Taking a step back from the house search. My gf and i went to a place last weekend debated about putting in a offer slightly over asking, but decided not too for couple reason.
126k over asking..
There been more than a few we have been interested in that have gone for 100k over, it's just outrageous.
It can be pretty daunting, that’s for sure.
You may want to expand your horizons a bit and go with pre-sale. There is less pressure, you either go with the listing price or not, and you usually have some time to get more money for a down payment or structure your life in anticipation of the new home.
There are pocket subdivisions all over the place, but your best value will be in Sooke (I know, not everyone’s cup of tea) and Shawnigan (definitely not everyone’s cup of tea, due to the transit issues).
For you guys, you’ll need to weigh continued renting vs just going with something, and starting down the equity road. Most importantly, house #1 is rarely your forever house or dream home.