Exceptionally private 12.29 acres with two warrantied homes (one complete, one mid-build) backed by forest and Prospect Lake Park. Quality 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 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.
Planted on the southern half of the plot, two custom-built modern ranchers boast premium fit and finish inside and out including engineered radiant heated flooring, quartz counters, gourmet appliances, wood accents, inset lighting, as well as large windows and sliding doors. Multiple west-facing patios enjoy views of the pasture framed by forest.
Each home features a stair-less entry with stylish oversized door and front office. Both layouts consist of four bedrooms and a media room branching outward from the great room; an open-concept space framed by vaulted ceilings, warmed by a gas fireplace, and surrounded by windows. A spacious central island distinguishes each kitchen from the dining and lounging areas with one kitchen enjoying a wet bar with wine storage, and the other outfitted with a fully-equipped food prep room.
Both residences feature a finished attached garage with additional storage room; one a triple carport with a one-bedroom, one-bathroom suite above featuring a balcony and separate entrance, the other forgoes the suite for a fourth carport. A separate double garage is afforded for extra vehicles and equipment.
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.
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.
*Verify all above claims with your legal counsel or Realtor
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.
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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.
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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.
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