When buying a home in Greater Victoria, it is easy to focus on the mortgage payment and overlook additional ownership costs. Two of the most important expenses to understand are property taxes and, for condos or townhomes, strata fees. Knowing how these costs work helps buyers budget accurately and avoid surprises after possession.
Property Taxes Explained
Property taxes are annual fees paid to municipalities and school districts based on the assessed value of a property. In Greater Victoria, these taxes support essential services such as schools, road maintenance, parks, and emergency services. Tax amounts vary depending on location, property type, and assessed value. For example, homes in areas like Oak Bay or Cadboro Bay often carry higher property taxes than those in Langford or Colwood, largely due to differences in assessed values and municipal budgets.
Many homeowners choose to pay property taxes through automatic payments or include them with their mortgage to simplify budgeting. Understanding expected taxes upfront helps ensure homeownership costs remain manageable.
Understanding Strata Fees
Buyers considering a condo or townhome will also need to factor in monthly strata fees. These fees contribute to shared expenses within the building or community and typically include:
- Maintenance of common areas
- Building insurance
- Contributions to the reserve fund for future repairs
- Utilities in some cases
Strata fees vary widely. Buildings with amenities such as gyms, elevators, or rooftop spaces often have higher fees. Older buildings may have lower monthly fees but can face larger repair projects over time.
Buyers should also be aware of special assessments, which are one time charges for major or unexpected repairs. Reviewing the strata minutes and depreciation report before purchasing provides valuable insight into the building’s financial health.
Budgeting for the Full Cost of Ownership
Property taxes and strata fees play a significant role in overall affordability. Detached homes typically carry higher property taxes but no strata fees. Condos and townhomes may offer lower purchase prices, but monthly strata fees can meaningfully impact long term costs.
We always encourage buyers to look beyond the mortgage payment and consider total monthly and annual expenses when comparing properties.
Final Thoughts
Understanding property taxes and strata fees is essential when buying a home in Greater Victoria. These costs are part of responsible homeownership and support well maintained communities and shared services.
With the right guidance and preparation, buyers can make confident decisions and choose a home that fits both their lifestyle and long term budget.
Lou N., 5-Star Review, via Google
“Scott is a knowledgeable, professional, dedicated and thorough expert in his field. Excellent at what he does and we couldn’t have found a better realtor to guide us through one of the most important decisions in our lives.”
Faber Real Estate Group
Royal LePage Coast Capital Realty
📞 250-244-3430
📧scott@fabergroup.ca
ℹ️ Scott Faber Personal Real Estate Corporation
ℹ️ Cal Faber Personal Real Estate Corporation
Vanessa Wood & Zachary Parsons
“Building Lasting Relationships, One Home at a Time.”