You Can Secure Your Condo Purchase with a 5% Deposit

Did you know you only need a five per cent deposit to secure the right to purchase one of our pre-built condominiums at Lakeside West, no matter if you are a first-time home buyer, buying your next home, or even if you are making a purchase for a real estate investment?

First, let’s clarify terms; a 5 per cent DEPOSIT is what you need to secure the condominium of your choice at today’s price. This deposit is applied in full towards your DOWN PAYMENT at closing time, which is what the bank requires from you before they provide you with a mortgage.

Once you’ve made a five per cent deposit and signed some papers with us, you are not required to complete the purchase until closing date after the building is completed late 2025 giving you a year and a half to acquire funds towards your down payment.

Potential for Appreciation

While the real estate market can never be predicted, Greater Victoria continues to experience scarcity of housing. There just are not enough places to live! Our capital city is a thriving hub of economic growth driven by both the private & public sectors. In May 2024, the city had a 5% unemployment rate which is below the 5.6% provincial rate and well below the 6.2% national rate, due to our burgeoning technology, robust tourism, essential public administration, dynamic education, and a flourishing marine industry.

Most of our Triple Crown clients enjoyed the benefits of appreciation even while the buildings were being constructed. While we can’t promise that will happen again in the current housing market, condominium prices in the Greater Victoria and Langford are trending upwards through the years. According to the Victoria Real Estate Board’s MLS® HPI benchmark valuation, condominium prices in Langford were $371,200 five years ago, $470,000 three years ago, and as of May 2024, the valuation was $545,700.

The reason is simple: Supply and demand. Victoria has one of the best climates in Canada, people are coming here for jobs (Victoria’s full-time employment now stands at a record high) and people are looking for affordable housing options. That’s not changing anytime soon.

What Happens if Condo Market Values Decrease Over the Next Year?

Most banks lend on whatever is lower; the actual purchase price or the appraised value. The evaluation is completed up front, and then prebuilds are reappraised at the time of closing. If the reappraised value has gone down it’s up to you to make up the difference between the purchase price and the actual appraisal, and that will be above and beyond the actual down payment you planned on putting down.

RBC deals with the appraisal process differently, (which is why we’ve written about and pointed our customers to the benefits of RBC’s Preferred Builder Program).

“If the market changes, and say the market has dipped down a bit, our clients don’t have to worry about making up the difference between the purchase price that they paid and potentially the new appraisal that is lower,” says RBC Mobile Mortgage Specialist Tony Prezuiso.

Saving a Down Payment

Depending on your financial situation, your down payments can range from the minimum 5 per cent for first-time home buyers up to the minimum 20 per cent (or more) if you’re purchasing a condominium as an investment. Obviously, the more you can save towards your down payment, the less interest you will pay through time. Additionally, any mortgage with less than a 20 per cent down payment requires mortgage insurance. Your premium amount depends on the amount of your down payment. The bigger your down payment, the less you’ll pay in mortgage loan insurance premiums.

Premiums are either added to your mortgage loan or paid as an up-front lump sum. Most choose to add it to their mortgage loan but take note you will be paying interest on your premium at the same interest rate you’re paying for your mortgage.

RBC’s “Dare to Compare” Mortgage Solution

As Canada’s largest bank based on market capitalization, RBC® is well equipped to offer the smartest builder mortgage solutions for Lakeside West – with the following features:

• Firm approval for the entire construction period. Once approved, you stay approved. No re-qualification or re-appraisal required.
• Receive up to $3,000 cash back on an eligible mortgage.
• Guaranteed capped interest rate for up to 24 months on select projects.
• Plus, you’re eligible for a lower interest rate (if available) 120 days prior to closing.
• No application or appraisal fees.
• Fast track your mortgage application under the blanket assessment property valuation process for eligible home models.
• Option to extend the amortization period to up to 35 years (compared to a traditional mortgage with a 30-year amortization).
• Access professional advice from one of the world’s largest and most reputable banks.
• Optional HomeProtector® critical illness and life insurance at no cost during construction. Subject to approval. Your RBC Mortgage Specialist can advise on which insurances are available.
• 6 months of free VIP banking, if eligible.

For full details go to “Dare to Compare” or contact Tony Preziuso – RBC Mortgage Specialist at 250-661-5969 or

Lakeside West is one of the Best Real Estate Investment Opportunities

Securing a prebuild condominium with a 5 per cent deposit at Lakeside West is an excellent opportunity to access the real estate market. And if you’re looking for a two-bedroom unit, we’re currently offering a $10,000 price reduction off *list price for the first ten accepted offers.

Find out if Lakeside West meets your real estate investment plans. Contact our Sales Team: Todd Mahovlich and Julian Parsons. We’re here to help.