If you’ve been sitting on the sidelines waiting for the right time to buy a home in Victoria, this summer might be your chance.

While spring often steals the spotlight, summer brings quieter conditions, solid selection, and the chance to move at your own pace—especially in a year where market activity is steady but not frantic.

Here’s why buyers have more breathing room right now—and how to make the most of it.

1. More Inventory, Less Pressure

The Victoria Real Estate Board reported over 3,700 active listings at the end of July—a 10% increase from this time last year. This means you have more homes to choose from and, in many cases, more time to explore your options.

While spring was fast-paced with multiple offers on hot properties, summer brings a bit more balance. You may still encounter competition on well-priced listings, but you’re also less likely to be rushed into a decision.

2. Pricing Is Predictable—And That’s a Good Thing

In July, the benchmark price for a single-family home in the Victoria Core was $1,338,800, up 3.3% from last year. Condo prices, meanwhile, dipped slightly to $563,300, which could mean great entry points for first-time buyers or investors.

Flat or slowly rising prices mean you can shop with more confidence—knowing that you’re entering a stable market, rather than one that’s swinging up or down dramatically.

3. Life Is Just Easier in the Summer

If you're relocating, upsizing, or timing a move around school schedules, summer offers practical benefits:

• More daylight = better viewing times

• Easier to coordinate movers or renovations

• Kids can start school in September already settled

• You can actually enjoy the move without rain, mud, or winter blues

And hey—what better time to fall in love with a neighbourhood than when the Island is showing off its summer best?

4. You Can Still Shop Smart

Yes, the Bank of Canada held rates steady, and that’s good news—but be aware of credit card balances or debts that might affect your approval. We broke that down in this month’s Mortgage Minute blog.

Want to get pre-approved or check if your credit score is buyer-ready? I can connect you with trusted local mortgage pros who’ll give you a realistic picture before you fall in love with a listing. Just ask me.

Let’s Make It Happen Before Fall Frenzy Hits

Late August is a perfect window for serious buyers—inventory is strong, the market is balanced, and fall competition hasn’t ramped up yet. If you're thinking of buying this year, let’s start with a quick, no-pressure chat about what you’re looking for.

🏡 Click here to book a buyer consult or browse active listings now → search

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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The crocuses are blooming, the days are getting longer, and "For Sale" signs are popping up everywhere. Welcome to the spring housing market! While the warmer weather and increased inventory make it an exciting time for first-time home buyers, it's also traditionally the busiest and most competitive season in Victoria.

But don't let that deter you! With the right preparation and strategy, you can navigate the buzz and land your dream home. Here's what first-time home buyers should focus on to stay ahead and get the house they want this spring.

1. Get Pre-Approved, Not Just Pre-Qualified (and Do It NOW!)

This is the golden rule for spring market success. A mortgage pre-approval is miles ahead of a pre-qualification. A pre-qualification is a quick estimate of what you might be able to borrow, while a pre-approval means a lender has verified your financial information, credit score, and income, and committed to lending you a specific amount.

Why this matters in spring:

• Shows you're serious: In a competitive market, sellers and their agents prioritize offers from pre-approved buyers. It signals you're financially ready and reduces the risk of the deal falling through.

• Know your true budget: You'll have a clear understanding of exactly how much you can afford, saving you time and preventing you from falling in love with homes out of your price range.

• Act fast: When that perfect home appears, you'll be ready to make a strong offer without delay. Homes in the spring can sell in days, even hours!

2. Understand Victoria's Market Dynamics

While the overall Victoria market has seen some shifts, the spring market still brings a surge in listings and buyer activity.

• More inventory, more competition: You'll have more homes to choose from, but so will everyone else.

• Be prepared for quick decisions: Desirable properties, especially in prime locations, will move very fast.

• Monitor local trends: Work closely with me as your real estate agent to understand the specific dynamics of your desired neighbourhood. Are bidding wars common? Are prices holding steady or declining?

3. Define Your "Must-Haves" vs "Nice-to-Haves"

Before you even step into your first open house, sit down and make a comprehensive list.

• Must-haves: These are non-negotiable features (e.g., number of bedrooms, specific school district, attached garage).

• Nice-to-haves: These are features you'd love but could compromise on (e.g., granite countertops, a specific type of flooring, a large backyard).

• Deal-breakers: What absolutely won't work for you (e.g., on a busy road, needs major structural repairs).

Having this clarity will help you filter listings efficiently and make confident decisions when you're under pressure.

4. Assemble Your Dream Team

You wouldn't build a house without an architect and a contractor, so don't buy one without the right professionals!

• Experienced Real Estate Agent: I’m a local agent who truly understands the spring market in your desired area is invaluable. I’ll give you early access to listings, help you craft competitive offers, and navigate negotiations.

• Mortgage Broker: While banks offer their own products, a mortgage broker shops around with multiple lenders to find you the best rates and terms. They can explain different mortgage types (fixed vs. variable) and help you understand your options. I can recommend great professionals to work with.

• Home Inspector: Even in a fast-paced market, do not skip the home inspection. Spring weather can reveal issues that might be hidden in winter. A professional inspection can uncover potential problems and save you from costly surprises down the road. Need one? I’ve got you!

5. Be Ready to Make a Strong, Strategic Offer

In a competitive spring market, your offer needs to stand out.

• Competitive Price: As your agent, I’ll help you determine a fair and competitive offer based on recent comparable sales. In some areas, offering slightly over asking might be necessary.

• Limit Contingencies (Carefully!): While contingencies (like financing or inspection clauses) protect you, too many can make your offer less attractive to a seller. We’ll discuss which ones you can safely reduce or waive, especially if you have a solid pre-approval.

• Flexible Closing Date: Accommodating the seller's preferred closing date can give you an edge, even if your price isn't the absolute highest.

• Personalized Letter (Optional but Powerful): A heartfelt letter to the sellers, explaining why you love their home and envision your life there, can sometimes create an emotional connection that sways their decision.

6. Budget Beyond the Purchase Price

Many first-time buyers focus solely on the down payment and mortgage, but there are other significant costs to factor in:

• Closing Costs: These include legal fees, property transfer tax, title insurance, appraisal fees, and more. They typically range from 1.5% to 4% of the purchase price in Victoria.

• Property Taxes: Don't forget these ongoing costs!

• Home Insurance: A mandatory expense when you have a mortgage.

• Moving Expenses & Initial Repairs: Factor in costs for movers, new appliances, or any immediate fixes.

The spring market offers a fantastic opportunity for first-time home buyers in Victoria, with more choices and potentially easing prices in some segments. By being prepared, proactive, and working with the right professionals, you can confidently enter the market and achieve your homeownership dreams this season.

Don't just dream about your first home – make it a reality this spring! Start your pre-approval process today and connect with me, your trusted local real estate agent, to get a head start.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Buying a strata property can be an exciting step towards homeownership. However, it's crucial to remember that along with your mortgage payment, property taxes, and utilities, you'll also have monthly strata fees. These fees cover a range of expenses related to the upkeep and maintenance of the building and common areas. Failing to factor in these fees can significantly impact your monthly budget and potentially strain your finances.

What are Strata Fees and What Do They Cover?

Strata fees are a recurring monthly charge levied on each strata lot owner within a strata corporation. These fees contribute towards various expenses, including:

• Building maintenance: This includes routine maintenance tasks such as landscaping, cleaning common areas, and repairs to the building structure.

• Insurance: Strata fees often cover building insurance, which protects the building and common areas from damage or loss.

• Amenities: If your building has amenities like a gym, pool, or party room, the fees will contribute to their maintenance and upkeep.

• Reserve fund contributions: A portion of your strata fees goes towards a reserve fund, which is used for major repairs and replacements, such as roof replacements or elevator upgrades.

• Property management: If your building has a property manager, their salary and administrative costs are typically covered by strata fees.

Why are Strata Fees Important for Your Budget?

Strata fees can vary significantly depending on the size of the building, the age of the building, the amenities offered, and the quality of building management. It's essential to consider these fees as a non-negotiable part of your monthly housing costs.

Here's a simple breakdown of how to factor strata fees into your budget:

1. Estimate your monthly mortgage payment: Use an online mortgage calculator to determine your estimated monthly mortgage payment based on the purchase price, interest rate, and loan term.

2. Calculate property taxes: Research property tax rates in the area and estimate your annual property taxes. Divide this by 12 to get your monthly property tax payment.

3. Estimate utilities: Consider your estimated monthly costs for electricity, gas, water, and internet.

4. Factor in strata fees: Obtain a copy of the strata corporation's financial statements to get an accurate estimate of the monthly strata fees.

5. Create a monthly budget: Add up your estimated mortgage payment, property taxes, utilities, and strata fees to determine your total monthly housing costs.

6. Factor in other expenses: Don't forget to include other essential living expenses such as groceries, transportation, and entertainment in your overall budget.

Tips for Budgeting Effectively:

• Review your strata corporation's financial statements: This will give you a better understanding of how your strata fees are being used and whether there are any upcoming major expenses.

• Consider the long-term implications: Keep in mind that strata fees can increase over time due to factors such as inflation and the need for major repairs.

• Build an emergency fund: Having an emergency fund can help you cover unexpected expenses related to your strata property, such as special assessments or unexpected repairs.

By carefully considering strata fees and incorporating them into your monthly budget, you can make an informed decision about whether strata living is the right choice for you and ensure that you can comfortably afford your housing costs.

Ready to start your condo search? Contact me today for a personalized consultation and let's find the perfect home for you.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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Spring is in the air, and so is the excitement of finding your dream home! 🌷 This is a prime time for the real estate market, but it can also be competitive. To help you navigate the spring home search with confidence, I've put together some essential tips and tricks.

1. Get Your Finances in Order 

• Pre-Approval is Key: Before you start your search, get pre-approved for a mortgage. This will give you a clear understanding of your budget and show sellers you're a serious buyer. I can point you to several professional mortgage brokers to find your best rate options.

• Down Payment & Closing Costs: Ensure you have your down payment and closing costs readily available.

2. Define Your Needs & Wants 

• Make a List: Create a list of your must-haves and nice-to-haves. This will help you narrow down your search and stay focused.

• Consider Your Lifestyle: Think about your lifestyle and what kind of home and neighbourhood will best suit your needs.

3. Find the Right Realtor (That's Me!)

• Local Expertise: A knowledgeable realtor with local expertise can make all the difference. I can provide valuable insights into the Victoria market and help you find the perfect home.

• Communication is Key: Choose a realtor who communicates effectively and is responsive to your needs.

4. Be Prepared to Act Quickly 

• Hot Market: In a competitive spring market, desirable properties can sell quickly.

• Stay Informed: Set up alerts for new listings and be prepared to view properties as soon as they become available.

5. Don't Skip the Inspection 

• Protect Your Investment: A thorough home inspection can uncover potential issues and save you from costly repairs down the road.

6. Embrace Flexibility 

• Be Open-Minded: Be open to considering different neighbourhoods or property types. You might be surprised at what you find.

7. Negotiate Strategically 

• Work with Your Realtor: I can help you craft a competitive offer and negotiate the best possible terms. I also have your back on a million other things during the buying phase.

Ready to Find Your Dream Home?

Spring is the perfect time to make your real estate dreams a reality. As your local Victoria Realtor®, I'm here to guide you every step of the way. Let's connect and find your perfect place!

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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Get the newsletter!

Spring is just around the corner, and so is the HOT real estate market on Vancouver Island! Are you ready to make your dream of homeownership a reality? This guide will walk you through the essential steps to prepare for a successful spring home search.

The spring market often sees increased competition, so being prepared is key. Let's dive into what you need to do:

1. Get Pre-Approved for a Mortgage:

Knowing how much you can afford is KEY to a successful home search. Getting pre-approved for a mortgage is the crucial first step. It shows sellers you're a serious buyer and gives you a clear budget to work with. Don't skip this! I can recommend professional mortgage brokers to work with.

2. Gather Your Funds:

Start saving for your down payment and deposit NOW! Having your finances in order will make the process smoother and more competitive. Every little bit counts! 

3. Connect with a Realtor (That's Me!):

A good realtor is your best ally in this market. I can help you navigate the often complex process, find the right properties that match your needs and budget, and negotiate the best deal. Let's chat! I'm here to guide you every step of the way.

4. Educate Yourself About the Market:

Understanding the home-buying process is crucial. From current market trends to legal considerations, being informed empowers you to make confident decisions. I'm here to answer all your questions! Knowledge is power in the real estate market.

Ready to Make Your Spring Real Estate Dreams a Reality?

I can connect you with trusted mortgage brokers, lawyers, home inspectors, and other professionals you'll need for a smooth transaction. Let's work together to find your perfect place on Vancouver Island! Contact me today to get started! ➡️ 250.415.5656 | jac@yourvanislehome.com | www.yourvanislehome.com

To learn more before we chat, download your FREE home-buying guide right here.

Understanding Strata Ownership: A Guide for Victoria Home Buyers

Are you thinking about buying a home, condo or townhouse in Victoria with a strata? It's a great way to enjoy the benefits of homeownership without the hassle of maintaining a single-family home. However, there's one important thing to understand before you take the plunge: strata ownership.

What is Strata Ownership?

Strata ownership is a form of ownership where you own your individual unit within a larger building or complex. You also share ownership of the common property, which includes everything outside your unit's walls. This includes things like the building exterior (roof, walls, landscaping), shared amenities (pools, gyms), and building systems (plumbing, electrical). A strata can be associated with a single-family home, duplex or half duplex (freehold), row/townhome, or condominium.

The Strata Plan document outlines all of the details on who owns what—whether exclusive use or common shared ownership. In addition, the strata has a set of rules and by-laws that govern the use of the units and surrounding property. These types of documents—called supplements—can be found with the listing information accessed by Realtors.

What Does This Mean for You as a Homeowner?

As a strata owner, you are responsible for:

• The interior maintenance of your unit

• Your share of common expenses, which are covered by strata fees

• Potential special levies for major repairs

Common Misconceptions About Strata Ownership

One common misconception is that you are only responsible for what's inside your unit. The strata corporation handles everything outside. However, this is not the case. As a strata owner, you are jointly responsible for the maintenance and upkeep of the entire property.

Another misconception is that strata fees are a fixed cost. Strata fees can fluctuate depending on the needs of the building. For example, if the building needs a major repair, a special levy may be assessed to all owners.

Why Understanding Strata Ownership is Important

Understanding strata ownership is important for several reasons. First, it can help you avoid unexpected costs. If you are not aware of your responsibilities as a strata owner, you may be surprised by a special levy or a bill for repairs to the common property.

Second, understanding strata ownership can help you avoid disagreements with other owners. If you are not sure who is responsible for what, it can lead to conflict.

How to Get Informed About Strata Ownership

If you are considering buying a strata-managed property in Victoria, it is important to do your research on strata ownership. Here are a few tips:

• Read the strata documents carefully. These documents will outline the rights and responsibilities of owners, as well as the rules and regulations of the strata corporation.

• Attend strata meetings. This is a great way to learn about the financial health of the strata corporation and any upcoming projects.

• Talk to me. I can help you understand the specific strata corporation for the property you are interested in.

Buying a home in Victoria? I Can Help!

If you are thinking about buying a condo or townhouse in Victoria, I can help. I’m an experienced professional who can help you understand strata ownership and find the perfect property for your needs.

Contact me today to learn more!

Jacqueline Ross, REALTOR®
250.415.5656
jac@yourvanislehome.com