Why Moving to Vancouver Island Is Worth the Effort
Tanya Toye • February 20, 2025
If you’ve ever considered making the move to Vancouver Island, there are endless benefits. I speak from first-hand experience, since I moved from the mainland to Nanaimo with my family seeking an enhanced quality of life with a more affordable cost of living.
Vancouver Island is known for its stunning scenery, relaxed pace of life and welcoming communities – qualities that make it a sought-after destination. But did you know that even if you’re still commuting to the mainland for work, moving to Vancouver Island can offer a range of perks, including the following?
- Stunning Natural Beauty and Peaceful Surroundings
One of the most obvious bonuses is the beauty of the island. Surrounded by ocean, lush forests and majestic mountains, Vancouver Island offers unmatched outdoor opportunities, including beaches, forests, parks, trails, ocean sports, skiing, etc. Whether you're into hiking, kayaking or simply enjoying the tranquility of nature, it’s truly hard to beat the views and calm environment that island living offers. After a long day of work, returning to this serene atmosphere is an absolute treat. - Affordable Housing
Real estate prices on the mainland, especially in Vancouver, have increased significantly in recent years. Vancouver Island offers more affordable housing options, from cozy cottages to larger homes with space to spare. Even with the added cost of commuting, many find that they can own their dream home on the island while still working in Vancouver. - Work-Life Balance
With options like ferries or quick flights, you can still maintain your mainland job while enjoying the benefits of island living, leading to an ideal work-life balance. Many commuters appreciate the ability to escape to the island’s calm atmosphere after the busy workweek. - Stronger Sense of Community
Island life tends to foster a strong sense of community. Smaller towns and neighbourhoods often have close-knit vibes, where people know each other and enjoy a slower, more relaxed pace. It’s a great place to raise a family or retire, and many find it easier to build meaningful connections compared to the hustle of Vancouver.
If you already own a home, there are several considerations to make when planning to purchase property on the island. Do you need to align the sale with the new purchase? Do you have the option to port an existing mortgage and, if so, how do you plan for this? These are just a couple questions I’ll go through with you before you decide to buy a property.
It’s also essential to connect with an island realtor as soon as you’ve been prequalified for financing. Having clear and open communication with a local real estate professional is extremely important, since you won’t always have the opportunity to be present. You can look to them for relevant information regarding the property, the city and its communities.
If you plan to build a new home or renovate an existing property to suit your needs, there are various factors that influence your decision. In my own experience, location and budget were the driving forces. Here are some other things to note:
- Take your time to find a reputable builder
- You may opt to use an interior designer from Vancouver, or your local municipality, to partner with the selected builder, which can simplify the work you’ll need to put into your project
- Inspectors and engineers – engage these professionals early on when planning construction or a major renovation
It’s my pleasure to help make your move to the island as seamless as possible: 604-788-8693 | tanya@tanyatoye.ca
If you’re new to managing personal finance and you want to learn about credit, you’ve come to the right place. Establishing new credit is a bit of a catch-22. To build a credit history, you need credit. But it’s hard to get credit without having a credit history. So, where do you start? Well, the first thing you should know is that building credit takes time. It’s not something that happens overnight. If you’re looking to secure mortgage financing, you will want to have a minimum of two trade lines (credit cards, loans, or lines of credit) with a minimum limit of $2500, reporting for at least two years. If you don’t have any credit yet, the best time to get started is right now. However, that may be difficult because, as we've already identified, without a credit history, most lenders won’t feel confident about taking a chance on you. What’s the solution? Consider a secured credit card. With a secured credit card, you make a deposit upfront that matches the amount you want to borrow. A reasonable amount would be $1000 deposited on a single secured credit card. You then use your secured credit card to make household purchases and regular utility payments, paying off the total balance each month. If you default on the money borrowed for whatever reason, the lender will retain the money you put up as collateral. When looking for a secured credit card, be sure to ask whether they report to the two nationwide credit bureaus, Equifax and TransUnion. If the credit card company doesn't report, the credit card account will be useless for your purposes; move on until you find a company that reports to both credit bureaus. Once your secured credit card begins reporting to the credit bureaus, you begin to have a credit score; usually, this takes about three months. Now you can start to seek out a second trade line in the form of an unsecured credit card. Don’t forget to ensure that this card reports to both of the credit reporting agencies. Another option at this point could be a car loan. From here, you simply want to make all your payments on time! But what happens if you’re looking to secure mortgage financing before you have a fully established credit report? Well, if you have someone who would consider co-signing, you can certainly go that route. The mortgage application will depend on their income and credit report, but your name will be on the mortgage. Hopefully, when the mortgage is up for renewal, you’ll have the established credit required to remove them from the mortgage and qualify on your own. Although establishing credit takes a minimum of two years, it really begins with putting together a plan. If you’d like to discuss anything credit or mortgage-related, please get in touch!
There’s promising news out of Ottawa for first-time homebuyers that could significantly reduce the cost of getting into the housing market when purchasing a newly built or substantially renovated home. On May 27 th , the federal government proposed legislation to provide GST relief on new home purchases for first time buyers: A full rebate on purchases of up to $1 million and a partial rebate on homes between $1Million and $1.5Million. The proposal still needs to be passed by parliament, but this change could translate into savings of up to $50,000, making a big difference in both the short- and long-term homeownership affordability. In today’s high-price environment, first-time buyers often struggle to save the required down payment while also qualifying for a large enough mortgage. By removing or reducing the 5% GST on qualifying new builds and substantially renovated properties, this policy eases some of that financial burden. A recent report from Desjardins Economics shows these savings are more than just hypothetical. A first-time buyer purchasing a new home at the $1 million mark (inclusive of tax) could see a reduction of around $240 on their monthly mortgage payments. This money could then be redirected toward savings, home improvements or simply making life more manageable. Plus, with the tax removed, the required down payment is also slightly lower, which helps ease upfront costs. Maximizing support for first-time homebuyers For parents helping children buy their first home – whether through gifting the down payment or co-signing a mortgage – this change presents an opportunity to maximize that support. A lower purchase price and more affordable carrying costs make it easier for younger buyers toqualify for financing and remain financially stable after closing day. If you’re considering buying a newly built or substantially renovated home, now is a great time to talk to your mortgage broker about how this GST rebate could impact your mortgage strategy – and your bottom line. Have questions about your first-time homebuyer mortgage options or wish to book a free review to see if your mortgage is still right for you? I’m here to help: 604-788-8693 | tanya@tanyatoye.ca
