Victoria and Saanich have one of the oldest populations in Canada, and a lot of retirees who bought decades ago. A typical single-family home is assessed at about $1.13 million in the City of Victoria and $1.16 million in Saanich for 2026, holding steady while much of the Lower Mainland dipped.
Victoria at a glance
| Typical 2026 BC Assessment value | Value | Change from 2025 |
|---|---|---|
| Single-family home, City of Victoria | $1,128,000 | +1% |
| Single-family home, Saanich | $1,164,000 | +1% |
| Strata, City of Victoria | $551,000 | -2% |
Typical assessed values as of July 1, 2025, published by BC Assessment for 2026. Your home's market value and a lender's appraisal can differ.
A couple whose youngest is 72, with a typical Victoria house worth $1,128,000, would see roughly $420,000 to $479,000 on our calculator (location set to "Vancouver, Victoria, Kelowna area").
Illustration only. Not a quote, offer or approval. Any existing mortgage is paid out first, so your cash in hand is less. Try your own numbers in the calculator.
What to know about reverse mortgages in Victoria
Older homes, big repair bills
Many Victoria-area homes are older character houses. Roofs, drainage, windows, seismic upgrades and old heating systems can add up fast. Because the lender expects the home to be kept in good repair, using part of a reverse mortgage for that work can make sense. Get quotes first and borrow only what the job needs.
Aging in place
Accessibility changes, a main-floor bedroom, or in-home care are common reasons Victoria clients look at a reverse mortgage. A product that lets you draw later can leave money available for care without paying interest on it today.
Condos
Victoria has a large condo market. Condos can qualify, though lenders often advance a lower percentage than on houses, and strata fees and levies must keep being paid.
The basics, in one minute
A reverse mortgage lets homeowners 55 and over borrow against their home with no regular payments required on most products. You keep title. Interest is added to the balance, so the amount owed grows and the equity left shrinks. The loan is repaid when the home is sold, the last borrower moves out for good or passes away, or the loan goes into default. You must keep paying property taxes and insurance and keep the home in good repair. Rates are typically higher than a regular mortgage, and fees apply. Read the full BC guide or the honest pros and cons.
If a spouse is not on the loan, it can come due when the borrowing spouse dies or moves out, even if that spouse still lives in the home. Check this in writing before signing.
Alternatives worth comparing in Victoria
- A HELOC, if you qualify and can handle monthly payments
- BC property tax deferment, if the tax bill is the main pressure
- Renting a suite or room, if the home and local rules allow it
- Family help, if everyone agrees and can afford it
- Downsizing, if the home no longer fits
If a cheaper tool solves the problem, use that one. I will tell you straight if a reverse mortgage is the wrong move.
Other BC cities
Questions people ask
How much can I get with a reverse mortgage in Victoria?
On a typical $1.13 million City of Victoria house, a couple whose youngest is 72 would see roughly $420,000 to $479,000 on our calculator. On a typical $551,000 strata home, roughly $180,500 to $206,500. Illustrations only.
Do lenders lend in Saanich, Oak Bay and the Westshore?
Generally, yes. Greater Victoria is within the main lending areas, but each lender sets its own map, so we confirm for your address.
Can I use a reverse mortgage for home repairs?
Yes. Repairs and accessibility work are common uses, and keeping the home in good repair is one of the loan obligations.
About the author
Matt Blake is a licensed mortgage broker in British Columbia with BRX Mortgage Inc. He helps homeowners 55 and over, and their families, compare reverse mortgages with HELOCs, selling and downsizing, and he will tell you straight when a reverse mortgage is the wrong move.
Licence MB600487 · BRX Mortgage Inc., brokerage licence X301291 · Last reviewed October 2026
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