Are There Any Affordable Homes For Sale In Greater Victoria?

It is a Common Question we hear frequently, so lets dive right in and see if we can answer this question and show you some evidence of currently available affordable homes in Greater Victoria.

What does affordable mean in context of buying or renting a home?

When you compare the cost of rent versus buying a home and paying the mortgage for a similar “lifestyle”. If the cost of owning a home is at, below or near the same cost of renting, in most cases it would make sense to consider buying (at least for financial reasons.

Currently it will cost about $ 530.00 per month to service a $100,000 mortgage at currently available rates and terms. In addition, if you wanted to rent a decent house (not a condo or suite) say 2 bedroom 1 bath within the Greater Victoria Region, one would expect to pay between $ 1, 350 and $ 1,650 per month. If we convert the typical rent cost as an amount available for a mortgage payment, we calculate what the mortgage amounts would be plus add some down-payment to the mix the purchase price range would be between $ 275,000 and approx. $350,0000.

Just above the Q&A section, we have included some examples of available Affordable Homes Currently For Sale In Greater Victoria BC.

The next obvious questions then become:

Questions about Affordable Homes in Greater Victoria

Answers
Are there and Homes for Sale Right Now, Under $ 350,000 in Greater Victoria? Yes there are Single Family Homes for sale in Greater Victoria priced under $ 350,000.
How many Affordable Homes are For Sales in Greater Victoria today? Well that is always a moving target, but anywhere between 10 and a 100 (not including Condominiums, Town-Homes and or other options).
Sure there are some Homes available, but do I need to Fix Up these homes First? The Politically correct answer is likely “Yes, No and May-Be” the type and condition of available homes is always changing, but there are even new and near new home options available un $ 350,000
How Much Down-Payment Do I need to Buy a Home? There are still many different options between 5% and higher, (the more you can put together the lower your mortgage payments off course
What are the Buyer (Closing) Costs to Buy a Home? It really depends on to too many factors, but can be as little as between 1.5% and 3.5% of the purchase price (not related to GST/HST) and are largely dependent if you have bought a home in BC before or not
Where can I find more information? Text or Talk to Peter Pfann 250-213-9490 Realtor @ Fair Realty since 1986.
Visit our website www.pfanntastic.com, ask for our Home Buyers Report.
Visit CMHC website http://www.cmhc-schl.gc.ca/en/co/

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  Greater Victoria Real Estate Consultant & Associate Broker at;
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# 102 - 1564 Fort St. Victoria BC, V8S 5J2
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This post has been included in British Columbia Real Estate News Capital Area, BC Real Estate News Victoria, BC Real Estate News Greater Victoria (Victoria, BC) Real Estate News
Post is included in group: City & State: Listings and Market Reports
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5 Comments on Are There Any Affordable Homes In Greater Victoria?

OCT
28
816,627 Points Outside Blog Called Shot Master

I wish we had those prices here.  Lots under $150,000 and I guess that is why we get Canadians looking for winter vacation homes.
9:16am • #1
470,604 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

HI Edward and Ceila,

We only considered single family homes in this arrangement, in a future example we will include suites or Condominiums in and around Greater Victoria.
9:28am • #2
548,445 Points 3 Featured Posts Outside Blog

Great Post Peter.  Home ownership is very affordable in this current market!
12:51pm • #3
OCT
29
544,692 Points 120 Featured Posts Called Shot Master
Peter and Linda. Good post and something every prairie dog wanting to retire to BC should read. I love the auto email listings you are sending me. I am getting to know the neighbourhood without being there.
3:42am • #4
470,604 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

HI Chris,

So true, in many cases those are waiting for even lower prices or lower rates, are now spending more in rent than what they need to.

HI Valerie,

Thank you, getting to know the areas, their prices and what each has to offer is so key in people finding the right lifestyle in their new community and the emails offer a great added insight.
7:18am • #5


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