Posts Tagged ‘North Saanich homes’

When you’re evaluating where to buy in the Greater Victoria, Saanich, or Westshore markets, understanding municipal property tax differences is an often-overlooked but highly relevant financial factor. Two homes with identical assessed values can lead to noticeably different tax bills year-to-year depending on the municipality — so knowing how rates stack up can influence both your upfront cost estimates and your long-term ownership costs. How Property Taxes Work in BC In British Columbia, municipal property taxes are calculated by multiplying the assessed value of your home by the municipal tax rate (mill rate). The assessment comes from BC Assessment and reflects market value as of July 1 prior to the tax year. Your total tax bill isn’t just the municipal share — it also includes levies collected for: Provincial school tax Capital Regional District (CRD) services Hospital district Transit Other local bodies Municipal budget decisions — such as infrastructure spending or service levels — directly influence the mill rate required to generate revenue. If assessments rise faster than the municipal budget, mill rates can stay stable or even decrease; if budgets grow faster than total assessed value, mill rates must increase. A municipality’s tax strategy often reflects local priorities and spending choices. Greater Victoria Municipal Property Tax Rates: A Snapshot Not all municipalities in Greater Victoria tax at the same rate. Based on available comparative data: Tax Rate Rankings (2022–2024 era) Lower tax rate municipalities: North Saanich generally sits near the lower end of regional property tax rates. View Royal often has lower mill rates compared with urban centres. Mid-range: Colwood and Langford in the Westshore tend to have moderate local municipal tax rates, but totals depend on other levies and assessment levels. Higher tax rate municipalities: Victoria and Central Saanich have among the higher municipal property tax rates within the region. Saanich typically shows a comparatively high effective tax burden. Differences matter: in a sample compiled by a brokerage, a $1 million home in Victoria would yield roughly $174 more in taxes than the same value home in Saanich, and a home in Colwood would pay about $645 more than in View Royal — purely based on rate spreads. (Note: precise current rates change annually with budgets and assessments. Always check municipal tax rate bylaws or use online tax calculators for exact figures for a given year.) Recent Trends: Rate Increases & Budget Pressures Municipalities across Greater Victoria have grappled with tax increases over recent years, driven by rising costs for core services, infrastructure renewals, and public safety: Saanich approved property tax increases near 8% in 2025, adding hundreds of dollars to the average homeowner bill. Langford has proposed significant tax hikes in multi-year financial plans to support rapid growth and expanding service demand. Regional increases by the Capital Regional District (CRD) also factor into total bills, with projected increases varying across municipalities depending on the services used (e.g., 4.1% for Victoria vs 7.7% for Langford for CRD requisitions in 2025). These upward pressures mean that even if a municipality historically had a lower tax rate, the year-to-year changes can shift relative burden across communities. Why These Differences Matter for Buyers 1. Annual Carrying Cost If you’re budgeting for homeownership, property taxes are a predictable recurring cost tied directly to your assessment and municipal priorities. A difference of a few hundred to a few thousand dollars annually can impact: Mortgage affordability Monthly cash flow Long-term cost projections for investment or retirement planning 2. Comparing Similar Homes Across Municipalities Two homes with equal market value — one in Saanich and one in Langford or Colwood — could result in: Different quarterly tax bills Different services received for that tax dollar (e.g., recreation, policing, parks) This can be a tiebreaker for buyers evaluating multiple locations in the region. 3. Growth and Future Tax Outlook Municipalities at different stages of development (e.g., fast-growing Langford vs more established Saanich or Victoria) may adopt differing strategies on whether to keep taxes low for growth incentives or invest in services and infrastructure. Howard P., 5-Star Review, via Google “Cal and Scott Faber are authentic and trustworthy and give it to you straight up. They take the time and the attention to learn about your needs and then find the home that fits them. Our experience with Cal and Scott Faber was exceptional. They didn't just provide great service, they demonstrated a genuine concern for our best interests, making us feel truly valued. They will do their best to find the home that fits your lifestyle and needs. I heartily recommend Cal and Scott.” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

The Saanich Peninsula continues to attract buyers looking for value, lifestyle, and long-term stability. In 2026, balanced market conditions have created opportunities across Sidney, North Saanich, and Central Saanich, particularly for buyers willing to look beyond core Victoria. Saanich Peninsula real estate benefits from limited land supply, strong community appeal, and steady demand tied to retirees, families, and downsizers. Sidney: Walkability and Coastal Appeal Sidney remains one of the Peninsula’s most popular markets, especially for downsizers and retirees. Why buyers focus here: Walkable downtown with shops, cafes, and waterfront access Strong condo and townhome inventory relative to other Peninsula areas Consistent demand that supports long-term value In 2026, pricing remains more approachable than Oak Bay or Fairfield, particularly for condominiums. For buyers seeking lifestyle and convenience, Sidney continues to represent solid value within Saanich Peninsula real estate. Central Saanich: Balance of Space and Accessibility Central Saanich appeals to buyers who want more space without sacrificing proximity. Key advantages include: Larger lots and family-oriented neighbourhoods Easy access to Sidney, Brentwood Bay, and Victoria A mix of single-family homes, townhomes, and newer developments Value plays often emerge in older homes with cosmetic upgrade potential. For long-term buyers, Central Saanich offers flexibility and stability. North Saanich: Acreage and Long-Term Holding Value North Saanich remains the Peninsula’s acreage market. What defines North Saanich: Larger rural properties and estate-style homes Limited development and strong zoning protections Appeal to buyers prioritizing privacy and long-term ownership While price points are higher, North Saanich real estate often compares favourably to similar acreage markets closer to Victoria. In a balanced 2026 market, patient buyers may find negotiation opportunities. Where the Best Value Plays Appear in 2026 Across the Peninsula, value often shows up in: Condos and townhomes in Sidney Older single-family homes in Central Saanich Acreage properties in North Saanich with long-term upside Understanding neighbourhood plans, servicing, and future development restrictions is critical when assessing value. Market Conditions to Watch Inventory levels across the Saanich Peninsula remain healthier than peak years, giving buyers more choice. However, demand remains steady due to lifestyle-driven purchases and limited land availability. As a result, well-priced homes continue to move, while overpriced listings sit longer. Final Thoughts Saanich Peninsula real estate offers compelling value in 2026 for buyers seeking lifestyle, space, and long-term stability. Sidney delivers walkability, Central Saanich balances space and access, and North Saanich offers acreage and privacy. For buyers willing to act strategically, these Peninsula hotspots remain some of Greater Victoria’s strongest value plays. Doug M., 5-Star Review, via Google “For us, selling our first home of 15 years brought up a lot of emotion and the process felt daunting. We had a challenging tenant and lived off island. In rode these 3 amigos, the Fabers, like knights on white horses! Always there, supporting, guiding every step of the way, connecting with confidence and kindness. Fluid communication and success on every level. Truly a God send, we can’t imagine having done it without them! A pleasure indeed.” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧[email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”