you decide what's fixable vs. what's a deal-breaker.

Getting Pressured Into a Bad Decision

You set the pace. If something doesn't feel right, we don't write an offer. If you need more time, we take it.

Stretching Too Far Financially

We run scenarios before you make an offer. If the numbers don't work with your lifestyle, we keep looking.

Buying the Wrong Type of Home

We tour different property types (condo vs. townhome vs. house) so you can compare costs, responsibilities, and lifestyle fit - not just guess from photos.

Not Understanding the Paperwork

I explain every document before you sign it - offer terms, disclosure forms, title conditions. You'll know exactly what you're agreeing to.

Questions First-Time Buyers Ask Me

Often, yes—but it changes your mortgage insurance and your monthly payment. We'll look at both low-down and higher-down options so you can see the trade-offs.

There's no one right answer. We'll look at your savings rate, rent, and the kind of home you want to end up in, then build a plan that makes sense for you.

You don't. You can work with a bank, a credit union, or a broker. The important part is understanding the terms, not just the rate.

From first call to keys, most first-time buyers are in the 3–6 month range, but some need longer to save or wait for the right home. You move at your pace.

We can build in rate cushion when we set your budget, and your lender can hold a rate for 90–120 days. We'll talk through scenarios so you're not guessing.

Not Ready to Book a Call Yet?

Start with one of these - no commitment, just useful information.

Download the Cost Breakdown Checklist

A fillable PDF to map out down payment, upfront costs, and monthly carrying costs before you start looking.

Download Checklist (PDF)

Run Your Numbers

Use the mortgage calculator to see what different price points would cost you monthly, based on your down payment and rates.

Try the Calculator

Start Browsing Homes

Create a free account to search listings, save favourites, and get alerts when homes in your range hit the market.

Set Up Search

Ready to Figure Out Your Next Step?

Whether you're 3 months out or 12 months out, I can help you build a plan that works. No pressure, just straight answers about what it takes to buy your first home in Greater Victoria.

Book a Call

Or email info@isellvictoria.ca / text 778-817-0110

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.