How Much Do I Need Saved to Buy a Home in Victoria, BC? A Simple Buyer Guide (2026)

How Much Do I Need Saved to Buy a Home in Victoria, BC? A Simple Buyer Guide (2026)

One of the most common questions buyers ask is: How much do I actually need saved to buy a home? One important thing to understand right away is this: this is a basic general guide only, because everyone’s situation is different. Depending on your income, debts, credit, property type, and financing strategy, the amount you need saved can vary significantly.

Mortgage rules, insurance guidelines, and lending policies can also change, which is why it’s always best to speak directly with a licensed mortgage broker or lender to fully understand how these rules apply to your specific situation.

With that said, here’s a simple breakdown of what most buyers in Victoria, BC should plan for in 2026.

1. Minimum Down Payment Requirements (Canada – 2026 Rules)

Recent federal changes now allow buyers to purchase homes up to $1.5M with less than 20% down, as long as the mortgage is insured.

Minimum down payment rules:

• 5% on the first $500,000

• 10% on the portion between $500,000 and $1,499,999

• 20% on homes $1.5M and above

Example – $1,250,000 purchase:

• 5% of first $500,000 = $25,000

• 10% of remaining $750,000 = $75,000
  Total minimum down payment = $100,000

If you put less than 20% down, mortgage insurance is required and added to your loan. Because lending rules and insurance premiums vary, it’s important to review your full financial picture with a mortgage broker.

2. Closing Costs (Plan for 1.5% – 3%)

In addition to your down payment, buyers should budget 1.5% – 3% of the purchase price for closing costs, which may include:

• Legal or notary fees

• Home inspection

• Appraisal (if required)

• Property transfer tax (if applicable)

• Adjustments

• Moving costs

Example:
On a $750,000 purchase, closing costs may range from $11,000 – $20,000+, depending on your situation.

3. Emergency & Buffer Savings

Beyond the required costs, it’s smart to keep extra savings available for:

• Furniture

• Repairs or upgrades

• Unexpected maintenance

• Emergency expenses

Many buyers aim to keep $5,000 – $15,000+ as a financial buffer after purchasing.

4. Total Savings — General Ranges Only

Because everyone’s situation is different, these are very general estimates:

• Condos: $30,000 – $60,000+

• Townhomes: $50,000 – $90,000+

• Single-family homes: $70,000 – $150,000+

Your exact savings target depends on your purchase price, financing structure, income, debts, and mortgage approval.

Important Reminder: Speak With a Mortgage Broker

Mortgage rules, lending criteria, and insurance guidelines can change — and every buyer’s financial profile is unique. Before making decisions, it’s always best to speak with a licensed mortgage broker or lender who can:

• Review your finances

• Confirm your down payment requirements

• Explain mortgage insurance

• Clarify your true purchasing power

This Is Just a Basic Guide

This breakdown is meant to provide a simple general overview only. Some buyers may need fewer steps, while others require additional planning, especially if self-employed, receiving gifted funds, selling a home first, or purchasing an investment property.

If you’re curious what a smart savings target looks like for your specific situation, feel free to call or text me anytime at 778-922-2231. Many people reach out even if they’re six months, a year, or more away — simply to understand their options and build a plan with confidence.

You can also check out my YouTube channel for market updates, buyer and seller tips, and neighbourhood breakdowns across Greater Victoria:
youtube.com/@gsoldhomes

Disclaimer:
The information and opinions shared are provided for general informational purposes only and should not be relied upon as advice. Nothing in this communication constitutes professional, financial, legal, real estate advice, or any type of advice, nor does it create or imply any form of agency relationship. Market conditions and circumstances can vary significantly based on individual situations, property types, and neighbourhoods. Always consult your own qualified professional advisor before making decisions related to buying, selling, or investing in real estate or other aspects. This communication is not intended to cause or induce breach of any existing agency agreement. Everyone’s situation is different, so please chat with your own trusted professional advisor before making any decisions.