If you are considering a home around the $2 million mark in Greater Victoria, Oak Bay and North Saanich offer a useful example of just how different that budget can look from one part of the region to another.
In Oak Bay, a significant part of the value is tied to location: established neighbourhoods, proximity to the water and village amenities, and relatively easy access to downtown Victoria. In North Saanich, the same budget can often provide more land, privacy, and newer or more spacious housing, with the trade-off of being farther from the city.
For buyers relocating to Greater Victoria, those differences are worth understanding before narrowing the search to individual properties. A home may check every box on paper, but the way the surrounding area fits into your everyday life matters just as much.
Here is how we would think about the two areas at roughly the $2 million price point.
Oak Bay: paying for location and an established neighbourhood
In Oak Bay, a $2 million budget can put you within established residential neighbourhoods close to Oak Bay Village, the shoreline, parks, schools, and other everyday amenities.
Much of Oak Bay’s housing stock is older, including many character homes dating from the early to mid-1900s. Depending on the property and location, buyers at this price point may be choosing between a renovated older home, a property with future renovation potential, or a home where much of the value is tied to the land and location.
The appeal is less about maximizing square footage and more about being close to the things you use regularly. For buyers who value walkability, established streetscapes, and relatively easy access to central Victoria, that can be a worthwhile trade-off.
Due diligence when buying an older home
Character homes are an important part of what makes Oak Bay appealing, but older construction also deserves careful due diligence.
Depending on the age and history of the property, that can mean taking a closer look at electrical systems, plumbing, drainage and moisture management, roofing, insulation, previous renovations, and the possibility of a former oil tank. These aren’t reasons to avoid an older home, and many properties have been thoughtfully updated over time. They are simply things worth understanding before deciding what a particular home is worth to you.
A thorough home inspection remains an important part of the process, along with reviewing available permits, records, and other property-specific information where appropriate.
North Saanich: more space and privacy
In North Saanich, a similar budget can look very different. Larger lots, greater privacy, and more separation between neighbouring homes are common reasons buyers consider the area. Depending on the property, $2 million may also provide more interior space, newer construction, or additional features that would be difficult to find at the same price in Oak Bay.
The trade-off is location.
If your routine involves travelling into Victoria regularly, the drive should be considered alongside the house itself. We often encourage relocating buyers to make that trip at the time of day they would actually be commuting. A drive down the Peninsula on a quiet weekend can feel quite different from a weekday morning.
For buyers who work from home, travel frequently through the airport or ferries, or simply place a higher value on privacy and space, North Saanich can make a great deal of sense. For someone who wants to walk to coffee, shops, restaurants, and other daily amenities, it may feel more removed than they expected.
Same budget, different priorities
There isn’t a better choice between Oak Bay and North Saanich. They simply offer different things.
In Oak Bay, buyers are generally allocating more of their budget toward location, neighbourhood, and proximity to amenities. In North Saanich, that same budget can often go further toward land, privacy, and the home itself.
This is one of the reasons we encourage relocating buyers to spend time in different parts of Greater Victoria before becoming too focused on individual listings. At the $2 million price point, there can be excellent properties in both areas, but they aren’t necessarily alternatives to one another simply because they share a price.
The better question is how you want your day-to-day life here to look.
If you are considering both areas, spend time in each of them. Walk the neighbourhoods, make the drive into town, visit the places you would use regularly, and do it at the times of day that are relevant to your routine. Those details can tell you as much about whether a property is a good fit as the listing itself.
FAQ
Why does a $2M budget look different in Oak Bay and North Saanich?
Land values, lot sizes, housing stock, proximity to central Victoria, and neighbourhood characteristics all influence what your budget buys. In Oak Bay, more of the value tends to be tied to location and established neighbourhoods. In North Saanich, the same budget can often provide more land, privacy, and space.
Where should I look if I’m relocating to Greater Victoria and working from home?
If commuting is less important, North Saanich and other parts of the Peninsula may be worth considering for buyers who prioritize land, privacy, and a quieter setting. If walkability and proximity to central amenities are higher priorities, Oak Bay and other neighbourhoods closer to Victoria may be a better fit.
Should I test the commute before buying on the Peninsula?
We recommend it. If you expect to travel into Victoria regularly, make the drive during the hours you would normally be on the road. It is a simple way to understand whether the location works for your actual routine rather than relying on a map or estimated drive time.
Planning a move to Greater Victoria?
Choosing where to live is often one of the biggest decisions in a relocation, particularly when the same budget can look very different from one community to the next.
If you’re comparing Oak Bay, North Saanich, or other parts of Greater Victoria, we’re always happy to help you understand the differences and narrow the search based on what matters most to you. Contact our team.
Thanks for being here,
Alex Hughes, REALTOR®, Personal Real Estate Corporation — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
Ricki-Lee Jewell, REALTOR® — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
Steven Reilander, REALTOR® — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
