How much do I need for a deposit, and when do I pay it?
In Greater Victoria, a deposit of around 5% of the purchase price is common, though it is negotiable and stronger offers sometimes carry more. The deposit is usually paid when your subjects are removed, not when the offer is written, and it is held in trust by the brokerage or a lawyer until completion. It forms part of your purchase price, so it is not an extra cost, but it does need to be liquid and reachable on short notice. We will talk about the right deposit for your situation before we write anything, because it is one of the signals a seller reads when comparing offers.
What closing costs should a buyer budget for in BC?
Beyond your down payment, the main items are:
- Property Transfer Tax (PTT). Most buyers pay it. There are exemptions for qualifying first time buyers and for some newly built homes, subject to value thresholds. (Thresholds and exemptions change with provincial budgets.)
- GST. Newly built homes are generally subject to GST; resale homes generally are not.
- Legal fees. A lawyer or notary handles conveyancing and registration, typically a modest four figure amount for a standard purchase.
- Inspection, appraisal and adjustments. A home inspection, any lender required appraisal, and adjustments for prepaid taxes or strata fees at completion.
A rough working figure many buyers use is 1.5% to 3% of the purchase price on top of the down payment, but your real number depends on the property. I will build you an actual estimate before you write an offer, not after.
How do I get pre-approved, and how long does it last?
A pre-approval means a lender or mortgage broker has reviewed your income, debts and credit and confirmed the amount they are prepared to lend, subject to the property itself checking out. It is not a guarantee of financing, which is why offers often still carry a financing subject. Pre-approvals commonly hold a rate for around 90 to 120 days. One caution from the fall of 2026 market: fixed rates move with bond yields, not with the Bank of Canada, and they rose through September 2026 even while the Bank held steady. If your pre-approval dates back a few months, get it refreshed before you shop. Your budget may have quietly shrunk.
What is the cooling off period I keep hearing about?
Most residential purchases in BC carry a Home Buyer Rescission Period: after an offer is accepted, the buyer generally has three business days to walk away, no reason required, by giving written notice and paying a rescission fee of 0.25% of the purchase price. Some property types are exempt. It is a safety valve, not a negotiating tool, and it does not replace proper subjects for inspection, financing and document review. I will flag the exact deadline in writing on any offer we write.
How long will it take to sell my home?
It depends on price and presentation more than anything else. In September 2026, homes that sold in Oak Bay took a median of about 30 days, and the well priced, well presented listings across Victoria moved in roughly three to four weeks, even in a slower, buyer leaning market. Overpriced homes sat, and several ended up taking price reductions. The honest answer for your home comes from a comparative market analysis: recent sales of similar homes, current competing listings, and how your home shows against both. That is the first thing I prepare when we talk about selling, and it comes before any discussion of list price.
What should I do before listing?
Start with the things buyers and inspectors notice anyway: deferred maintenance, drainage, the roof, and anything that will read as a question mark in an inspection. Decluttering and a deep clean do more for first impressions than most renovations started on the eve of a sale. If you are considering bigger work, talk to me first. Some of it pays for itself, much of it does not, and the answer depends on your street and your likely buyer. I will walk your home with a seller's eye and give you a short, prioritized list, including what to leave alone.
What should I check before buying a strata condo or townhouse?
The documents matter as much as the unit. Before removing subjects you should review, at minimum: the Form B Information Certificate, the strata's financial statements and budget, the contingency reserve fund balance, the depreciation report, council minutes for the past couple of years, and the bylaws and rules that will govern your daily life (pets, rentals, renovations, parking). What you are looking for is how well the building is funded and what special levies may be coming. I order these documents as a matter of course and go through them with you line by line, because a cheap unit in an underfunded strata is not cheap for long.
What if the home I want to buy has a tenant in it?
It is common in Victoria, and it is workable, but tenancy law sets the terms, not the contract alone. A buyer who intends to live in the home can generally require the tenant to move out, but only with the notice period and process the Residential Tenancy Act prescribes, and the completion date has to be planned around it. If you plan to keep the tenant, you inherit the existing tenancy agreement and rent as it stands. (Specific notice periods are set by legislation and change.) Either way, raise it before we write the offer, not after, because it affects dates, deposits and what goes in the contract.
Should I use the listing agent to buy, or my own agent?
In BC, one agent generally cannot act for both the buyer and the seller in the same transaction; dual agency has been banned since 2018 outside of narrow exceptions. So the listing agent you meet at an open house works for the seller, and anything you tell them is information their client can use. Working with your own buyer's agent costs you the same in practice, since commissions are typically paid from the seller's side by agreement, and it means one person in the process owes their loyalty only to you. This site is built around that idea: I work mostly with buyers across Oak Bay, Fairfield and the surrounding areas, many of them looking at other agents' listings.
What is the assistant on this website, and what happens with my information?
The chat assistant on this site is an AI tool I have set up to answer general questions about neighbourhoods, current listings and the buying and selling process, at any hour. It can search the listings currently on the market, explain how things work, and help you book a call with me. Two honest limits: it will not estimate what your home is worth (that takes a proper analysis, which I do myself), and it does not give legal or tax advice. If you leave your name and contact details, they come to me directly as an enquiry, the same as a phone message, so I can follow up. Nothing you type is sold or shared with other brokerages.
