Thinking of buying your first home? I guess that can be challenging when homes for sale in Victoria, BC average $1M. Makes saving that downpayment almost impossible, I know. Thankfully, there are a few solutions to this problem.
The first option I mention to my clients is the first time home buyer incentive program. If you’re a first time home buyer and your income is under $120,000 then you might qualify. This program allows buyers to save up to $286 on their monthly mortgage payment. They do this through a shared equity mortgage where they provide 10% of the homes’ cost.
Now, even with a 10% help, real estate in Victoria BC is a little costly. And well, there’s more to the area that you may not be considering. Here are some of my favorite communities:
Tofino, BC.
Tofino is a small district on Vancouver Island, and it is straight out of a dream. Tofino real estate varies in prices, but every now and then you can find yourself an affordable gem in the perfect location. For example, check out this beautiful condo steps from the water.
Cobble Hill
Cobble Hill real estate is more affordable than Tofino and this village is only 45 kilometres north of Victoria in the Cowichan Valley Regional District. Unlike in Victoria, properties under the $500,000 mark are more accessible. Currently, I’ve been obsessing over the views of this property we have listed in the area. The potential for this one is crazy.
Salt Spring
I’m sure by now you’ve already looked at some Salt Spring Island real estate, and I don’t blame you. Salt Spring Island is located between mainland British Columbia and Vancouver Island. This community is the definition of peaceful wrapped in the beautiful scenery. Currently, we have a waterfront 2 bed 3 bath townhouse listed under $500,000. Now, this is what you call affordable, yet beautiful BC living.
Now that you’ve discovered a more affordable way to purchase your new property either in Victoria or in one of the surrounding communities, your next step is to talk to your bank and your real estate agent. Don’t have one? Give us a call.
The first option I mention to my clients is the first time home buyer incentive program. If you’re a first time home buyer and your income is under $120,000 then you might qualify. This program allows buyers to save up to $286 on their monthly mortgage payment. They do this through a shared equity mortgage where they provide 10% of the homes’ cost.
Now, even with a 10% help, real estate in Victoria BC is a little costly. And well, there’s more to the area that you may not be considering. Here are some of my favorite communities:
Tofino, BC.
Tofino is a small district on Vancouver Island, and it is straight out of a dream. Tofino real estate varies in prices, but every now and then you can find yourself an affordable gem in the perfect location. For example, check out this beautiful condo steps from the water.
Cobble Hill
Cobble Hill real estate is more affordable than Tofino and this village is only 45 kilometres north of Victoria in the Cowichan Valley Regional District. Unlike in Victoria, properties under the $500,000 mark are more accessible. Currently, I’ve been obsessing over the views of this property we have listed in the area. The potential for this one is crazy.
Salt Spring
I’m sure by now you’ve already looked at some Salt Spring Island real estate, and I don’t blame you. Salt Spring Island is located between mainland British Columbia and Vancouver Island. This community is the definition of peaceful wrapped in the beautiful scenery. Currently, we have a waterfront 2 bed 3 bath townhouse listed under $500,000. Now, this is what you call affordable, yet beautiful BC living.
Now that you’ve discovered a more affordable way to purchase your new property either in Victoria or in one of the surrounding communities, your next step is to talk to your bank and your real estate agent. Don’t have one? Give us a call.
