Find a home in Victoria: 3 expert tips for first-time buyers

first time home buyers If you want to find a home in Victoria, it helps to have expert guidance to succeed as a first-time buyer. Tom Hopper is a seasoned professional in the business of buying and selling Vancouver Island real estate. His wisdom and ideas are reassuring and inspiring to those who feel overwhelmed by a rapidly changing market. 

Tom has worked with dozens of first-time buyers, and they appreciate his matter-of-fact humour, savvy strategies, and efficient approach. After taking Tom’s advice, first-time home buyers looking to find a home in Victoria can relax and enjoy more ease— and ultimately, a successful purchase. Here are three expert tips from Tom for new investors who want to avoid disappointment and maximize buying power.

Tip one: get pre-approved by a bank or mortgage broker

“You can go online and plug a few numbers into a website and think you’re pre-approved and know what you can afford,” Tom says. This, unfortunately, is a hazy mirage, and not reality. “What you have entered online is ‘fluffy data,’ but when you go into a bank and get a real approval, the bank pulls your credit bureau history.” 

Even when we think we are being thoroughly transparent, It’s easy to forget all the ways we may be carrying debt and liability, Tom says. “But every nickel you owe is there on your credit bureau. If you had a poor rating in university, it shows up. Unless you’ve had your credit bureau pulled, you can’t really be pre-approved, or know what you can afford.”

Know your “real number” before you go shopping to find a home in Victoria

Tom often connects his first-time buyers to a trusted mortgage broker who can provide an accurate pre-approval number. Otherwise, many first-time buyers with a “fluffy” online pre-approval start looking at properties they think they can afford. Then, when they find something they love, they get excited. Sometimes, they may go all the way to an accepted offer before the bank tells them they don’t qualify for the financing. “This wastes everybody’s time, and is embarrassing and disappointing,” says Tom. 

“You need to have the real number when you’re shopping, and the only way to get that number is with a mortgage broker or a bank. These professionals go all the way, they do the deep dive, then apply the mortgage ‘stress test.’ If you don’t do this first, you’ll constantly frustrate yourself, and fixate on the home you wanted but can’t afford. When you focus on what you can afford, then you’ll succeed.”

Adjust your expectations to find a home in Victoria

Any first-time buyer in Victoria is probably experiencing sticker shock. There may be a sobering realization that the Victoria home you’ve been saving for might not be possible as a first purchase. “You may have thought you were saving for a house,” Tom says, “but now it’ might have to be a condo or townhouse.”

Tom says savvy investors understand that buying well, at any level, is a wise move. “And that first home just has to be functional, and sellable. It doesn’t have to be your last place.” Then, when you go to sell and move up, “you’ll need the ‘wow’ factor,” Tom advises. “Whatever size first home you buy, make sure you are saying ‘wow’ more than ‘ew.’” And if you can’t find even a condo in Victoria you can afford? “You can get into a mobile home situation as a first purchase, spend $250,000, and at least you are in the market. You’ll always be able to sell a manufactured home.”

Tip two: aim high in buyer’s market; aim low in seller’s market

When it’s a buyer’s market, prices are falling, and properties are taking longer to sell. Tom advises his first-time buyers to shop within their pre-approved budget, but look for signs that a property is lingering on the market. “You can shop 10% above your ceiling,” he explains. In a seller’s market, however, “you need to be careful, and aim 10% below your absolute ceiling.” For the summer of 2022, Tom says indications are that Victoria is shifting to a buyer’s market. 

One way to qualify for a larger home is to go a little bit farther “out” from the downtown core of Victoria. “Your money always goes farther in the western communities,” Tom advises. Heading out to look in Langford or Colwood can bring the purchase price down considerably. “Sooke is even less expensive— but it’s a more significant commute.” All these factors are important to consider, Tom says. Sometimes, accepting a longer commute could be the wisest choice. Other times, a smaller home right in Victoria is your best bet.

Tip three: don’t get emotionally attached

First-time home buyers are often stressed and emotional when they think they’ve found the “perfect place” — and then don’t get it. Tom helps everyone stay grounded, and keep looking ahead. “It’s very rare that a property for first-time buyers is truly ‘one of a kind,’” Tom counsels. “I tell buyers to just be patient, and know that if you miss something, something just like it or very similar is not far away.”

It sounds a little like dating advice, Tom laughs. But he warns his clients not to become too emotionally attached to any particular property. “Buying a house, especially for first-time buyers, is like getting into a relationship. You are sometimes blind to the obvious pitfalls because you’re so attached to the rosy outcome. My job is to take those rose-coloured glasses off, and keep you grounded.” 

He offers the same advice about dips in property values, too. “Don’t get into a situation where you’re looking at your home as anything but a long-term investment,” he says. “You won’t lose money if you can ride it out over a couple of years.”

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  • 242 1130 Resort Dr in Parksville: PQ Parksville Townhouse for sale (Parksville/Qualicum) : MLS®# 981532

    242 1130 Resort Dr PQ Parksville Parksville V9P 2E3
    Main Photo: 242 1130 Resort Dr in Parksville: PQ Parksville Townhouse for sale (Parksville/Qualicum)  : MLS®# 981532
    $649,000
    Residential
    Status:
    Active
    MLS® Num:
    981532
    Bedrooms:
    2
    Bathrooms:
    2
    Floor Area:
    1,008 sq. ft.
    Oceanside Village Resort presents this charming Dogwood-style cottage, offering a delightful retreat. Fully equipped, this two-bedroom, two-bathroom cottage boasts a vaulted ceiling, a cozy electric fireplace in the living room, and both front and rear outdoor decks. The primary bedroom, complete with an en-suite, is located upstairs for added privacy. Additionally, the cottage includes a dedicated outdoor storage unit. The resort complex provides a range of amenities, including on-site rental management, an indoor pool, and a fitness center. Just steps away, you’ll find the renowned Rathtrevor Beach Provincial Park, perfect for nature lovers, and The Rip Tide Mini Golf, ideal for family entertainment. Please note that GST applies to the purchase. More details
    Listed by Royal LePage Parksville-Qualicum Beach Realty (PK)
  • 639 Langford St in Victoria: VW Victoria West Single Family Residence for sale (Victoria West) : MLS®# 981451

    639 Langford St VW Victoria West Victoria V9A 3C8
    Main Photo: 639 Langford St in Victoria: VW Victoria West Single Family Residence for sale (Victoria West)  : MLS®# 981451
    $1,269,900
    Residential
    Status:
    Active
    MLS® Num:
    981451
    Bedrooms:
    5
    Bathrooms:
    2
    Floor Area:
    2,381 sq. ft.
    So much character inside/out of this 1909 home in vibrant Vic West! The well laid out 3-bed 1-bath main home features some of its original charm including over height ceilings, wood burning stove, and stained glass; yet modern luxuries throughout. The kitchen has been beautifully updated with quality cabinets, granite countertops, high end European appliances, tile backsplash, and stunning feature wall. Main is rounded out by generous living room with beautiful character accents, 3 bedrooms, and a charming 4 pc bath. Out back is a sun room ideal for home office or extra storage, double doors to the massive deck with quality built ramp providing no-step access to the huge backyard. Downstairs is a tastefully updated, separate entrance, 2 bed 1 bath suite. Peace of mind fundamental upgrades such as newer vinyl windows, roof, and perimeter drains. The backyard is fully fenced and features mature fruit trees which produce annually. This home is move in ready to be loved by its new owner! More details
    Listed by Fair Realty
  • 3068 Oakdowne Rd in Oak Bay: OB Henderson Single Family Residence for sale : MLS®# 981327

    3068 Oakdowne Rd OB Henderson Oak Bay V8R 5N9
    Main Photo: 3068 Oakdowne Rd in Oak Bay: OB Henderson Single Family Residence for sale : MLS®# 981327
    $1,799,000
    Residential
    Status:
    Active
    MLS® Num:
    981327
    Bedrooms:
    4
    Bathrooms:
    2
    Floor Area:
    2,429 sq. ft.
    For the first time in over 30 years, this impeccably maintained gem is on the market. Perfectly situated on the highly sought-after ‘Lansdowne Slope’, this turn-key home offers breathtaking views of the Olympic Mountains, the ocean, and the city skyline. Set on a sprawling lot, the property is perfect for gardening enthusiasts or those seeking serene outdoor space. The single garage features a convenient EV charger, and there’s no shortage of storage—ideal for organizing all your belongings. Ideally located, this home is just minutes from the prestigious Uplands Golf Club and Victoria Golf Club. Families will appreciate the proximity to top-tier schools, from elementary through to university. Outdoor enthusiasts will love being near Gyro Beach, scenic walking trails, and parks, while daily conveniences are just a short drive away with all essential amenities close at hand. Meticulously cared for over the years, this home is truly move-in ready. Bring your things and move in with ease. More details
    Listed by RE/MAX Camosun
  • 1208 Otter Bay Rd in Pender Island: GI Pender Island Single Family Residence for sale (Gulf Islands) : MLS®# 981546

    1208 Otter Bay Rd GI Pender Island Pender Island V0N 2M1
    Main Photo: 1208 Otter Bay Rd in Pender Island: GI Pender Island Single Family Residence for sale (Gulf Islands)  : MLS®# 981546
    $1,250,000
    Residential
    Status:
    Active
    MLS® Num:
    981546
    Bedrooms:
    2
    Bathrooms:
    1
    Floor Area:
    750 sq. ft.
    Custom cottage on 5.43 Acres of Land with Ocean Views. This stunning property offers a unique opportunity to own a piece of the West Coast, with breathtaking ocean views of the Gulf Islands. Located in a coveted Southwest-facing position, the land is conveniently situated across the street from the ocean, providing public access to the water just steps away. The self-contained cottage, 2 bed 1 bath, timberframed/log home, creating a private oasis. Seasonal stream to the west and if you follow the trail to the top of the property, you will encounter a large clearing with king of the mountain scenery. This property is in the process of being subdivided, with two drilled wells and septic in place for the cottage with a perk test on the adjacent lot of the original 5.43 acres. 2 drilled wells, perk test, and a current subdivision proposal survey, with easy access to power. All measurements are approximate buyer to verify. More details
    Listed by Dockside Realty Ltd.
  • 2870 Caswell St in Chemainus: Du Chemainus Half Duplex for sale (Duncan) : MLS®# 981502

    2870 Caswell St Du Chemainus Chemainus V0R 2K3
    Main Photo: 2870 Caswell St in Chemainus: Du Chemainus Half Duplex for sale (Duncan)  : MLS®# 981502
    $599,900
    Residential
    Status:
    Active
    MLS® Num:
    981502
    Bedrooms:
    2
    Bathrooms:
    2
    Floor Area:
    1,304 sq. ft.
    Welcome to 2870 Caswell Street, a well-maintained half-duplex in the heart of Chemainus. Built in 2004, this single-level home features an open floor plan, combining the dining and living areas with a cozy natural gas fireplace and a 2022 heat pump for year-round comfort. This bright and inviting home offers two bedrooms, a den, and two bathrooms, perfect for downsizers, small families, or those seeking a peaceful retreat. The living room leads to a private, fenced yard with a tranquil pond and patio—ideal for relaxing or entertaining. Located in a quiet neighborhood, you’re within walking distance of restaurants, grocery stores, the famous Chemainus Theatre, and the ocean. Enjoy easy access to the Cowichan Valley Trail, Mount Brenton Golf Course and short drive to Duncan, and the Nanaimo Airport. With a single-car garage and low-maintenance landscaping, this home is move-in ready. Don’t miss this opportunity to live in a vibrant community while enjoying convenience and tranquility. More details
    Listed by Royal LePage Nanaimo Realty LD
  • 3704 Wild Berry Bend in Langford: La Happy Valley Single Family Residence for sale : MLS®# 981489

    3704 Wild Berry Bend La Happy Valley Langford V9C 4M7
    Main Photo: 3704 Wild Berry Bend in Langford: La Happy Valley Single Family Residence for sale : MLS®# 981489
    $735,000
    Residential
    Status:
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    MLS® Num:
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    Bedrooms:
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    Bathrooms:
    2
    Floor Area:
    1,237 sq. ft.
    Move in by Christmas! Welcome to this fabulous family neighborhood-Valley View Estates! This detached home is arguably the best value in the Westshore and there’s no strata fees! This is the perfect starter home or even wonderful for downsizers as it is a one level home! With a playground just down the street & a fantastic elementary school within walking distance via the Galloping Goose Trail. This is truly a family friendly location. This home offers 3 bedrooms and 2 bathrooms and features a large great room with gas fireplace, open kitchen and dining room-all with vaulted ceilings. The large master bedroom with en-suite also offers a quiet walk out patio for BBQ and a glass of wine. Plenty of parking with a separate garage and 2 spots in the driveway and located on a cul de sac. Brand new flooring and paint throughout, this home is move in ready! Check out the virtual tour and book your private showing today, this one won’t last long! More details
    Listed by Coldwell Banker Oceanside Real Estate
  • 504 732 Broughton St in Victoria: Vi Downtown Condo for sale : MLS®# 981434

    504 732 Broughton St Vi Downtown Victoria V8W 3E9
    Main Photo: 504 732 Broughton St in Victoria: Vi Downtown Condo for sale : MLS®# 981434
    $649,000
    Residential
    Status:
    Active
    MLS® Num:
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    Bedrooms:
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    Bathrooms:
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    Floor Area:
    736 sq. ft.
    Welcome to The SoMA! This contemporary Sub Penthouse two-bedroom, two-bathroom condo offers an ideal downtown Victoria lifestyle in a quiet area. Featuring an open-concept living space, a sleek kitchen with stainless steel appliances and quartz countertops, radiant heating throughout, and hot water on-demand, this unit is designed for modern comfort. Enjoy the convenience of in-suite laundry, secure underground parking, and a private South facing balcony with city views. With easy access to restaurants, shops, and attractions such as the Royal Theater and Japanese Gardens just steps away, and the inner harbor minutes on foot, this location boasts a nearly perfect Walkscore of 99 and a bike score of 96. Don’t miss this fantastic opportunity to experience vibrant downtown living at its finest! Additionally, this residence offers rare residential/commercial zoning, or business use. More details
    Listed by eXp Realty
  • 1440 Bush St in Nanaimo: Na Central Nanaimo Single Family Residence for sale : MLS®# 981384

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    Main Photo: 1440 Bush St in Nanaimo: Na Central Nanaimo Single Family Residence for sale : MLS®# 981384
    $684,900
    Residential
    Status:
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    MLS® Num:
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    Bedrooms:
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    Bathrooms:
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    Floor Area:
    1,610 sq. ft.
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    Listed by eXp Realty
  • 613 Stevens Pl in Ladysmith: Du Ladysmith Single Family Residence for sale (Duncan) : MLS®# 981548

    613 Stevens Pl Du Ladysmith Ladysmith V9G 2C6
    Main Photo: 613 Stevens Pl in Ladysmith: Du Ladysmith Single Family Residence for sale (Duncan)  : MLS®# 981548
    $1,199,900
    Residential
    Status:
    Active
    MLS® Num:
    981548
    Bedrooms:
    4
    Bathrooms:
    5
    Floor Area:
    3,506 sq. ft.
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    Listed by Royal LePage Nanaimo Realty LD
  • 202 257 S Moilliet St in Parksville: PQ Parksville Condo for sale (Parksville/Qualicum) : MLS®# 981501

    202 257 S Moilliet St PQ Parksville Parksville V9P 0B3
    Main Photo: 202 257 S Moilliet St in Parksville: PQ Parksville Condo for sale (Parksville/Qualicum)  : MLS®# 981501
    $419,000
    Residential
    Status:
    Active
    MLS® Num:
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    Bedrooms:
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    Bathrooms:
    2
    Floor Area:
    1,010 sq. ft.
    Welcome to Avista at 202-257 Moilliet St S – a spacious 2 Bed, 2 Bath, 1010 sq ft low-rise condo in central Parksville, walking distance to downtown amenities & the waterfront. Light, bright, freshly painted & move-in ready this suite boasts warm-toned décor, maple floors, granite counters, a stunning rock surround fireplace & oversized windows. The well-appointed kitchen features SS appliances with an inviting eating bar. The generous primary bed includes a walk-in closet and 3-piece ensuite. An additional bed, main bath, and convenient in-suite laundry complete the package. Rainscreen technology elevates this development above others in the area. A generous balcony, designated parking & storage locker add further convenience. Attractively priced, this condo is ideal for first-time buyers, downsizers, or investors. Parksville’s beach town charm, mild climate, and vacation lifestyle make this a wonderful place to call home. Strata allows for rentals & pets are welcome. Meas. approx. More details
    Listed by RE/MAX of Nanaimo
  • 7101 Francis Rd in Sooke: Sk Whiffin Spit Single Family Residence for sale : MLS®# 981531

    7101 Francis Rd Sk Whiffin Spit Sooke V9Z 0T7
    Main Photo: 7101 Francis Rd in Sooke: Sk Whiffin Spit Single Family Residence for sale : MLS®# 981531
    $949,900
    Residential
    Status:
    Active
    MLS® Num:
    981531
    Bedrooms:
    4
    Bathrooms:
    3
    Floor Area:
    1,986 sq. ft.
    Located in an idyllic family neighbourhood just minutes from Sooke’s Whiffin Spit, this beautiful 3 bedroom + den/3 bathroom home’s parklike setting offers a sense of peace + tranquillity, perfect to come home to after a long day. Step inside to discover a warm + inviting living area, grand vaulted ceilings, gas fire place + plenty of natural light, perfect for gathering with your loved ones. A spacious kitchen, coffee bar, breakfast nook and living room, all offer picturesque views of your pristine backyard and a treed green space. Among the 3 bedrooms up, you’ll find your primary bedroom, overlooking green space, with walk-in closet + spa-like ensuite. No shortage of storage space thanks to its massive crawlspace. Outside, a treed green space behind compliments the already large 0.22 acre lot, making it feel even more private. A skookum shed, solid patio + fruit trees are add’l bonuses. Don’t miss your chance to call this your family’s new home! More details
    Listed by Maxxam Realty Ltd.
  • LT 10 Kingsview Rd in Duncan: Du East Duncan Land for sale : MLS®# 981559

    LT 10 Kingsview Rd Du East Duncan Duncan V9L 5S6
    Main Photo: LT 10 Kingsview Rd in Duncan: Du East Duncan Land for sale : MLS®# 981559
    $449,000
    Residential
    Status:
    Active
    MLS® Num:
    981559
    Breathtaking unobstructed views of the lake, mountains and the valley from this prime building lot located in one of the most desirable areas of Maple Bay. This exceptional building site comprised of 0.33 acres is one of the largest in the subdivision, bordered on one side by park land and on the view side by greenspace, and offers absolutely the best views. Fee simple lot that is ideally situated in an area of fine homes with full underground services, roads, street lighting and sidewalks in place. Municipal water, sewer, power and natural gas hook-ups are in place and available, and the current owners have a geotech report as well as engineered building plans for a spectacular home available to a prospective purchaser. Close to schools, Maple Bay Marina and Municipal Park with great hiking and biking trails. NO GST! More details
    Listed by Pemberton Holmes Ltd. (Dun)
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