If you look up that dissemination area on Statistics Canada's GeoSearch you'll see an official population of only 644 back in 2021:

Click here to view attachment.

According to the 2021 data, the population density of that small area was only slightly above the CoV's average of ~4,800 per square km, which is what I think we would expect considering the lowrise housing forms there.

But if the population of that small area was ~1,500 then the density would be just under 13,000 per square km, or more than 2.5 times as dense as the CoV's average.

The article says 70% of the units are apartments, the rest townhouses. I’d suspect the apartment occupancy is barely over 2 people per unit, if that.

And over the 21 years, I bet at best the average selling price was $300,000 or $400,000.

So if he spent $400 million building the place he must have lost a lot of money.

Railyards residential development in Vic West complete after 21 years

The Railyards’ colourful playground with a splash area is the newest and final piece in the site’s 21-year build-out where residential buildings have been constructed on top of what was once a bleak former industrial site in Vic West.

When developer Chris Le Fevre first walked the 13-acre property it was a “wasteland.” The former CN railyard had been remediated but left undeveloped until Le Fevre bought it for just over $3 million.

Today, close to 500 condominiums and townhouses have become homes to about 1,500 people. Le Fevre said he has spent nearly $400 million. Of that, more than $10 million went on amenities. About 30 per cent of the homes are townhouses and the rest are condos.

https://www.timescolonist.com/business/railyards-residential-development-in-vic-west-complete-after-21-years-7443578

I sense a lot of figures above are inaccurate. Mr. Le Fevre a bit of a fibber.

1. I suspect the number of residents is closer to 1,000, than 1,500. Canada averages under 2.5 people per household.

2. He says he spent nearly $400 million. But $400m divided by 500 units would be an average of $800,000. That's not accurate. There are 6 units listed for sale today, only two are over $800,000. Ten years ago I suspect nothing sold much over $500,000.

It's not complete until they take the blue metal fence down.