10/13/2026
🏡 A $1,019,800 HOME DOESN’T MEAN YOU NEED $1 MILLION IN THE BANK 👀
That seven-figure price can look intimidating - until you break down what buying actually requires.
The benchmark price for a single-family detached home was $1,019,800. But that’s the value of the home - not the amount of cash you need sitting in your bank account to buy one.
If you’re considering buying a detached home in Langford, Colwood or the Westshore, these are the numbers you should understand first:
💰 Down payment - How much would you actually need for a home around $1.02M?
🏦 Mortgage & qualification - What purchase price comfortably works with your income, down payment and monthly budget?
🏡 Property Transfer Tax - How much should you account for, and could any exemptions apply to your purchase?
⚖️ Closing costs - Lawyer/notary fees, inspections, adjustments and other expenses need to be part of the plan.
🔨 The house itself - Age, condition, maintenance, utilities and potential repairs can matter just as much as the purchase price.
A million-dollar benchmark can make homeownership feel completely out of reach.
But don’t make that decision based on one number.
Understand the down payment. Understand the monthly payment. Understand the total cost of owning the home. Then decide what makes sense for you.
I’m not a lender, lawyer or accountant, so your individual numbers should always be confirmed with the appropriate professionals. My job is to help you understand the Westshore real estate market, what your budget actually buys and whether the home you’re considering makes sense.
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Want to see what around $1 million actually buys in Langford, Colwood and the Westshore? Let’s take a look.
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