Buying your first home in Victoria, BC is one of the most exciting — and sometimes overwhelming — decisions you'll ever make. The good news is that with the right preparation and the right people in your corner, the process is far more manageable than it might seem. Here's a practical guide to help you get started with confidence.
Step 1: Get pre-approved before you start shopping
Before you fall in love with a home, you need to know what you can actually afford. A mortgage pre-approval gives you a clear budget, locks in your interest rate for up to 120 days, and shows sellers that you're a serious buyer. In a competitive market like Victoria, walking in without a pre-approval puts you at a real disadvantage. Talk to your bank or a mortgage broker — brokers are often able to find better rates since they work with multiple lenders.
Step 2: Understand your upfront costs
Your down payment is just the beginning. In BC, first-time buyers also need to budget for closing costs, which typically run between 1.5% and 4% of the purchase price. This includes property transfer tax (though first-time buyers may qualify for a full or partial exemption on homes under $835,000), home inspection fees, legal fees, title insurance, and any adjustments at closing. Having these costs ready in advance prevents stressful surprises on possession day.
Step 3: Know the government programs available to you
There are several programs specifically designed to help first-time buyers in BC. The BC First Home Buyer Exemption eliminates property transfer tax on homes up to $500,000 and offers partial relief up to $835,000. Federally, the First Home Savings Account (FHSA) lets you contribute up to $8,000 per year tax-free toward your first home. The Home Buyers' Plan also allows you to withdraw up to $35,000 from your RRSP toward a first home purchase. These programs can make a meaningful difference — make sure you're taking advantage of every one you qualify for.
Step 4: Choose the right Victoria neighbourhood for your lifestyle
Victoria has something for every first-time buyer depending on your budget and lifestyle. Langford and Colwood offer more affordable entry points with new construction and family-friendly amenities. Saanich is a perennial favourite for those wanting a quieter setting with good schools and green space. If you want to walk to cafés, restaurants, and the waterfront, neighbourhoods like James Bay, Fairfield, or downtown Victoria offer incredible livability — though prices reflect that. Understanding the trade-offs between different areas is one of the most valuable things a knowledgeable local realtor can help you with.
Step 5: Work with a realtor who knows Victoria inside and out
A good realtor doesn't just open doors — they help you navigate negotiations, avoid common pitfalls, review strata documents, interpret inspection reports, and make sure you're protected throughout the process. As a buyer, working with a realtor costs you nothing; the seller pays the commission. There's no reason not to have experienced representation in your corner.
I'm Dan Juricic, a REALTOR® with RE/MAX Camosun, and helping first-time buyers through their first purchase is one of my favourite parts of this job. If you have questions about buying your first home in Victoria — or just want to know what's realistic with your budget right now — I'd love to chat. There's no pressure and no commitment, just honest answers.