Should I Rent or Should I Buy a Home In Greater Victoria, NOW?

No, this will not be a singing class, just a quick post about a question we get asked fairly frequently.


The question if you “Should Rent or Buy a Home In Greater Victoria NOW”, will always be a personal for you to answer. However, if we look strictly at the "numbers" and for the moment forget about the emotional investment in either buying or renting, the answer is actually pretty simple.


If you have (or can get assistance with) the buying costs and down-payment, there is little question that Buying a Home in Greater Victoria, NOW is the right thing to do.


Here is some information from my (not so scientific) research:


I looked up (on Craigslist) currently available single family homes for rent with 2 or more bedrooms and 2 or more bathrooms within 20 km from my own home (Saanich near Uptown). and averaged the rental rates, without spending much time on the features and or extra's within the homes.


The average rental rate for single family homes came out too approx. $ 3,000 per month.

In simple mortgage terms that $ 3,000 per month would also pay a 25-year a

mortized mortgage of approx. $ 600,000 and with that I found (as of the writing of this post) 127 single family homes for sale of the same number of bedrooms and bathrooms and within similar distance to my home. Here is a current list of Single Family Home options for sale.


I was intrigued and extended my "research" and tried a similar experiment with Condominium suites, here is what I found.


I searched Craigslist again for 1+ bedrooms and 1+bathrooms within 20 km of my home (Saanich near Uptown).


The average rental rate (which seemed higher than I expected) averaged $2,300 per month.

In simple mortgage terms that $ 2,300 per month would also pay a 25-year amortized mortgage of approx. $ 425,000 and with that I found (as of the writing of this post) 210 Condominium homes for sale of the same number of bedrooms and bathrooms and within similar distance to my home. Here is a current list of Condominium Home options for sale.


To be honest with you I was very pleasantly surprised with my findings and wanted to share them with you right away.


Given that our average prices have only just started to increase since October 2015, we expect that property values in Greater Victoria will continue to increase for the foreseeable future. Hence you (as a buyer and future home owner) would benefit from the value increase over the length of time you own the property, never mind the mortgage balance reduction during the same time.


If you have been thinking about Should I Rent or Should I Buy a Home In Greater Victoria, NOW, I hope this information offers you some perspective?


Okay, here is my caution..... Averaging anything always looks better on paper, your specific reality is likely a bit different, as such we encourage you to connect with us before you venture into the market place to deeply.


We are here to help and make sure that you get all the right information about your specific situation, before you make life changing decisions.


However, many people over many generations, have plunged in to the homeownership pool soon after the Greater Victoria Real Estate Market started to recover and have benefited from the upswing in values for the rest of their respective lives.


So, let me ask YOU;


Should You Rent or

Should You Buy

a Home In Greater Victoria, NOW?


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How to buy a Greater Victoria Home in a crazy busy real estate market.

Greater VictoriaIf you have been in Greater Victoria for a while and have been looking for your new or next home, you will have experienced or heard the super stressful home buying stories.

Multiple offers, sold in minutes, sold way over asking price, sold without subject clauses, what can you do to make the right home buying decisions at this time.

By all accounts, many of you reading this will have your self or at least know of someone who lost out on a great home, suite or property, you got outbid, or maybe didn’t act fast enough.

It is like an emotional roller coaster with way too many fast changes in direction

When the Greater Victoria Real Estate market is this active, are there ways that will dramatically improve the odds for you to not only find but be able to buy the home you want?

We have collected some tips here for you:

The Basics and Preliminaries about Home Buying in any market.

  • Get pre-approved for your financing

This is really the first and likely most important step. Knowing your safe budget range is essential so it’s very important to get pre-approved and arrange your finances ahead of time.

Pre-arranging financing should include, securing your down-payment, (including gift letters and RRSP withdrawals if applicable), buying expenses, odds and ends and an emergency slush fund.

Talk to banks or a mortgage broker and work with them to fully understand all the various details and particulars, your payments and how much you can afford.

There are new rules for financing, so even if you recently were pre-approved, make sure your information is current and accurate. Check: CMHC also check if you are eligible for a first time home buyer exemption.

Yes, I am biased on both fronts, about using a REALTOR® and to use our Pfanntastic Real Estate Services.

Peter Pfann, Pfanntastic Victoria Properties Since 1986.Here are the reasons why we are biased. Like most of the important decisions in life, buying a home is a “team effort”.

As such, it is very important that you are supported by the best possible team you can afford to ensure the best possible outcome.

REALTORs® have typically access to all the available properties, however the best agents also have the experience, resolve, persistence and resources to truly add value and direct measurable benefits to your home buying experience. (getting you the best home, negotiate a better deal, and do so problem free).

Some agents are too busy to deal with first time buyers and delegate them to less experienced agents. When the markets are very fast or very slow, newer
agents just have not been around long enough to fully understand what might be needed to successfully assist you with buying your new or next home. New homes or resale homes, either way, working with multiple offers and digital negotiations are not as simple as people think.

What type of agent would you want working on your behalf?

The best agents have the relationships and ability to navigate the rapid market place and secure your next home.

  • Be prepared to act quickly

Having all your ducks line up and for you and all those involved in the purchase. For all to be as informed as possible, to agree on the type of home, the location, the essentials of the home and amenities will prove to be a huge time safer.

Having all your other team members ready and on short notice will save time, money and disappointment.

We mean, people like; a good home inspector, a contractor (if you are buying a fixer upper), insurance agent, and possibly a lawyer/notary.

As you to will have (almost daily) communication with your REALTOR® , selecting an agent you like and trust, will pay benefits on a daily base.

You will also likely do a fair bit of “Homework”, in the beginning of your “home hunting” adventures. Just so that you become familiar with the market place, so that you will recognize the right home option/package when you see it.

In a crazy busy Victoria Real Estate market as we are currently experiencing, there is no time to waste. When you are prepared and ready, you can act quickly and confidently present a strong offer.

We don’t want to lose a great home just because we were not ready or simply because we could not act fast enough.

  • Making an offer on a home general tips

Many may have heard that you never make your best offer first, however in the crazy busy Victoria Real Estate market of 2016, it is pretty rare that you are the only interested party in what you are considering as your next home.

Counter-offers are actually rare during this type of market, so your first offer to a seller, likely needs to be your best effort.

The key areas to consider in your offer:

  • Price and deposit
  • What is and what is not included in the sale?
  • When do you want or need to move in?
  • What Subject To Clause(s) (if any) do you want or need?

  • Presale or New Construction Home Buying Tips

The key to presale in an active market is to have your REALTOR® register your interest in the development as soon as possible (Be sure that your REALTOR® is registered, otherwise you will not have an agent working on your behalf and protect you from possible issues).

The sale teams of new developments work for the developer (not you) so letting them know that you’re serious about buying, with your agent is important.

Even in pre-sales and new construction homes multiple offer are now relatively common, so presenting a clean offer (with or without conditions) does not always secure the property. Hence to know exactly what options, features alternatives and other configurations that you might consider can help you secure your next home


  • Resale Home Buying Tips

Given the current market conditions, you might want to expect that you likely have to compete with multiple offers.

Although this will feel like more stress than you want or need, it will require you to put your best offer on paper the right from the start of the negotiations.

With your mortgage pre-approved, and your deposit secured you should know exactly the highest amount you are able to pay.

The very best offers are also very clean and likely subject-free.

  • With your mortgage pre-approved you should not need a financing subject.
  • Inspections; and to remove the inspection subject, consider bringing your home inspector with you to the showing or at an open house.
  • Being flexible with the dates also gives you an distinct advantage. Making it easy for the sellers to select when they can move out might be enough to tip the scales in favour of your offer.

Our 30 some years in and around real estate has shown us that good communication, preparation, perseverance and just the right amount of patience can make your next home buying experience much more rewarding than trying to take short cuts or trying to ride this roller-coaster by yourself.

It would be our pleasure to discuss your needs and concerns about your home buying objectives at your convenience. Peter Pfann will always treat you with respect and in full confidence.

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I have sold a property at 3088 Alouette DR in VICTORIA.
Why RENT when you can BUY this BRIGHT easy care 2009 Strata Duplex with 5% down, O.A.C. YOU will find amazing VALUE here in this 3 bed 3 bath 1/2 DUPLEX with only 1 common wall, single attached garage + 2 parking stalls, located in the popular Westhills. Situated on a corner lot with each unit facing a different street. Open floor plan, kitchen w/ stainless appliances, granite counter on bar, fireplace in LR, 2 piece powder room, quality laminate floors on main level, new carpets on stairs & upper level. Side yard fenced, could be used to extend parking. Close to walking trails, Glen & Langford Lake,City Centre Park,shopping & transit.
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I have sold a property at 2704 Dundas RD in SHAWNIGAN LAKE.
A stone's throw to the Village at Shawnigan Lake. This very affordable home is situated near the end of a quiet, no thru street in a park-like setting. The main floor offers an open concept kitchen, dining and living area, 3 bedrooms including a master suite with walk-in closet and ensuite. Downstairs you will find a large 24x14 recreation room, another 4pc bathroom plus an office which could very easily become a 4th bedroom. Great storage or workshop area in the oversized 1 car garage. A very short stroll to the public beach and boat launch. Come up and enjoy the lake.
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I have sold a property at 2830 Knotty Pine RD in VICTORIA.
Great buy in today's market in the heart of Langford is your character one level rancher with detached revenue studio on large sunny lot on quiet street offering plenty of parking and much more. There are three bedrooms and two bathrooms, spacious living room area with fireplace, sunny kitchen. Walk out to your large backyard where you can enjoy evening sunsets, very private and so much more. The separate studio apartment offers excellent revenue opportunity. Great time to get into the market don't miss out. Call today! Measurements approx, buyer to verify if important.
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I have sold a property at 217 29 Songhees RD in VICTORIA.
Excellent Songhees location in the popular "Peninsula" complex, steps away from the inner harbor and the Songhees walkway, and a short stroll over the bridge to Victoria Old Town. Spacious and well maintained 1 bedroom suite. Large and open kitchen living room and dining area. Cozy Gas fireplace and the Gas is included in the monthly strata fee! South/East facing patio. In-suite laundry, storage locker. Secure underground parking. Sought after location. Future Roundhouse development will soon be a community attraction with cafes, local food, specialty retailers and artisans. Bonus: Building was remediated in 2009. Pets and rentals allowed. Depreciation Report Available. Vacant for quick possession. Furnishings are negotiable.
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I have sold a property at 404 350 Belmont RD in VICTORIA.
Bright and open TOP FLOOR condo with wonderful mountain and OCEAN VIEWS! This stylish unit features contemporary flooring, fresh paint colours and beautiful wainscoting throughout to tie it all together. The master bedroom is inviting and spacious and features a walk-in closet for extra space. This location is a short walk to the Lagoon, Juan de Fuca Recreation Centre and shopping. Royal Roads University is also quite close. No age restrictions, pets are welcome and it is fully RENTABLE too! Where else in Victoria will you find this type of value? This would make a wonderful home or an attractive investment. Nothing to do but move in! Call now for an appointment to view.
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City Of Victoria Single Family Homes Average Sale Price For The Past 5 Years

City of VictoriaThe graph below of the average prices for single family homes in the city of Victoria over the past 5 years is "live" and constantly updated.

By hovering over the average line with your mouse, you will see the average price at any given interval over the past 5 years.

Average home prices are not a true indication of the value of any given property, if you require specific property value information, please do not hesitate to contact Peter Pfann at 250-213-9490 or request your personalized property evaluation here.

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