Are levied by local municipalities based on the assessed value of the property (as determined by BC Assessment). At closing, the buyer’s lawyer will adjust for the annual property taxes so each party pays only their daily share for the time they own the property. There is no need to apply to the city, municipality or governing authority to become the registered owner of a property.  Once the Title has transferred to you, you’ll automatically become named on the yearly Property Land Tax Notice.  It will be mailed to the address of the property unless you make arrangements for it to go to a different address. Remember to claim for a home owners grant if you are eligible. 

• Typically when a buyer has at least 20% downpayment a Lender will require an independent Appraisal be done on the property to ensure it has a value high enough for the Lenders to assume the risk of Lending on.   
• Buyers who have between 5% to 20% of the purchase price as a downpayment will require CMHC Mortgage Insurance.  This insurance is designed to enable buyers to purchase property with less than 20% downpayment by safeguarding Lenders in case the Buyer defaults on the mortgage.  The one-time premium cost is usually added to the mortgage amount so buyers don't need to pay out of pocket for it.  On occasion, under extenuating circumstances or pertaining to specific properties a Lender may the buyer to purchase a CMHC insurance policy for the Lender protection. 
• Mortgage Broker fees are typically paid by the Mortgage Lenders, not by the buyers.  Discuss this with you Broker to be sure.

This tax is most commonly payable on newly-built homes. Some exemptions may apply based on the value of the property.  If renovating is a Seller business or if you purchase to substantially renovate and resell; GST may be applicable. This matter will be addressed at the time of writing an offer on the standard contract of purchase and sale. The Lawyers will make the monetary adjustments accordingly. We’ll safeguard you from unexpected costs.

Home inspectors operating in British Columbia are required to be licensed under the Business Practices and Consumer Protection Act and are regulated under that Act.  A licensed home inspector can physically inspect and evaluate the property’s major systems and structure to identify potential issues before the purchaser removes the Subject to Inspection Condition. That information is often needed to answer questions required by your home insurance company.  The cost can vary depending on the size, age and type of property and can also vary by company. We’re happy to recommend trusted, qualified Home Inspectors to you, if needed.  Most will also offer quotes prior to engaging with them.

• Draft all necessary documentation to transfer ownership and reconcile monetary amounts with the Sellers Lawyer.
• Calculate the monetary adjustments payable and or receivable per the adjustment date. 
• Prepare the forms and make payment of the Property Transfer Tax. 
• Search the title for very recent encumbrances and or liens.
• Transfer ownership at the BC Land Titles and register you and the Mortgagor on the title. 
• Provide legal advice if necessary; typically done prior to Subject to the Title Condition being removed. You may wish a legal interpretation of certain interests that are registered on the Title and or have the purchase contract agreement examined to get a legal opinion pertaining to unusual circumstances or concerns.

You may opt to hire a moving company to transfer your belongings to your new home.  Consider if you need your belongings packed and or unpacked.  Most companies will offer quotes.

Is a tax paid to the BC Provincial Government when a residential property is purchased. It is calculated as a percentage of the fair market value of the property at the time of a purchase and is paid by the buyer at the time the property’s title is registered. Exemptions may apply for first time buyers; see revisions as of March 2026. Check a  current calculator

• For non first time buyers, the typical cost is 1% of the fair market value of the property up to and including $200,000 and 2% of the fair market value greater than $200,000 up to and including $2,000,000. 
• An additional 3% is payable on the value greater than $2,000,000. up to $3,000,000. 
• If the property is worth over $3,000,000, a further 2% tax will be applied to the value greater than $3,000,000.  

• BC Hydro:  is the only supplier of electricity in the Greater Victoria Area   You must apply for service Live link
• Canada Post:  You must apply for a change of address to discontinue and redirect your Canada Post Mail.  You may want to leave a forwarding address and some pre-addressed stickers for the next occupant in hopes that they will forward anything that isn’t re-directed.
• Fortis Gas is the only supplier of natural gas in the Greater Victoria Area  You must apply for service. Live link
• Garbage & Recycling services may be supplied through your local city or municipality or affiliate.  If not there are numerous other supplies for these services in the Greater Victoria Area.  You may want to find out which company has been servicing the property you are purchasing.  You must apply for these services
• Internet / Cablevision / Telephone:  Telus and Rogers are the main suppliers in the Greater Victoria Areas.  If you are purchasing in a strata property you may have to deal with the existing provider. You must apply for these services. 
• Oil & Propane:  There are numerous oil and propane supply companies that service the greater Victoria Areas.  You may want to find out which company has been servicing the property you are purchasing to be sure they don’t auto fill your tanks unless you wish to continue using their services.
• Sewer and or Water may be supplied by your local city, municipality or affiliate unless your property has a well and or septic system.  There are a number of companies that provide water delivery services for cistern users.  You may want to find out which company has been servicing the property you are purchasing.  

Sellers and Buyers real estate commissions are typically paid by the Seller as per the listing contract with the Sellers Realtor. The amount will be disclosed to you by your Realtor. You may encounter a scenario where the Seller has not agreed to pay a Buyers Realtors commission that is acceptable to a Buyers Realtor. In those cases the Seller expects a Buyers Agent to use a Buyers Agency Contract or agree to a commission prior to an offer being presented.  

Occasionally, some Buyers and Lenders require a Survey to be supplied. It’s a precise measurement and mapping of a property’s boundaries, dimensions, and features, typically conducted by a licensed land surveyor. Surveys help confirm the exact size and location of a property and the improvements on it. They may identify easements, rights-of-way, or encroachments that may or may not be shown on the Title to the land. It can take quite some time to hire a surveyor to do this work so it’s not common to have it as a condition that needs to be met prior to removing the subject to Inspection Condition.  Discuss this matter with your Mortgage Lender if you have concerns.    

The date on which financial adjustments are calculated between the buyer and seller. These adjustments typically include items such as property taxes, strata fees, utilities, and rents, ensuring each party pays their fair share up to (and including or excluding) the agreed date, as set out in the Contract of Purchase and Sale.

The professional relationship between a real estate agent and their client, in which the agent advocates for and protects the client’s interests throughout a property transaction. In British Columbia, this relationship is outlined in the Disclosure of Representation in Trading Services form.

Refers to the systematic repayment of a debt, such as a mortgage, over a set period of time through scheduled, regular payments that include both principal and interest.

Are levied by local municipalities based on the assessed value of the property (as determined by BC Assessment). At closing, the buyer’s lawyer will adjust for the annual property taxes so each party pays only their daily share for the time they own the property. There is no need to apply to the city, municipality or governing authority to become the registered owner of a property.  Once the Title has transferred to you, you’ll automatically become named on the yearly Property Land Tax Notice.  It will be mailed to the address of the property unless you make arrangements for it to go to a different address. Remember to claim for a home owners grant if you are eligible.

An appraisal is a professional, unbiased estimate of a property’s market value, prepared by a qualified appraiser. Appraisals are commonly requested by lenders during the mortgage approval process to confirm that the property’s value supports the purchase price and loan amount. An appraisal considers factors such as the property’s location, size, condition, features, and recent comparable sales in the area.

Is the rise in a property’s market value over time, driven by factors such as increased demand, economic inflation or upgrades and improvements made to the property.

The assessed value is used by local governments to calculate annual property taxes and is based on the property’s estimated value as of a specific valuation date each year. It may differ significantly from a current market value or appraised value, as it’s not prepared for a sale or financing purposes.

Is an offer written on a property that already has an accepted offer in place. It is structured so it only becomes binding if the first contract collapses. This allows the buyer to be next in line while protecting the seller from losing momentum if the initial offer falls through.

The British Columbia Financial Services Authority is the governing body that oversees Real Estate in BC. There are numerous mandatory disclosure forms that Realtors are required to use to inform potential buyers and sellers of benefits and risks associated with certain situations. The disclosures were designed and implemented with the intention of protecting the public through awareness.

is Canada's national housing agency, it plays a major role in housing finance, mortgage insurance and affordable housing programs across the Country.  It provides mortgage insurance to lenders when buyers make a down payment of less than 20% on a property.  This insurance protects the lender in the event the borrower defaults.  It also enables buyers to qualify for mortgages with smaller down payments.  There is a premium (typically added to the mortgage) paid for this insurance

Often referred to as Closing The date on which the legal transfer of ownership from the seller to the buyer takes place. On this day, the buyer’s funds are delivered to the seller, mortgage documents (if applicable) are finalized, and the transfer documents are submitted for registration with the Land Title Office.

Is the period of time allotted for Buyers to satisfy conditions outlined on their Contract of Purchase and Sale by a specific date that would be set out in their contract of purchase and sale. The removal is the process by which a buyer formally confirms that the conditions outlined in their accepted offer have been satisfied or waived. Common conditions may include financing approval, a satisfactory home inspection, title review, examination and review of strata documents, or the sale of the buyer’s existing property. Once the buyer is satisfied and by way of a realtor provided written notice removing the conditions within the specified timeframe, the contract becomes legally binding and firm, and the buyer is obligated to proceed to completion in accordance with the terms of the agreement.

The legal process necessary to transfer the seller’s title to the buyer.  Usually undertaken by a conveyancing lawyer (or notary) acting for the buyer or seller.

Is a term for the process of negotiating offers between a Buyer and Seller.  This is how the Seller responds to a Buyers offer by altering one or several terms and/or conditions to the original offer.  The Seller may want to change the price, dates, terms and or conditions. All details must be agreed to by both parties before it is considered to be an Accepted Offer.  

The percentage of a borrower’s income that can be used for housing costs. Gross Debt Service (GDS) ratio is the amount that a lender will permit a borrower to use from his/her gross income in order to qualify for a loan for housing costs, including mortgage payment and taxes (and strata fees when applicable). Total Debt Service (TDS) ratio is the maximum percentage of a borrower’s income that a lender will consider for all debt repayment (other loans and credit cards, etc.) including a mortgage.

Is the sum of money provided by a buyer, usually shortly after conditions have been removed. It  demonstrates their good faith and commitment to completing the purchase. The deposit forms part of the downpayment and purchase price and is typically held in trust by the buyer’s brokerage or a lawyer/notary until completion.

Is the portion of a property’s purchase price that the buyer pays upfront, separate from any mortgage financing. It demonstrates the buyer’s financial commitment to the transaction. The size of the down payment can affect mortgage eligibility, interest rates and the requirement for mortgage insurance, particularly for high-ratio mortgages where the down payment is less than 20% of the property price.

An Easement serves as notice that an entity has the legal right to use or cross another property; a common example being a utility company’s right to run wires or pipe across a property which they do not own.

Is the difference between the price for which a property can be sold and the amount left owning on the property; equity is the owner’s stake in the property.

Is the legal process by which the lender takes possession and ownership of a property when the borrower fails to meet the mortgage obligations.

This Good and Services Tax is most commonly payable on newly-built homes. Some exemptions may apply based on the value of the property.  If renovating is a Sellers business or if you purchase to substantially renovate and resell; GST may be applicable. If you’re a Seller you should determine the applicability prior to listing your property as this matter will be addressed at the time of receiving an offer. If you’re a Buyer using a realtor to draft an offer on the standard contract of purchase and sale the terms will be addressed. The Lawyers will make the monetary adjustments accordingly.

Is a qualified professional who evaluates the condition of a property and identifies any existing or potential deficiencies. Home inspectors typically examine structural components, roofing, plumbing, some aspects of electrical systems, heating and cooling systems, and other major elements of the home.  Canadian Association of Home & Property Inspectors is a national non-profit organization.  CAHPI is Canada's voice of the home inspection industry. HIABC, Home Inspectors Association of BC

May include life insurance, mortgage default insurance, title and or mortgage balance insurance.

Is a legal claim against a property filed on the title to ensure payment of debt.  

Is a contract between a borrower and a lender; the borrower pledges the property as security to guarantee repayment of the mortgage debt.

A mortgage that can be prepaid or renegotiated without penalty.

A mortgage for which the interest rate changes in relation to fluctuating bank of Canada interest rates; if mortgage rates go up, a larger portion of the payment goes to interest; if rates go down, a larger portion of the payment is applied to the principal. Payments may go up or down depending on the Mortgage terms.

The mortgage amount initially borrowed or the portion still owing on the mortgage at any given time

The specific date and time that you take legal possession of the property, as agreed upon in the Contract of Purchase and Sale.

Is a document that is completed by the seller prior to listing a property for sale. It serves to inform prospective buyers about details of the condition and history of the property. Submission of the form is required before any listing is placed on the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) system.  A Property Non Disclosure Statement may be used if sellers don’t live in the property or if the seller is not able to for medical reasons.

Property taxes are payable on an annual basis at the end of June or beginning of July depending on how the calendar days fall each year.  The amount of the yearly taxes is based on the Assessed Value as determined by Provincial Assessment Authorities. It’s based on location, lot size, dwelling and improvement values. Grants are available to full time residents and senior citizens.

Is a tax paid to the BC Provincial Government when a residential property is purchased. It is calculated as a percentage of the fair market value of the property at the time of a purchase and is paid by the buyer at the time the property’s title is registered. Exemptions may apply for first time buyers; see revisions as of March 2026. 

• For non first time buyers, the typical cost is 1% of the fair market value of the property up to and including $200,000 and 2% of the fair market value greater than $200,000 up to and including $2,000,000. 
• An additional 3% is payable on the value greater than $2,000,000. up to $3,000,000. 
• If the property is worth over $3,000,000, a further 2% tax will be applied to the value greater than $3,000,000.  Check a  current calculator 

• SF = Single Family Home
• SD = Strata Duplex
• C = Condominium
• TH = Townhouse
• L = Land Only
• MFH = Manufactured Home

This is the trademark for real estate professionals licensed by the British Columbia Financial Services Authority who are members of the British Columbia and Canadian Real Estate Associations. Most residential Realtors are members of Real Estate Boards.

Within three business days a buyer can rescind their offer. This was implemented by the BCFSA to give buyers the opportunity to back out of an agreed upon Contract of Purchase and Sale. The cost to do so is .25% of the purchase price. That amount is payable as compensation to the seller. This rarely happens and usually only on unconditional offers.

Your Lawyer or Notary will prepare a statement of adjustments to provide you with a full account of the debits and credits pertaining to your purchase or sale. It sets out the sources of funds making up the purchase price, adjustments to and from the purchase price and the final amount of money required from the purchaser or the amount due to the seller.

A type of property ownership, commonly used for condominiums, townhouses and some bare land assemblies. Individual owners hold title to their unit while sharing ownership and responsibility for common property—such as hallways, landscaping, and recreational facilities—through a strata corporation. Strata owners pay strata fees to cover maintenance, insurance, and other shared expenses, and the strata corporation enforces bylaws and manages the overall property.  The Superintendent of Real Estate oversees the Strata Act. Detailed records are usually available for examination.

Is a legal document that defines a strata property, including the boundaries of individual strata lots (units) and common property, as well as the allocation of strata lot units for voting and fee purposes.

Are dues paid by owners to cover shared expenses usually on a monthly basis but that may vary depending on individual strata's.

Is a precise measurement and mapping of a property’s boundaries, dimensions, and features, typically conducted by a licensed land surveyor. Surveys help confirm the exact size and location of a property.  They may identify easements, rights-of-way, or encroachments shown on the Title to the land. Occasionally, some Lenders request this to be supplied.

May include GST or Annual Property Taxes or Property Transfer Tax. See above.

Is the registered copy of ownership to all property.  It also shows the charges against a property -- e.g. encumbrances, liens, mortgages, rights-of-way, etc.  Title searches can and should be done and examined for all real estate transactions.

Are the services provided to properties such as electricity, water and sewer, natural gas, internet, cable, telephone. Services that may be delivered include: drinking water, propane and oil. Garbage and refuse pickup as well as recycling pick up may need to be arranged if not provided by cities, municipalities, regional districts or affiliates. Canada post may require you to have a postal outlet mail box if home / neighbourhood delivery is not available.  

Was designed to turn vacant homes into housing for people in British Columbia, and to ensure foreign owners and those with primarily foreign income contribute fairly to BC’s tax system.  Area Specific Speculation / Vacancy Tax may apply to your purchase if you do not reside in it as a principal residence or rent it out for at least six months per year. Residents must declare their use each year. This link is to a map of the affected areas in the Greater Victoria Area.

Are guidelines set and enforced by governing bodies. The regulations are intended to determine how a property may or may not be used. These regulations can be changed by higher level Government so it’s important to stay informed of upcoming changes.