A rendering depicting Trailside at the Lake, at-left, nearing completion adjacent to Langford Lake on Victoria’s West Shore. The two-building development features one and two-bedroom homes, with parking, and will complete this fall. © Seacliff Properties / Keycorp Development
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By Mike Kozakowski of Citified.ca
ESQUIMALT
A groundbreaking ceremony was held along the Gorge Waterway last week for Central Block, a six-storey, 99-suite condominium from Victoria homebuilder Abstract Developments. Coming to 1075 Tillicum Road opposite Esquimalt Gorge Park, Abstract’s newest construction launch officially began with developer Mike Miller and the company’s CEO, Tavish Rai, on hand to celebrate another Abstract milestone. Central Block’s Sales Manager Jessica Russel says the groundbreaking ceremony is both a nod to Abstract’s commitment to the local housing market, and a recognition that even amid changing economic conditions, Greater Victoria remains a desirable place to call home. Comprised of junior one-bedroom through three-bedroom layouts, Central Block’s home offerings have drawn a wide spectrum of purchasers, from end-users seeking downsizing opportunities in a niche location adjacent to parkland and along the waterfront, to first time homebuyers looking for high value pre-sale opportunities, and investors, with an eye to future use for children or in retirement, or as homes available to the rental market. Read more here
LANGFORD
A collection of nearly move-in ready lakeside condominiums along the shores of Langford Lake will hit the market as one of the most anticipated pre-sale offerings of the year. Trailside at the Lake, from developers Seacliff Properties and Keycorp Development, will soon start selling one and two-bedroom view homes ranging from 614 to approximately 1,000 square feet, parking included, with nearly every home featuring desirable views of Langford Lake and the Ed Nixon Trail. Slated for completion this fall, Trailside is centrally located at the northwest corner of Langford Lake with transit, schools, a YMCA recreational facility, shopping and parkland in close proximity. As part of the project’s launch, the development team has introduced a first program of its kind on the south Island, designed to help buyers tap into some of the industry’s most competitive interest rates. Known as the Innovative Reduced Interest Rate Buy-Down Program, buyers will be eligible for what McNaughton calls “incredible financing options at interest rates only available at Trailside,” which at a time of rising bank rates, will be a welcome change for Victoria pre-sale options. Read more here
Council has sent a six-storey rental complex to a public hearing, that if approved and built, will extend Percy Place to Claude Road from Veterans Memorial Parkway. The downtown proposal, along the 2700-block of Claude Road at Percy Place, is proceeding to public hearing with a mix of 107 studio, one and two-bedroom apartments, along with parking capacity for 114 vehicles. As part of its amenity contributions, proponent Empowered Development will connect Veterans Memorial Parkway to Claude Road along Percy Place with a single-lane thoroughfare. A future additional lane will be constructed as part of redevelopment of properties to the south of the Empowered site, allowing for eventual two-directional travel along Percy Road. Read more here.
VICTORIA
Construction has started on a replacement for James Bay’s Village Green apartments at Menzies and Niagara streets near a Thrifty Foods-anchored commercial centre. The six-storey project is replacing a 45-unit complex with nearly 140 rental suites (a net gain of 92 homes) in one-bedroom-through-three-bedroom layouts, and is expected to reach occupancy in 2025. While the development proposal was making its way through the planning process in the fall of 2021, the original Village Green dating back to the 1960s was damaged by fire that started in a second-storey unit, several months before council would send the concept to a public hearing, and eventually unanimously approve redevelopment. Council also ratified an agreement to permit a group of former Village Green tenants to return to the completed new-build at 20% below-market rents. Developer Primex Investments is currently in the excavation and drilling phase at the site encompassing 110 Menzies Street, 436-456 Niagara Street. The design calls for a four and six-storey massing. Read more here
REGIONAL
The south Island’s real-estate market in July pushed average re-sale valuations to $1.37 million for single-family-homes, $637,214 for condominiums, and $831,442 among townhomes. Total property transactions, including commercial and mobile home purchases, reached 595 sales in July, outpacing July of 2022’s 510 sales by nearly 17%, VREB data shows. Victoria realtor Marko Juras sums up the market as such: “There remains inherent demand for housing of all types in Victoria, and the fact that we have not seen downward pressure on prices is a sign, to me, that plenty of buyers are purchasing homes with cash in hand after selling primary residences or looking for a safe haven in which to park their money. It’s quite likely that we’re seeing buyers not necessarily or heavily exposed to the whims of the lending market that are helping keep prices buoyed in Victoria. And in a market such as this, where you’re seeing such stability in the face of economic changes, cash and equity reveal their value.” Read more here
Mike Kozakowski is with Citified Media and can be reached at mailto:mike@citifiedmedia.com
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