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

613 Stevens Pl
Du Ladysmith Ladysmith V9G 2C6

$1,199,900
Residential beds: 4 baths: 5.0 3,506 sq. ft. built: 2010

EXECUTIVE HOME DESIGN LIVING ROOM
GOURMET KITCHEN ISLAND COUNTER WITH LOTS OF COUNTER SPACE EATING NOOK
UPPER BALCONY-DECK UNCOVERED OPEN SPACE ACCESS FROM PRIMARY BEDROOM
LOCATION LOCATION LOCATION WITH OCEAN VIEWS!
VIEWS EAST OF LADYSMITH HARBOUR COFFIN POINT
VIEWS FACING SOUTH WEST MOUNT BRENTON IN DISTANCE
UPPER BALCONY-DECK COVERED ACCESS FROM KITCHEN
OVER 3500 SQFT OF LIVING SPACE WITH BALCONY-DECKS TO ENJOY OCEAN VIEWS AND BEYOND!
DRIVEWAY ACCESS OFF CUL DE SAC DOWN PRIVATE DRIVEWAY
WELCOME TO 613 STEVENS PLACE LADYSMITH
GREAT LIFESTYLE WITH LARGE OVERSIZED BALCONY-DECKS
AERIAL VIEW OF HOME
FRONT DOOR LEVEL ENTRY OFFICE/DEN COVED CEILINGS
FRONT ENTRY LAUNDRY ROOM TO THE LEFT AND ENTRY TO GARAGE
MAIN LEVEL FORMAL DINNIG ROOM OFF KITCHEN
ELEGANT SPACIOUS FOYER FRENCH DOORS TO OFFICE/DEN FORMAL DINING AREA TO LEFT LIVING ROOM THROUGH ARCHWAY
MAIN LEVEL KITCHEN DELUXE LIGHTING
KITHCEN MAPLE CABINETS/RICH CHOCOLATE BROWN DESIGNER TILE FLOORING
WARM COLORS OF RICH BROWNS HUGE ISLAND GRANITE COUNTERS DESIGNER ACCENT TILE FLOORING STAINLESS APPLIANCES
KITCHEN VIEWS TO LIVING ROOM
KITCHEN ISLAND DOOR TO COVERED BALCONY-DECK VIEWS TO LIVINGROOM
MAIN LEVEL LIVING ROOM NATURAL GAS FIREPLACE HARDWOOD FLOORING
LIVING ROOM ARCHWAY DESIGN TO KITHCEN
MAIN LEVEL PRIMARY BEDROOM DOOR TO UNCOVERED BALCONY-DECK
PRIMARY BEDROOM DOOR TO WALK-IN CLOSET ENSUITE 5 PC - SEPARATE SHOWER/JETTED TUB/DOUBLE SINKS
PRIMARY BEDROOM DOOR TO UNCOVERED BALCONY-DECK OCEAN VIEWS
ENSUITE 5 PC WALK-IN SHOWER, DOUBLE SINKS, GRANITE COUNTERS, JETTED TUB, TOILET
ENSUITE JETTED TUB
MAIN LEVEL SECOND BEDROOM
MAIN LEVEL SECOND 4 PC BATHROOM TUB/SHOWER, TOILET, SINK
MAIN LEVEL LAUNDRY ROOM
MAIN LEVEL OFFICE/DEN EXCERCISE AREA
MAIN LEVEL FRENCH DOORS DEN/OFFICE EXCERCISE AREA
STAIRS TO LOWER LEVEL
STAIRS TO LOWER LEVEL
VIEWS EAST ACROSS HARBOUR TO YELLOW POINT
VIEWS EAST COFFIN POINT DISTANT NORTH SHORE MOUNTAINS
HARBOUR VIEWS
HARBOUR VIEWS
HARBOUR VIEWS
FLOOR PLAN ROOM MEASUREMENTS VERIFY IF IMPORTANT
HUGE CRAWL SPACE
LOWER LEVEL STAIRS ENTRY TO FAMIILY ROOM
LOWER LEVEL BALCONY-DECK ACCESS FROM BOTH FAMILY ROOM AND SELF-CONTAINED ONE BEDROOM SUITE
LOWER LEVEL BALCONY-DECK ACCESS FROM FAMILY ROOM VIEWS NORTH EAST
LOWER LEVEL FAMILY ROOM DOOR ACCESS TO BALCONY-DECK NATURAL GAS FIREPLACE
LOWER LEVEL FAMILY/RECREATION ROOM WET-BAR DINING NOOK DOOR TO SUITE....DOOR TO BALCONY-DECK
LOWER LEVEL FAMILY/RECREATION ROOM WET-BAR NATURAL GAS FIREPLACE
LOWER LEVEL FAMILY/RECREATION ROOM WET-BAR EATING NOOK STAIRWAY DOOR TO SUITE
LOWER LEVEL FAMILY/RECREATION AREA EATING NOOK
LOWER LEVEL THIRD BEDROOM
LOWER LEVEL THIRD BATHROOM 4PC TUB/SHOWER/SINK/TOILET
LOWER LEVEL SUITE KITCHEN
LOWER LEVEL SUITE KITCHEN LIVING ROOM
LOWER LEVEL SUITE LIVING ROOM
LOWER LEVEL SUITE LIVING AREA DOOR TO BALCONY-DECK DOOR TO FAMILY/RECREATION ROOM EATING NOOK
LOWER LEVEL SUITE EATING NOOK DOOR TO FAMILY/RECREATION ROOM
LOWER LEVEL SUITE LIVING ROOM DOOR TO KITCHEN DOOR TO OUTSIDE FOR ENTRY
LOWER LEVEL SUITE BEDROOM
LOWER LEVEL SUITE LAUNDRY AREA
LOWER LEVEL SUITE BATHROOM 4 PC TUB/SHOWER/SINK/TOILET
VIEWS WEST SIDE OF HOUSE YARD ENTRY TO SUITE
WEST SIDE OF HOME
FRONT PARKING AREA
LEVEL ENTRY INTO RESIDENCE
FRONT VIEW
EAST SIDE OF RESIDENCE

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Listed by Royal LePage Nanaimo Realty LD

Data was last updated January 19, 2025 at 10:05 AM (UTC)

Area Statistics

Listings on market:: 116

Avg list price:: $699,900

Min list price:: $65,000

Max list price:: $5,950,000

Avg days on market:: 73

Min days on market:: 2

Max days on market:: 688

Avg price per sq.ft.:: $426.51

These statistics are generated based on the current listing's property type and located in Du Ladysmith. Average values are derived using median calculations.

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