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Buying a house can be an exciting, yet daunting experience. One of the most crucial steps in the home buying process is making an offer on a house. If you're a prospective homebuyer in Victoria, BC, you may be wondering how to make an offer on a house. In this blog, we'll take you through the process step-by-step so that you can confidently make an offer on your dream home.

  1. Determine your budget

Before you begin the process of making an offer on a house, it's important to determine your budget. Consider factors such as your income, expenses, and the amount of money you're able to put towards a down payment. It's important to be realistic about what you can afford and what you're comfortable spending.

  1. Get pre-approved for a mortgage

Getting pre-approved for a mortgage can give you a better idea of what you can afford and can also make your offer more attractive to sellers. This process involves providing your lender with information about your income, assets, and credit history. Once you're pre-approved, you'll receive a letter that you can use to show sellers that you're a serious buyer.

  1. Find the right house

Once you've determined your budget and gotten pre-approved for a mortgage, it's time to start looking for houses. Work with a real estate agent to find homes in Victoria, BC that meet your needs and budget. Once you find the right house, it's time to make an offer.

  1. Make an offer

Making an offer involves submitting a written offer to the seller that includes the price you're willing to pay, any contingencies (such as financing or inspection), and the closing date. Work with your real estate agent to determine a fair price to offer based on the current market conditions and the condition of the house.

  1. Negotiate

After you've submitted your offer, the seller may respond with a counteroffer. This is an opportunity for you to negotiate and potentially come to an agreement that works for both parties. Work with your real estate agent to navigate the negotiation process and come to a final agreement.

  1. Complete the sale

Once you've agreed on a price and all contingencies have been satisfied, it's time to complete the sale. This involves signing a purchase agreement, making a deposit, and preparing for closing. Work with your real estate agent to ensure that all necessary paperwork is completed and that the closing goes smoothly.

Making an offer on a house can be a complex process, but with the right guidance and preparation, you can confidently navigate the process and find your dream home in Victoria, BC.

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Information for Victoria BC First Time Home Buyers
 
 
To help make homeownership more affordable for first-time home buyers, Budget 2019 introduces the First-Time Home Buyer Incentive.
  • The Incentive would allow eligible first-time home buyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation (CMHC).
  • It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the next three years.
  • Since no ongoing payments would be required with the Incentive, Canadian families would have lower monthly mortgage payments. For example, if a borrower purchases a new $400,000 home with a 5 per cent down payment and a 10 per cent CMHC shared equity mortgage ($40,000), the borrower's total mortgage size would be reduced from $380,000 to $340,000, reducing the borrower's monthly mortgage costs by as much as $228 per month. Terms and conditions for the First-Time Home Buyer Incentive would be released by CMHC.
  • CMHC would offer qualified first-time home buyers a 10 per cent shared equity mortgage for a newly constructed home or a 5 per cent shared equity mortgage for an existing home. This larger shared equity mortgage for newly constructed homes could help encourage the home construction needed to address some of the housing supply shortages in Canada, particularly in our largest cities.
  • The First-Time Home Buyer Incentive would include eligibility criteria to ensure that the program helps those with legitimate needs while ensuring that participants are able to afford the homes they purchase. The Incentive would be available to first-time home buyers with household incomes under $120,000 per year. At the same time, participants' insured mortgage and the Incentive amount cannot be greater than four times the participants' annual household incomes.
Budget 2019 also proposes to increase the Home Buyers' Plan withdrawal limit from $25,000 to $35,000, providing first-time home buyers with greater access to their Registered Retirement Savings Plan savings to buy a home.
 
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The budget also includes a focus on strengthening rules and compliance and INCREASING supply through partnerships and targeted investments. 
 


First Time Home Buyer Victoria
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