Payments & Affordability Tools

Simple tools and plain-language explanations to help you understand what your payment might look like, what costs to expect, and how much you can comfortably afford in Greater Victoria.

These tools are meant to give you a realistic starting point, not a formal approval. They’re here to help you understand rough payments, closing costs, and how different price points feel. When you’re ready, your lender will confirm the numbers and I can help you translate them into actual homes

Mortgage payment calculator

This calculator is for information purposes only. Users should not use this calculator to make any financial decisions and should speak with their bank or mortgage broker. The website owner does not guarantee the accuracy or reliability of any information or calculations provided by this calculator. The website owner is not liable for loss or damage of any kind arising from the use of this tool.

Typical upfront and closing costs

Beyond your down payment, here are some common costs buyers in Greater Victoria should plan for. Numbers vary by situation, but this will get you in the ballpark.

Inspections

Standard home inspection, and for some properties additional inspections for things like wells, septic systems, perimeter drains, or sumps

Appraisal

If required - sometimes requested by the lender to confirm value; cost depends on property type and location.

Legal

Legal fees and disbursements: for conveyancing, title searches, and registering the mortgage.

Title insurance / survey-related costs

Depending on the property and lender requirements.

Property transfer tax

If applicable - a provincial tax based on the purchase price, with some exemptions for qualifying first-time buyers.

Insurance

Homeowner’s insurance and, if less than 20% down, mortgage default insurance (often rolled into the mortgage but worth noting).

GST

(on new homes): may apply to most new construction or substantially renovated homes; some exemptions apply

Monthly and ongoing costs to keep in mind

Your mortgage payment is only part of the picture. These ongoing costs affect how comfortable a given price range will feel.

Property taxes

Paid annually or in installments to your municipality.

Utilities

Hydro, gas, water/sewer, internet, etc.

Strata/condo fees

Cover building maintenance, insurance, and shared services (if applicable).

Maintenance and repairs

Ongoing upkeep costs, including unexpected issues that arise over time.

Commuting and lifestyle costs

If you’re changing areas, your transportation and day-to-day costs can shift too 

AFFORDABILITY

What does a “stretch” payment feel like once you add taxes, fees, and normal life expenses?

RATE CHANGES

If rates moved up at renewal, how would that change things?

COMFORT ZONE

What price range lets you sleep at night and still save for other goals?

When we talk, we’ll focus on that comfort number - not just the maximum approval.

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.