The Victoria B.C. Mortgage Blog

Posted in First Time Buyers | Back to Main Blog Page

If you are a first time home buyer in Victoria you'll want the best mortgage rate available, which means you’ll need a solid down payment. Saving for that down payment can be tough - it involves sacrifice and lifestyle changes.

For instance, here are some drastic measures that will get you closer to your goal:  

Get a cheaper place.
Yearly rent at $800 per month: $9,600
Minus yearly rent at $650 per month: $7,800
One-year savings: $1,800

Give up your car.
Estimated annual cost of gas, insurance and maintenance and parking: $5,000
Minus estimated annual cost of a bus pass and occasional car rental: $1,500
One-year savings: $3,500

Pack your lunch.
Estimated cost of buying lunch at $8 or so per day: $2,000
Minus cost of spending about $15 per week to stuff to make your lunch with: $750
One-year savings: $1,250

Try a staycation.
Summer vacation somewhere in the U.S.: $2,500
Minus the cost of a Staycation: $500
One-year savings: $2,000

Live a pet free life.
Food, vet, toys etc.: $1500
One-year savings: $1500

Disconnect the cable and landline.
Yearly cost of cable and home phone: $1,200
Minus approximate cost of a Netflix subscription: $110
One-year savings: $1,090

Eat out half as much. Or spend half as much when you do.
Annual cost of spending $250 monthly: $3,000
Minus half that annual cost: $1,500
One-year savings: $1,500

Put a limit on gift spending. Limit yourself to $50 or $100 per gift.
Yearly cost for a couple of buying presents for various occasions: $1,000
Minus using the $100 present limit: $500
One-year savings: $500

And finally, if you’re a saint or are particularly gifted at withstanding awkwardness, move in with your parents or in-laws.
Yearly rent at $800 per month: $9,600
Minus token rent payment to parents: $2,400
One-year savings: $7,200

If you can stand it, all of that adds up to about $18,000/year.

Once you’ve got your nest egg, approach a mortgage broker in Victoria for the best advice on how to transform those savings into a new home.

The Mortgage Designers are located in Victoria, BC and specialize in helping first time buyers find a home in Victoria.