The True Costs of Buying a Home in Victoria

The purchase price is only part of the story. One of the biggest mistakes buyers make is underestimating the additional costs that come with closing — and that's where surprises happen.

Here's what you should realistically expect:

Property Transfer Tax (PTT)

This is the largest closing cost for most buyers in British Columbia.

• 1% on the first $200,000
• 2% on $200,000 to $2,000,000
• 3% above $2,000,000

First-time buyers may qualify for an exemption on purchases up to $500,000, with partial exemptions slightly above that.

Home Inspection

Typically $500–$750 in Victoria.

This is one of the most important investments you'll make during the process. A good inspection gives you clarity on the condition of the home and can directly impact your negotiation — or your decision to move forward at all.

Legal Fees & Closing Costs

You'll need a lawyer or notary to handle the transaction.

Expect approximately $1,200–$2,000, which includes legal fees, title insurance, and disbursements for title searches and registration.

Mortgage Default Insurance (CMHC)

If your down payment is under 20%, mortgage insurance is required.

Premiums typically range from 2.8% to 4% of the mortgage amount and are added to your mortgage rather than paid upfront.

Additional Costs to Plan For

These are smaller individually, but they add up:

• Moving expenses
• Home insurance
• Property tax and utility adjustments on closing
• Strata move-in or contingency contributions (if applicable)

Clarity Upfront Matters

Every purchase is a little different. Costs can vary depending on price point, property type, and financing structure.

When we sit down, I'll map this out clearly for you — so you know exactly what to expect before making a move.