I've helped hundreds of buyers navigate the Victoria market, and I've seen the same mistakes repeated over and over. Let me share the most common pitfalls so you don't become another cautionary tale.
Mistake #1: Getting Pre-Qualified But Not Pre-Approved
There's a difference. Pre-qualification is quick and based on your word. Pre-approval requires documentation and is verified by your lender. Too many buyers get pre-qualified, find a home at the top of that range, make an offer, and then discover during the formal approval process that they can't actually qualify at that price. In a balanced market, sellers will accept offers contingent on financing, but it weakens your negotiating position. Get pre-approved before you start shopping. It takes a few days, requires recent pay stubs, tax returns, and bank statements, but it protects you and strengthens your offer.
Mistake #2: Overextending Your Budget
Just because you can technically afford a $1.1M home doesn't mean you should buy one. I see buyers stretch to the absolute maximum of their lending capacity, leaving no financial cushion for maintenance, property taxes, insurance, or life emergencies. A better rule: buy at 80–85% of your maximum pre-approved amount. If you're approved for $1.2M, aim to buy at $1M–$1.05M. This leaves breathing room in your budget and protects you if interest rates rise when your mortgage renews.
Mistake #3: Skipping the Home Inspection
In a balanced market with inventory available, some buyers think they can negotiate a home inspection away to strengthen their offer. Wrong. A $500 home inspection can reveal a $20,000 foundation problem, $10,000 in roof issues, or $5,000 in electrical problems. You're buying one of the largest assets of your life. Spend the $500. If the inspector finds problems, you have leverage to negotiate repairs or credits before closing. The inspection is your protection, not the seller's problem.
Mistake #4: Not Researching the Neighborhood Thoroughly
You tour a home on a quiet Sunday afternoon and fall in love. You should also visit the neighborhood on a weeknight, a Saturday morning, and during rush hour. Talk to residents. Visit local shops, schools, and parks. Check traffic patterns on the commute route. Are there development projects nearby? Is the neighborhood gentrifying or declining? I've had buyers purchase in areas they hadn't properly vetted, only to discover problems that would have been obvious with a second visit.
Mistake #5: Ignoring Strata Documents for Condos
Before you buy a condo, review the strata documents. What are the current strata fees? Are there any special assessments planned? What's the reserve fund status? Is the building well-maintained? I've seen buyers purchase condos in buildings with $500K+ deferred maintenance and upcoming $5,000+ annual fee increases. These are deal-breakers that should emerge during due diligence. Your lawyer can help you understand strata documents, but you need to actually read them or have someone explain them.
Mistake #6: Making Large Financial Changes Before Closing
After you've been pre-approved, don't buy a car, take out a loan, or change jobs if you can help it. Anything that affects your debt-to-income ratio can blow up your mortgage approval. Lenders re-verify employment and credit before closing. If you've altered your financial picture significantly, approval can be withdrawn. I've seen deals collapse in the final days because a buyer made a big purchase or changed employment. Wait until after closing to make major financial moves.
Mistake #7: Assuming You Don't Need a Real Estate Agent
Some buyers think they can save the agent commission by going directly to sellers or using websites to write their own offers. What they don't realize is that agents are paid by sellers (split between buyer's agent and seller's agent), so using an agent typically costs the buyer nothing. What you lose by not having representation is negotiating expertise, market knowledge, and professional guidance on offers, inspections, and closing. A good agent pays for themselves many times over by identifying problems, negotiating favorable terms, and protecting your interests.
Mistake #8: Not Planning for Closing Costs
Buyers often budget for down payment and think that's it. But closing costs—legal fees, PTT, title insurance, inspections, appraisals—add up to $15K–$25K on a $1M purchase. If you haven't budgeted for these, you could be short at closing. Calculate your total cash requirement (down payment + closing costs) upfront so you're not scrambling at the last minute.
Mistake #9: Buying Without Clarity on Your Long-Term Plans
Are you planning to stay in Victoria for five years? Ten? Are you starting a family? Changing careers? These questions matter because they affect which neighborhood and property type make sense. Buying a 700-square-foot condo in Victoria Core makes sense if you're young, unmarried, and career-focused. It makes less sense if you're planning to start a family in two years. Think long-term.
Mistake #10: Ignoring the Difference Between Price and Value
A home priced at $950K might be overvalued, while one priced at $1.05M might be undervalued. Pricing is what the seller is asking. Value is what the home is worth. Your home inspector, appraiser, and agent can help you understand the difference. Don't get seduced by a low price if the property has problems. Don't overpay just because a home is in a popular neighborhood. Evaluate value holistically.
I'm Dan Juricic, a REALTOR® with RE/MAX Camosun. If you have questions about the Victoria market, I'd love to help. Call or text me at [phone] or visit danjuricic.com.