North Saanich

When brokers look at the Saanich Peninsula, it’s easy to lump everything together. That’s a mistake. North Saanich isn’t a suburb of Victoria; it’s a distinct community. The population has grown by almost 9% since 2016, but with a density of only 329 people per square kilometer, it has fiercely protected its rural character. That character comes from 40 kilometers of marine coastline and an agricultural heartland, much of it on the traditional territory of the W̱SÁNEĆ people. This isn’t a place chasing sprawl. It’s a stable, rural-residential market, and that’s the key to underwriting deals here.

The biggest factor dictating property values is the Agricultural Land Reserve (ALR). The ALR locks up the fertile interior, creating a hard limit on development and preserving the community’s low-density feel. You can see it in the housing stats: single-detached houses make up nearly 80% of all dwellings, while apartments account for less than 3%. You aren’t going to see a sudden glut of condo towers hitting the market and depressing values here. That built-in supply constraint puts a solid floor under the market, which is a major part of our risk assessment.

The economy is as stable as the landscape. There are no volatile single-industry employers. Instead, the top sectors are public administration, professional services, and healthcare, all supported by the proximity of the provincial capital. Over three-quarters of the population has post-secondary education, feeding a stable, professional workforce. The demographics tell the same story. With a median age of 56.8 and nearly 35% of residents over 65, this is a community of established homeowners with a median household income of $121,000, not short-term speculators. The appeal for this group is obvious: it’s a Zone 9a climate, one of the mildest in Canada, which attracts anyone looking to escape harsher winters.

From a lending perspective, North Saanich checks all the right boxes. The combination of high demand, constrained supply, a resilient local economy, and an affluent demographic makes for a predictable market. In a worst-case scenario, the exit strategy is clear. Properties here are highly desirable and don’t sit on the market for long. It’s one of the few non-metro areas where we feel the risk profile justifies a higher loan-to-value. For strong borrowers and solid properties in North Saanich, we will lend up to a maximum of 70% LTV.