Victoria, the home of “the newlywed and nearly dead.” This historically popular cliché is attached to the city for the obvious reason – its disproportionately large retiree population. But this could soon no longer be the case due to the recent changes in the types of homebuyers drawn to the area. And just like the retirees, these groups are seeking to experience southern Vancouver Island’s scenery, climate, year-round golf season, and pace of life.
Developers like Abstract Development, the most active developer in Victoria, are seeing this demographic shift as an opportunity to construct new homes not only focused on the retiree niche but also on a diversifying population.
There are currently 55 new construction homes or master-planned communities in the city of Victoria, a mix of high-rise and low-rise condominiums, townhouses, and single-family homes that are proposed, underway, or recently completed. The median price per square foot for low-rise homes and condos is $510 and $829, respectively.
Top new construction neighborhoods in Victoria include the thriving community of Old Esquimalt, the business centre of Greater Victoria, Downtown Victoria; James Bay which is the oldest residential neighbourhood on the West coast, and others like Fernwood, Burnside Gorge, Harris Green, James Bay, Oaklands, Victoria West, Hillside – Quadra, Rockland, and Hillside. Several condo developments are housed in every area, each having a combined total number of units ranging from 166 to 316.
Let’s take a dive into some of the most exciting new construction developments in the city.
Focus Equities is proposing a fourth tower for its visionary Bayview Place and Roundhouse community located in the Songhees Peninsula for its next release. With the number of units planned at 185 rising to 25 storeys, this high-rise will definitely add to the beauty of the already beautiful skyline of the waterfront.
Targeting the opulent buyers is Sapphire, one of the three buildings comprising the Westbay Quay community found at the heart of the larger Westbay neighborhood. Situated at such a marvelous harbourside, the eight elegant large condominium homes at Sapphire are uniquely distinguished in Victoria. Its construction is expected to be completed in the winter or spring of 2024.
Bellewood Park, which was completed last year, is a thoughtfully-planned community in the historic Rockland neighborhood encompassing a special collection of 83 premium homes in two condominium buildings, namely Cypress and Oaks, and nine townhomes, connected by a rare two-acre parkland.
However, the progress of construction plans is up against hold-ups at the government level causing expansion slowdown and supply constraints.
Also, recent statistics show a slowdown in the real estate market in Greater Victoria and across Vancouver Island in recent months still due to the pandemic. But despite numbers showing a delay in market progress in the past few weeks, it is still considered extremely active compared to normal.