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Vivid at the Yates is a 20-storey, 135-unit below-market condominium tower situated along the 800-block of Johnson Street in downtown Victoria.
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Absolute proof why government needs to stay out of the free market.
Days after it was brought to light that homeowners of units in Victoria’s Vivid at the Yates building purchased the homes against rules set in the covenant, the total number of lawsuits filed by BC Housing against allegedly ineligible homeowners has risen to 22.
When the project was first announced, it was given an interest-free loan of $53 million with the covenant that the units would only be sold to people with a household income of $150,000 or less and the units would be priced eight per cent below market value.
However, on March 5, CBC revealed the B.C. government was suing some of those homeowners, arguing they were ineligible to purchase under these requirements.
On March 5, the B.C. government said there were eight claims filed against Vivid at the Yates homeowners, and in the past few days an additional 14 lawsuits have been filed, bringing the total to 22. The province says BC Housing will plans to file more lawsuits in the coming weeks.
I can't believe how much incorrect and misinformation was put out by the media on this tory in the first 48 hours.....wtf happened to journalism?
Not one journalist thought to look at the qualification criteria/paperwork?
A bit of Gell-Mann amnesia here?
In any case, you read with exasperation or amusement the multiple errors in a story, and then turn the page to national or international affairs, and read as if the rest of the newspaper was somehow more accurate about Palestine than the baloney you just read. You turn the page, and forget what you know.
- Michael Crichton
BC Housing-backed affordable ‘Haven’ condo turning home ownership dreams into reality
Chard Development unveils 'Nest' condominium offering in Victoria's Fernwood neighbourhood
107-suite release includes one, two and three-bedroom layouts with up-market finishings and market-leading amenities.
Public parkade opens this spring between 800-blocks of Yates and Johnson streets
62-stalls of public parking within the Yates on Yates and Vivid at the Yates parkade will be accessible soon via Johnson Street.
Ten on the 10th: Real-estate development Q&A with Byron Chard of Chard Development
Developer Byron Chard discusses Victoria's real-estate development industry.
BC Housing-backed Vivid at the Yates condominium in downtown Victoria reaches sold-out status
Chard Development's 135-suite condominium was targeted towards first time and entry-level buyers through a first-for-Victoria BC Housing partnership.
Save-On-Foods, 600 upcoming residences set new course for North Park's and Harris Green's Pandora Avenue
Downtown Victoria's Pandora Avenue corridor is slated for big changes as developers focus in along the under-developed thoroughfare.
Home ownership dreams fulfilled: BC Housing-backed Vivid condo reaches 90% sold-out status
Only a dozen suites remain for sale at Chard Development's attainable housing condominium in downtown Victoria.
Vivid condo dev's first-time buyer-focused suites gain traction from unexpected source
Despite Chard Development's targeting of first-time and young buyers with unique incentives, it's the moms and dads who are pushing their children to jump on an opportunity.
Construction starts on 20-storey Yates on Yates and Vivid at the Yates towers
Work has begun on building over 250 condominiums in two towers set to rise between the 800-blocks of Yates and Johnson streets.
Pre-sale condo inventory cheat sheet for downtown Victoria's red-hot real-estate market
There may be lots of construction cranes above city streets, but not all projects have available pre-sale condo inventory. Find out what's still selling and what's coming soon.
BC Housing helps developer offer 8% below-market condos in downtown Victoria
A financing arragement between BC Housing and Chard Development will deliver 135 below-market condos to downtown Victoria.
Victoria council approves trio of downtown residential towers
A seniors complex on Belleville Street and two residential towers between the 800-blocks of Yates and Johnson streets have received municipal approvals.
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