A Guide to Buying a Home in the Victoria, B.C. Real Estate Market

Comments Off Written on September 1st, 2014 by
Categories: Info Articles

Are you looking to purchase a home anytime soon? If yes, you’re not alone. According to a report from CBC News, home sales throughout Canada have been steadily increasing:

House Price

The real estate market is going strong, based on the number of houses being sold.

Sales have been climbing steadily — rising slightly for the sixth consecutive month.

July marks the highest level of home sales since March 2010, the agency said. Sales activity was 7.2 per cent higher than the same month a year ago.

Increases in sales activity for July also grew in markets such as Victoria and Winnipeg, and the Ontario markets of Ottawa, London and St. Thomas.

The Victoria, B.C. real estate market sees constant activity due to the fact that the city generally experiences pleasant and consistent weather, as well as the fact that Victoria is the capital of the province. As such, those who plan to buy a home in the area need to act quickly, lest they miss out on their dream home.

In a competitive real estate market, speed is the name of the game. When looking at houses for sale in Victoria, B.C., keep these tips in mind to help you land your dream home faster:

Check Your Credit Report

Before you begin your search, ask for a copy of your credit report from Equifax Canada or TransUnion. This should be the first step in the process as doing so early provides you time to fix your credit rating. The last thing you want to happen is to find the perfect home, only to realise the only mortgage you can secure comes with a massive interest rate.

Talk to Your Agent

Never underestimate having the help of an experienced real estate agent, like one from Victoria BC Real Estate Listings. Describe in detail what type of property you’re looking for. This helps your real estate agent narrow your choices down for you and help you avoid homes that do not fit the bill.

Pay in Cash

As long as you can afford to do so, be sure to pay in cash. This is especially true when it comes to down payments. Don’t forget that the seller is selling the property to make a profit. By paying in cash, you’re more likely to be favoured by the seller.

(Source: Average Canadian house price up 5% to $401,585, CREA says; CBC News; August 15, 2014)