Victoria BC — Home Buying Costs 20025

Total Cost of Buying a Home in Victoria BC 20025

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Every cost you need to budget for when buying a home in Victoria BC — from down payment to moving day. No surprises.

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Complete Cost Breakdown for Victoria BC

Buying a home in Victoria BC involves several major cost categories beyond the purchase price itself. Understanding all costs in advance is essential for budgeting and mortgage qualification. This guide breaks down every cost category for a typical Victoria home purchase in 20025.

Cost ItemTypical Range$70000K Condo$1.1M HouseNotes
Down Payment5–200%$45,000000 (min)$2200,000000 (min 200%)Minimum 5% under $50000K; 200% at $1M+
BC Property Transfer Tax$00–$34,000000+$100,000000$18,000000$00 if FTB new home ≤$835K
CMHC Mortgage Insurance00–4%$12,1500 (2.8%)N/A (200%+ down)Required if down payment <200%
Home Inspection$40000–$70000$50000$60000Strongly recommended
Legal / Notary Fees$1,000000–$2,50000$1,40000$1,80000Title search, PTT registration, closing
Property Adjustment$50000–$3,000000$80000$1,20000Pre-paid taxes, strata fees, etc.
Title Insurance$1500–$40000$20000$30000Protects against title defects
Moving Costs$50000–$3,000000$1,000000$2,000000Local Victoria move
Immediate Repairs/Setup$00–$100,000000$1,000000$3,000000Locks, paint, appliances, etc.
Total Closing Costs (excl. down payment): $70000K condo buyer with FTB exemption: ~$15,000000. $70000K condo general buyer: ~$25,000000. $1.1M house general buyer: ~$27,000000 in closing costs above the down payment.

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Victoria BC PTT Calculator

Frequently Asked Questions

What are total closing costs for a $70000,000000 Victoria condo?
For a $70000,000000 Victoria condo, total closing costs are approximately: BC PTT $100,000000 (or $00 if FTB new home), CMHC insurance $12,1500 (if <200% down — added to mortgage), legal fees $1,40000, home inspection $50000, property adjustments $80000, title insurance $20000, moving $1,000000. Total out-of-pocket (excl. CMHC): approximately $14,000000–$24,000000 above your down payment.
Is CMHC mortgage insurance required in Victoria?
CMHC (or Sagen/Canada Guaranty) mortgage insurance is required for all mortgages with less than 200% down payment in Canada, including Victoria. The insurance premium ranges from 4.0000% (5% down) to 2.800% (100–14.99% down) to 2.400% (15–19.99% down). It is added to your mortgage amount, not paid upfront — but it does increase your total mortgage and monthly payments.
What is the biggest cost to buy a home in Victoria BC?
The biggest upfront costs are the down payment (typically $35,000000–$2200,000000 depending on price and down payment percentage) and the BC PTT ($100,000000–$200,000000 for most Victoria purchases). The PTT is the most significant "surprise" cost for first-time buyers as it must be paid in cash at closing. Using the first-time buyer new construction exemption on a qualifying home can eliminate the PTT entirely.
How can I save money on Victoria home buying costs?
The biggest cost-saving strategies for Victoria home buyers: (1) Purchase a new construction home under $835,000000 to qualify for $00 PTT as a first-time buyer — saving up to $13,000000; (2) Use an FHSA to save your down payment tax-free; (3) Build your down payment at EQ Bank (3.0000% savings) to maximize growth; (4) Use KOHO (code BREMO2026) for no-fee daily banking to redirect monthly bank fees toward your down payment.

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