Can be purchased alone or together with MLS#413832. Follow the link below for combined listing:
Sited on 10 acres, this newly completed, exceptionally private, warrantied home is backed by forest and Prospect Lake Park. Excellent pasture land is tenanted by a local farmer encouraging enjoyment of a large parcel of land without the associated upkeep.
Farm status not only brings this property below the luxury tax bracket; it exempts it from most of BC’s new property transfer taxes (PTT).
Portions of the property have been dedicated to remain in a natural forested state and have been so noted on the property title. Under BC assessment laws, the value of these lands is exempted from PTT and those areas also qualify for ongoing reductions to residential property taxes.
Enjoy all the benefits and quiet of country living with someone else doing the farming while saving tens of thousands in government and property taxes. Farm status also allows for construction of additional buildings; versatility of this nature is rare.
Sited on the eastern half of the plot, the custom-built rancher boasts premium fit and finish inside and out including engineered radiant heated flooring, quartz counters, KitchenAid and Bluestar appliances, reclaimed wood hanging barn doors, inset lighting, as well as large windows and sliding doors.
The stair-less entry is punctuated by white tile framing its oversized door, with three bedrooms (two with walkout patios and ensuite bathrooms), media room, and office branch from the central great room. This open-concept space boasts vaulted ceilings, a magnificent crystal chandelier, walk-in pantry, as well as a reclaimed wood feature wall with wet bar, wine fridge and racks. Windows and glass doors on the westerly side open onto a large concrete patio with unobstructed views of the pasture framed by forest.
Above the finished triple garage, a one-bedroom, one-bathroom suite is afforded its own balcony and entry. Additional storage is available through the attached garage.
Less than three kilometres from Prospect Lake Golf Course, the property is hidden from the road, and offers a short commute to Victoria, BC Ferries at Schwartz Bay, or Victoria International Airport in Sidney.
Tax Savings & Cost Subsidies
• Farm land is exempt from the Property Transfer Tax (PTT) calculation meaning if the land is assessed at $2 million and the purchase price is $4 million PTT is only paid on $2 million.
• Future assessment means the land is assessed at a nominal amount. As such taxes will only be paid on the assessed value of the house. As a result, the house drops below the level of all new luxury and school taxes imposed by the NDP Government.
• Higher transfer taxes are applied over $3 million. This house has the same tax status as houses below $2 million.
• The tenant farmer who cuts the hay needs only attend the property approximately 5 hours once per year. Hay is cut and removed the same day.
1. Portions of the property have been dedicated to remain in a natural forested state and have been so noted on the property title. Under BC assessment laws, the value of these lands is exempted from PTT and those areas also qualify for ongoing reductions to residential property taxes.
2. The property currently qualifies as a farm for BC Assessment and PTT purposes. Property transfer taxes are to be paid only on approximately one acre of land, the remaining 9 acres are exempt from PTT taxation.
Property classified as farm land by BC Assessment that includes a residential improvement, such as a building used as a farmer’s home. You pay the additional tax on the value of the residential improvement plus 0.5 hectares of land.
An estimate of the initial tax savings on purchase is approximately $70,000 and permanent ongoing property tax relief resulting from farm status is approximately $8,000 annually.
Contact the listing agent for furth
Surrounded by the Pacific Ocean, the Strait of Georgia and the Inside Passage, Vancouver Island is known as “the Hawaii of the North”. With its vast wilderness, picturesque peaks, and temperate climate, this stunning locale is a paradise for those seeking serenity and natural beauty. A breadth of lifestyles are available here from charming coastal communities and pastoral estates, to busy urban centres.
Unlike much of Canada, Vancouver Island's weather is mild year-round. Spring comes early, with cherry blossom, tulip, and daffodil blooms lit by sparkling ocean sunsets. Summer is close behind, with the first sightings of migrating whales and local fishermen. In fall, a plethora of farms, vineyards, orchards, cideries, and breweries take local culinary culture to new heights. Come winter, cars loaded with kayaks, surfboards, paddle boards, skis, and snowboards come out to play, while golfers teeing off, and joggers taking to the trails remain common sights. Whatever the season, there’s plenty to enjoy on Vancouver Island.
From the remote Canadian surf-capital, Tofino in the north, to the tech-friendly historic harbour city of Victoria in the south, Vancouver Island is a mecca of world-class destinations, and facilities:
Known also as "The Garden City" for its perpetual greenery and rarely freezing temperatures, Victoria is the capital of British Columbia, and is a thriving collection of municipalities from it's historical urban centre, to it's various suburban, and rural developments both inland and oceanfront.
Located 15-minutes from Victoria in fast-growing Langford, Bear Mountain Mountain Resort is one of North-America's finest recreational developments, It is home to Canada's only 36 holes of Nicklaus Design golf, its largest indoor/outdoor red clay court tennis centre, and an extensive network of top-tier mountain bike trails. It is the headquarters of Golf Canada's National Development Team, the Canadian National Mountain Bike Team and is supported by Tennis Canada and Tennis BC.
The Victoria International Marina, completed in 2019 offers full-service premium luxury yacht moorage for yachts from 65-feet to 175-feet in the heart of Victoria. With 28-slips, upscale security and safety, amenities, concierge services and crew facilities, this is the ultimate port-of-call from which to cast off and explore North America's most spectacular cruising waters, the Pacific Northwest and Inside Passage,
Centrally situated in the lush Cowichan Valley, Vancouver Island Motorsport Circuit is Canada's only year-round motorsport circuit. This highly technical circuit features 19 corners and 11.5% in elevation changes, and is committed to providing the highest quality professional training, track-side support, and driver's education available.
Only a 45-minute drive from Victoria, the Cowichan Valley often referred to as the "Napa of the North" is home to 14 unique wineries. This cool climate viticulture is paired with a growing list of craft cideries, breweries, and distilleries located throughout the island, but mostly concentrated in the south in and around the agriculturally-rich Saanich Peninsula.
There are more than 200 islands in the Gulf Islands National Park Reserve located between Vancouver Island and mainland British Columbia. Teeming with land and sea life including seals, whales, eagles, otters, and porpoises this area is home to numerous rarely explored precious ecosystems. The larger islands are serviced by BC Ferries while the smaller ones can only be reached by private boat or float plane.
Convenient international access to Vancouver Island includes numerous ferry routes to and from mainland Canada and the USA, the award-winning Victoria International Airport, as well as numerous private flight operators, airfields and heliports scattered island-wide.