Capital Region Commercial Real Estate Report
One of the largest new housing developers in the capital received a coveted honor from the Victoria Home Builders Association (VRBA) recognizing leaders in sustainable design and construction on the West Coast. Based in Victoria Abstract developments, with several residential projects underway and in planning across the region, has been named Green builder of the year at the 30th Annual VRBA CARE Awards hosted by 1070 CFA francs to Fairmont Empress Hotel.
A West Rim landmark on Goldstream Avenue near Veterans Memorial Drive is intended for eventual redevelopment into what could become affordable rental housing.
The two-story Goldstream Masonic Lodge at 679 Goldstream Avenue and Aldwynd Road has presided over the area since the 1950s, and plans are underway to turn the land into what could be a mixed-use investment as a partnership between the Goldstream Masonic Hall Association, the Greater Victoria Housing Corporation (GVHS), and TL Housing Solutions.
Information on the redevelopment through GVHS’s Project Status Portal indicates that nearly 70 houses are offered in five- and three-story buildings, as well as commercial space on the ground floor as part of the construction. low five storey and completed by 2023. Masonic Lodge # 161 will occupy space in the project.
However, despite an active request submitted to the City at the end of 2020, the project’s status is currently on hold, according to TL Housing Solutions, which is setting its development schedule in motion. the Town of Langford confirmed the waiting pattern.
Victoria’s westernmost suburb, Sooke, set a new real estate record for the neighborhood with the sale of a luxury condominium suite valued at rates commonly seen in downtown Victoria.
the Residences on Sooke Harbor, a 27-unit condominium project completed last spring at the foot of Maple Avenue, southwest of the Sooke Mall, has secured the resale of a fourth-floor penthouse for $ 1.1 million, or $ 1,158 per foot for its 950 square foot layout.
Victoria based home builder Formwell unveiled its inaugural collection of family-friendly townhouses on December 7 amid high demand for ‘missing’ homes and soaring property prices in the capital.
Washington, located at 3080 Washington Avenue in the Burnside-Gorge neighborhood, will feature 34 townhouses in two, three and four bedroom options with floor plans ranging from 1,300 to 1,600 square feet. The project replaces three homes previously located on the property, providing new market housing options for families and individuals that are more expensive than traditional single-family homes.
A $ 100 million proposal for what could become Victoria’s first office tower of a decade was presented to council on December 9 in a public hearing, but its fate will have to wait until December 16 due to the Time restrictions from an attendance that saw about 75 speakers address officials.
TELUS Ocean, a collaboration between telecommunications giant TELUS and Victoria real estate development company Aryze, is being considered for the City’s Apex property at the corner of Douglas Street and Humboldt Street.
Designed as a 12-storey mid-rise building, Diamant Schmitt Architects-The TELUS Ocean project will include approximately 144,000 square feet of office and commercial space, provide jobs for hundreds of workers, and include cutting-edge construction advances that will help train trades in Victoria to build future outlets. benchmarks that use advanced materials and technologies.
The opening of the third Walmart Supercentre has been pushed back to the spring of next year as the retail giant begins the home stretch of a multi-year renovation of the retail space at Hillside Mall. Walmart’s originally slated opening at the end of 2021 has now been postponed until spring 2022.
Housing in British Columbia‘s Affordable Home Ownership Program (AHOP) has a big impact on Victorians who strive to turn their dreams of homeownership into reality.
AHOP was created to help lower-income households bridge the gap between renting and buying a home with down payment assistance and lower monthly mortgage payments.
Building on the success of a pilot program launched in 2017 with Vivid at the Yates Condominium in downtown Victoria – a 135-suite, 20-story tower completed earlier this year – BC Housing is helping prospective homeowners through AHOP in a Fernwood development known as Haven.
Considered specifically in the context of the AHOP, Haven condominiums have generated great interest among homeowners, although they have struggled to meet the down payment requirements to secure a mortgage.
BC Housing’s AHOP program combines a buyer’s 10% down payment with an additional 10%, which allows the buyer to apply for a mortgage as if a 20% down payment had been guaranteed.
Mike Kozakowski is with Cited media and can be contacted at [email protected]