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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  • 3017 Zen Lane in Colwood: Co Hatley Park Single Family Residence for sale : MLS®# 987853

    3017 Zen Lane Co Hatley Park Colwood V9B 2A1
    Main Photo: 3017 Zen Lane in Colwood: Co Hatley Park Single Family Residence for sale : MLS®# 987853
    $1,199,000
    Residential
    Status:
    Active
    MLS® Num:
    987853
    Bedrooms:
    6
    Bathrooms:
    3
    Floor Area:
    2,640 sq. ft.
    Colwood Gem with Income-Generating 2-Bed Legal Suite! Nestled on a tranquil cul-de-sac near Royal Roads University and a short stroll to Westshore Mall, this impressive home built in 2020 features 6 bedrooms and 3 bathrooms spread across well-designed 2 levels. Enjoy an open-concept main floor with stylish modern kitchen—complete with gas stove and generous dine-in island. The living and dining areas are ideal for entertaining. Relax in the spacious primary suite with a XL walk-in closet and modern ensuite, plus 2 additional bedrooms for family or guests. The outdoor area includes a large deck and a private, fully fenced backyard—ideal for gatherings. Lower level has 4th bedroom, making it great for a home office or guest room, and a spacious garage. The bright above-ground legal suite is perfect for extra income or extended family. This home combines contemporary design, functionality, and a prime location for an extraordinary living experience. Don’t wait—contact your Realtor today! More details
    Listed by Pemberton Holmes Ltd. – Oak Bay
  • 1165 Kathleen Dr in Duncan: Du East Duncan Single Family Residence for sale : MLS®# 987657

    1165 Kathleen Dr Du East Duncan Duncan V9L 5S4
    Main Photo: 1165 Kathleen Dr in Duncan: Du East Duncan Single Family Residence for sale : MLS®# 987657
    $869,900
    Residential
    Status:
    Active
    MLS® Num:
    987657
    Bedrooms:
    3
    Bathrooms:
    2
    Floor Area:
    1,913 sq. ft.
    A BEAUTIFUL HOME! Modern elegance meets natural serenity on a 0.46 acre lot in Maple Bay. Warm, oak hardwood floors, an abundance of natural light, tasteful updates and versatile layout. The heart of the home is a gorgeous kitchen with white-shaker cabinets, stainless steel appliances, stunning granite countertops, separate breakfast nook and family room area. French doors open to an expansive deck to revel in a peaceful, private backyard adorned with mature trees and mountain glimpses. Bright, airy living and dining complimented by a cozy double-sided wood-burning fireplace. Enjoy a spacious primary bedroom with 3-piece ensuite and deck access. Maple stairs lead to the lower level which boasts a fully-finished bonus room, more than enough storage and walk-out access. Apple and plum trees, roses, peonies and vibrant tulips thrive in the sunny, south-facing garden. An electric vehicle charger in the double garage for convenience. A wonderful location ready to welcome you! More details
    Listed by RE/MAX Island Properties
  • 2155 Salmon Rd in Nanaimo: Na University District Single Family Residence for sale : MLS®# 985768

    2155 Salmon Rd Na University District Nanaimo V9T 0A8
    Main Photo: 2155 Salmon Rd in Nanaimo: Na University District Single Family Residence for sale : MLS®# 985768
    $849,900
    Residential
    Status:
    Active
    MLS® Num:
    985768
    Bedrooms:
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    Bathrooms:
    4
    Floor Area:
    1,924 sq. ft.
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    Listed by Royal LePage Nanaimo Realty (NanIsHwyN)
  • 2730 SW Cedar Heights Cres in Nanaimo: Na Cedar Single Family Residence for sale : MLS®# 987572

    2730 SW Cedar Heights Cres Na Cedar Nanaimo V9X 1N9
    Main Photo: 2730 SW Cedar Heights Cres in Nanaimo: Na Cedar Single Family Residence for sale : MLS®# 987572
    $1,650,000
    Residential
    Status:
    Active
    MLS® Num:
    987572
    Bedrooms:
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    Bathrooms:
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    Floor Area:
    3,626 sq. ft.
    5-ACRES PRIVATE ESTATE: With x2 Homes+ a Guest Cottage+ x2 SHOPS w/suite; nearly 5000 sq ft of total living space! Homes are 2 beds/2 baths plus plenty of outdoor deck space to relax. The fully serviced detached shop includes 10ft ceilings, 200 amp service, office, kitchen & bathroom. The 650 sq/ft guest cottage offers kitchenette & loft; perfect artist’s studio or Air B&B. Site has an extra 1500 sq ft of storage via container shop, huge hanger & small shed. There is so much space & rental potential! Professionally landscaped, south facing fenced acreage. Garden, drip irrigated orchard with 80+ mature fruit trees. Excellent well water system, a fenced garden area, x3 serviced RV pads, fire pit & playground w/120’ zipline. Imagine the gatherings you could have! Located on quiet cul-de-sac, peaceful forest trail & stream backs right onto the beautiful Cable Bay Trails. 15 minutes to the airport, Ladysmith & Downtown Nanaimo. All measurements approximate & should be verified if important. More details
    Listed by Sutton Group-West Coast Realty (Nan)
  • 6989 Owen Rd in Lantzville: Na Lower Lantzville Single Family Residence for sale (Nanaimo) : MLS®# 987748

    6989 Owen Rd Na Lower Lantzville Lantzville V0R 2H0
    Main Photo: 6989 Owen Rd in Lantzville: Na Lower Lantzville Single Family Residence for sale (Nanaimo)  : MLS®# 987748
    $2,179,000
    Residential
    Status:
    Active
    MLS® Num:
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    Bedrooms:
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    Bathrooms:
    4
    Floor Area:
    3,312 sq. ft.
    Privacy, modern luxury, & natural elegance. 1.11 acres in highly sought-after Lower Lantzville. Beautifully updated oceanview home, peaceful retreat minutes from N. Nanaimo. Nearby coveted beaches, nature destinations, top-rated school catchments. Thoughtfully renovated throughout, bright & airy living space w. timeless updates & high-quality finishes. Natural elements, warm wood & stone accents, custom cabinetry, upscale appliances, Vancouver Island marble countertops, hardwood flooring, heated floors. Crestron smart home system controls lighting, audio, security. In-law suite w. private entrance, laundry, bonus room above garage. Professionally landscaped, fully fenced, irrigated, beauty & functionality. Gated driveway, expansive backyard w. level lawn, veg garden, greenhouse. Outdoor living; hot tub, outdoor shower, patio, captures views of Winchelsea Islands. Kohler generator backup power. Ideal balance of privacy & luxury, this remarkable Lantzville home presents rare opportunity. More details
    Listed by Royal LePage Nanaimo Realty (NanIsHwyN)
  • 3314 Hazelwood Rd in Langford: La Happy Valley Single Family Residence for sale : MLS®# 987845

    3314 Hazelwood Rd La Happy Valley Langford V9C 0H3
    Main Photo: 3314 Hazelwood Rd in Langford: La Happy Valley Single Family Residence for sale : MLS®# 987845
    $1,099,900
    Residential
    Status:
    Active
    MLS® Num:
    987845
    Bedrooms:
    5
    Bathrooms:
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    Floor Area:
    2,484 sq. ft.
    This bright, former show home is incredibly spacious with the perfect family layout! The main floor provides a 4th bedroom, playroom or perfect home office, guest bathroom, HUGE living room, ample kitchen with pantry and an eating area with access to the super cute fully fenced yard with garden beds and irrigation. Upstairs are 3 generous bedrooms with fluffy new carpet, including the primary bedroom with ensuite and walk in closet. A thoughtfully designed, partially furnished LEGAL 1 bedroom and 1 bathroom suite with its own hydro and laundry above the garage (vacant, last tenant’s paid $1850). Additional bonuses are the 1 yr old hot water thank, 2yr old washer & dryer, the entire interior was repainted 2yrs ago, across the road is a lush treed buffer between Hazelwood Crossing & the Galloping Goose trail, loads of street parking, Happy Valley Elementary is a block away and all the amenities of Langford are nearby. This is truly a fabulous family home! More details
    Listed by Royal LePage Coast Capital – Westshore
  • 1545B Willemar Rd in Courtenay: CV Courtenay City Half Duplex for sale (Comox Valley) : MLS®# 985645

    1545B Willemar Rd CV Courtenay City Courtenay V9N 3M2
    Main Photo: 1545B Willemar Rd in Courtenay: CV Courtenay City Half Duplex for sale (Comox Valley)  : MLS®# 985645
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    Status:
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    MLS® Num:
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    Listed by Royal LePage Parksville-Qualicum Beach Realty (PK)
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    5 4320 Garrod Rd PQ Bowser/Deep Bay Bowser V0R 1G0
    Main Photo: 5 4320 Garrod Rd in Bowser: PQ Bowser/Deep Bay Single Family Residence for sale (Parksville/Qualicum)  : MLS®# 987863
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    Status:
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    MLS® Num:
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    Bedrooms:
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    Bathrooms:
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    Floor Area:
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    POSSIBLY THE BEST PRICED Semi waterfront home! Steps from the beach, this lock-and-go executive seaside home offers breathtaking ocean views & abundant natural light. The impressive Great Room features vaulted ceilings, engineered hardwood, & stone F/P. A bright, modern, open-concept kitchen offers vast cupboard & countertop space, a generous central island, a large pantry & SS appliances. The primary suite showcases a WI closet, a 5-piece spa-inspired ensuite with heated floors & a large balcony overlooking the ocean. The entry-level boosts an ocean-view office/bedroom, 4pc bath, and massive 38×18 storage/laundry area ideal for future development. A new heat pump & hot water tank ensure peace of mind. Enjoy your morning coffee on one of the expansive oceanview decks or an evening wine while watching spectacular sunsets. Ocean/beach access steps away. Minutes to Deep Bay Marina, biking/walking trails, grocery store, gallery, & coffee shop, minutes to Qualicum Beach or Courtenay/Comox. More details
    Listed by Royal LePage Parksville-Qualicum Beach Realty (PK)
  • 2365 N French Rd in Sooke: Sk Broomhill Single Family Residence for sale : MLS®# 987746

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    Main Photo: 2365 N French Rd in Sooke: Sk Broomhill Single Family Residence for sale : MLS®# 987746
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    Status:
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    MLS® Num:
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    Bedrooms:
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    Bathrooms:
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    Floor Area:
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    Picture Perfect Family Home! Impeccably maintained & lovingly owned detached home located in the established, walkable & family friendly neighbourhood of Broomhill! 1976 built bi-level entry offers 4 BR + den, 2 BA, bonus rec.room & a functional, flexible floor plan! Bright, open living room w/cozy wood insert & updated vinyl windows. Gleaming HW floors span the main level! Adjoining formal dining room w/access to private back deck & yard access. Fresh paint in & out! Country kitchen w/quartz counter tops & stunning tile backsplash. 3 sizable BR & 4-pce BA complete upstairs! Downstairs, find 4th BR, 3-pce BA, & oversize family room w/woodstove. Secondary access via French doors make this basement ideal for in-law suite conversion! Or, use as is & enjoy the entire home! Bonus den is perfect for home office. Dedicated laundry & single car garage provide plenty of storage. Fully fenced backyard w/picturesque garden, storage shed & whimsical willow. This one is move-in-ready. Welcome HOME! More details
    Listed by Royal LePage Coast Capital – Sooke
  • 780 S Alder St in Campbell River: CR Campbell River Central Single Family Residence for sale : MLS®# 986247

    780 S Alder St CR Campbell River Central Campbell River V9W 1Z1
    Main Photo: 780 S Alder St in Campbell River: CR Campbell River Central Single Family Residence for sale : MLS®# 986247
    $624,800
    Residential
    Status:
    Active
    MLS® Num:
    986247
    Bedrooms:
    3
    Bathrooms:
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    Floor Area:
    1,088 sq. ft.
    Well cared for centrally located Rancher in beautiful Campbell River! This home is exceptional for first time buyers, small families or retirees looking for a low maintenance home with several updates. The plan offers 3 bedrooms, 2 bathrooms, single level living, a nice sized living room with a gas fireplace, galley style kitchen with stainless appliances including a gas stove. The second bathroom has a newly finished tiled stand up shower stall. Some updates include: Hardie Plank siding, vinyl windows (2017), high efficiency gas furnace (2021), high efficiency gas Rinnai tankless water heater (2020), Washer & Dryer (2023) and more. Other notable features include; generator hook up for power outages, irrigation drip lines for gardens, a level 2 EV charging port, gas BBQ outlet, powered workshop and garden shed, raised garden beds, fruit trees, beautiful water feature and RV Parking. Don’t wait, setup a viewing today! More details
    Listed by Royal LePage Advance Realty
  • 1 1344 Thurlow Rd in Victoria: Vi Fairfield West Land for sale : MLS®# 985392

    1 1344 Thurlow Rd Vi Fairfield West Victoria V8S 1L6
    Main Photo: 1 1344 Thurlow Rd in Victoria: Vi Fairfield West Land for sale : MLS®# 985392
    $699,000
    Residential
    Status:
    Active
    MLS® Num:
    985392
    Here’s your exclusive chance to secure a remarkable package: two vacant residential lots in the highly sought-after Fairfield neighborhood. Recently subdivided 1344 Thurlow Rd, has two flat parcels offering approved building plans. #1 (Lot B) is an expansive 8038 sq ft panhandle lot, with thoughtfully designed plans encompassing a 1625 sq ft ranch-style home. #2 (Lot A) is a front lot spanning 4952 sq ft with approved designs showcasing a 2175 sq ft two-level home complete with suite. Work with these plans, develop your own on one or both, or work with the City to combine both lots again for a larger project. Boulevard improvements as well as rough gravel driveway are complete. City sewer/water have been installed to the front of the property line. Steps from Sir James Douglas Elementary School, Fairfield Plaza, Cook Street Village and the waterfront.(*Must be purchased together with #2-1344 Thurlow, Lot A, MLS 985395) Prices for land only. More details
    Listed by Clover Residential Ltd.
  • 2 1344 Thurlow Rd in Victoria: Vi Fairfield West Land for sale : MLS®# 985395

    2 1344 Thurlow Rd Vi Fairfield West Victoria V8S 1L6
    Main Photo: 2 1344 Thurlow Rd in Victoria: Vi Fairfield West Land for sale : MLS®# 985395
    $699,000
    Residential
    Status:
    Active
    MLS® Num:
    985395
    Here’s your exclusive chance to secure a remarkable package: two vacant residential lots in the highly sought-after Fairfield neighborhood. Recently subdivided 1344 Thurlow Rd, has two flat parcels offering approved building plans. #2 (Lot A) is a front lot spanning 4952 sq ft with approved designs showcasing a 2175 sq ft two-level home complete with suite. #1 (Lot B) is an expansive 8038 sq ft panhandle lot, with thoughtfully designed plans encompassing a 1625 sq ft ranch-style home. Work with these plans, develop your own on one or both, or work with the City to combine both lots again for a larger project. Boulevard improvements as well as rough gravel driveway are complete. City sewer/water have been installed to the front of the property line. Steps from Sir James Douglas Elementary School, Fairfield Plaza, Cook Street Village and the waterfront. (*Must be purchased together with #1-1344 Thurlow, Lot B, MLS 985392) Prices for land only. More details
    Listed by Clover Residential Ltd.
37-48/4,431
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