Opportunity awaits you at "The Slopes" in Lake Cowichan. This .23 acre (10,454 sqft) lot is situated at the end of a quiet no thru street in an established family friend...
Courtesy of Macdonald Realty Victoria
Vacant Development Property in Central Langford. The 7,800+ sqft lot is completely vacant and rezoning has already been completed to MU2 (Mixed Use Residential Commercial...
Courtesy of Engel & Volkers Vancouver Island
An untouched, south-facing building lot of 0.52 acres with views of Cusheon Lake. The property features large fir, cedar, maple, and arbutus trees and is an empty canvas ...
Courtesy of Macdonald Realty Salt Spring Island
LAND ASSEMBLY - 3224/3230/3234 Admirals Road... Tucked away at the end of a no thru road bordering the Galloping Goose Trail, we proudly offer this 3 lot Land Assembly to...
Courtesy of Sotheby's International Realty Canada
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Land and Building Lots are in very short supply in Victoria in part due to the regioins environmental and geographical constraints, being surrounded by water towards the East, difficult to develop topography in mountenous regionis towards the West, and agricultural land in in the North. One of the biggest reasons for low land inventory in Victoria, however, is the persistent NIMBY opposition pathology at the local government level prompting local councils to finds ways to thwart development efforts at the behest of it's constituents, whenever a piece of developable land becomes available, who scream for every piece of vacant land to be turned into another park for their enjoyment at the expense of everyone else. Agricultural Land ALR policies of the provincial government are another reason for the shortage. A massive amount of developable land has been taken out of the development pool by this institution on the false pretext of preserving farmland, when in fact only about 50% of the ALR inventory has any kind of agricultrual potential. It's a sad situation creating homelessness and poverty by contributing to rising housing costs.
Nevertheless, owning land in Victoria, BC, can offer several benefits. Here are some key advantages: Appreciation: Real estate in Victoria has historically shown strong appreciation over time. As the demand for properties in this desirable location continues to grow, the value of your land may increase, potentially providing a significant return on investment. Stability: Land ownership provides stability and security. Unlike renting or leasing, owning land gives you control over your property, allowing you to make long-term plans and decisions without the uncertainty of changing rental prices or the possibility of eviction.
Development Opportunities: Owning land in Victoria gives you the potential to develop the property according to your preferences. Whether you're interested in building your dream home, developing a commercial space, or investing in rental properties, land ownership offers flexibility for your future plans. Rental Income: If you choose to develop your land for rental purposes, owning property in Victoria can provide a steady stream of rental income. The city's high demand for housing and tourism industry can create lucrative opportunities for landlords, especially in popular neighborhoods or near attractions.
Tax Benefits: Land ownership often comes with tax advantages. In Canada, you can deduct property taxes and mortgage interest payments from your taxable income. Additionally, if you decide to sell your land in the future, capital gains tax may be partially or completely exempt if the property is considered your principal residence. Lifestyle and Location: Victoria is renowned for its quality of life, beautiful scenery, and vibrant culture. By owning land in this area, you have the opportunity to enjoy the benefits of the city's amenities, including parks, beaches, recreational activities, dining options, and a mild climate.
Estate Planning: Land ownership can be an essential component of estate planning. It allows you to pass on your property to future generations, providing a valuable asset and potentially securing their financial future. Remember that owning land also comes with responsibilities, such as property maintenance, taxes, and potential risks associated with the real estate market. It's advisable to consult with a real estate professional, financial advisor, or lawyer to evaluate your specific situation and ensure land ownership aligns with your goals and financial capabilities.