OCTOBER 2023 CAPITAL REGION COMMERCIAL REAL ESTATE REPORT

October 30, 2023

 

An exterior rendering of Willow + Glen, with nearly move-in ready homes on Sooke Road near Jacklin Road in Langford’s ‘lake district’ on Victoria’s West Shore. © Abstract Developments

 

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By Mike Kozakowski of Citified.ca

CENTRAL SAANICH
A condominium offering with deposits as low as 1 per cent has launched its long-anticipated pre-sale campaign as the final phase of Marigold Lands, a new-build residential community near the eastern shores of the Saanich Peninsula. Comprised of only 50 suites in large-sized one, two and three-bedroom configurations, homes at Marigold’s six-storey Sequoia Residences are targeted at the downsizer market, and homebuyers seeking spacious units close to shopping or natural amenities while away from the bustle of town centres like Sidney’s core and Victoria’s urban areas. Read more here

COLWOOD
The latest phase of residences have completed at the City of Colwood‘s Colwood Corners mixed-use development on Sooke Road at Goldstream Avenue. Developer Onni Group has brought to market two five-storey rental blocks with nearly 150 suites between them, in studio, one and two-bedroom layouts. Situated along the 1900-block of Jerome Road at the rear of the Colwood Corners property, the project’s latest phase completes two additional parcels between the recently opened first phase (above a Save on Foods grocery store) and the existing London Drugs complex. Read more here

LANGFORD
The West Shore’s townhome market has stepped into a new era of design with the Willow + Glen community from award-winning Victoria-based Abstract Developments. Situated in the City of Langford’s ‘lake district’ near the intersection of Jacklin Road and Sooke Road, Abstract’s first West Shore project has delivered a collection of nature-inspired three and four-bedroom residences featuring timeless exterior design, professionally curated interiors, and family-friendly amenities all in walking distance to some of the West Shore’s best natural landmarks and parkland. Abstract spared no details in staging its recently opened display home at Willow + Glen showcasing the lengths to which the company’s designers went in creating functional and practical family-sized layouts in spacious three and four-bedroom floorplans, where space is maximized and utility is top-of-mind.

REGIONAL
The number of insured vehicles on south Island roads has increased by over 4 per cent between 2018 and 2022, according to statistics released by ICBC. Between Sooke and Sidney, including the unincorporated areas of Shirley, Otter Point and East Sooke, there were 285,415 “vehicle insurance policies in force” in 2022, compared to 274,060 in 2018, a difference of 4.14 per cent or 11,355 units. The data includes passenger and commercial vehicles, motorhomes and motorcycles or mopeds. Province-wide, ICBC reports 3,583,308 polices were in force in 2022, a growth rate of 8.11 per cent over 2018. On Vancouver Island, 682,514 polices were in force, a rise of 5.85 per cent over 2018. Read more here

SAANICH
Abstract Developments’ return to Saanich’s Shelbourne Valley following the successful sell-out of its Fifteen88 condominiums will deliver 87 homes in junior one-bedroom through two-bedroom residences in a six-storey modern building. Dubbed Oak & Stone, the project will rise along the 3200-block of Shelbourne Street at McRae Avenue near both the University of Victoria and Camosun College campuses, connected by high-frequency transit routes to downtown Victoria, and only steps from the Hillside Centre shopping mall.


VICTORIA
One of the largest rental projects to ever rise in Victoria’s downtown core is now in its site preparation stage at the former location of Government Street’s Fountain Tire. Comprised of nearly 280 homes in a two-building, five-storey massing, the project, dubbed Spencer Block, will redevelop 1.5 acres of presently vacant land along the 600-blocks of Herald and Chatham streets at Government Street. Approximately 19,000 square feet of ground floor retail spaces will be situated along Spencer Block’s three street-side frontages. Read more here

Harris Green’s first condominium to reach occupancy since 2021 is nearing completion on Cook Street at View Street, and now boasts a fully furnished ‘finished product’ display suite highlighting the project’s finishings and designer-inspired layouts. Over 60 per cent sold, 15-storey Mod from Victoria developers Fraser McColl and Dan Robbins features nearly move in-ready (move-ins are expected in December) one and two-bedroom residences priced from $459,000 in one-bedroom formats, and from $734,000 for two-bedroom homes with secure underground parking. Available suites still include homes with expected-to-be protected views towards the lush urban canopy of Fairfield and Rockland, the Salish Sea, and Washington State’s Olympic Mountains thanks to what Robbins calls Mod’s “book-end” location. Read more here

A 15-unit redevelopment proposal will deliver much-needed ‘missing middle’ townhomes to Victoria’s Fernwood neighbourhood in alignment with municipal goals to increase gentle densification. Council approved, without a public hearing, a proposal from Frame Properties to redevelop two single-family-home properties along the 2500-block of Shelbourne Street into family-sized units. Read more here

Mike Kozakowski is with Citified Media and can be reached at mailto:mike@citifiedmedia.com

Copyright (C) 2023 by Citified Media Inc. Content under license to Business Examiner.

 

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