I heard a rumour that the remaining stages of ironworks aren't gonna be residential.

Rumour sounds true. According to this is appears phase 2 is toast. Application for commercial development:

https://tender.victoria.ca/webapps/ourcity/Prospero/Details.aspx?folderNumber=DP000604&fbclid=IwAR1IxBk9y0obkMcazTpqbcRxtXSxDl2u7sYVq7jz-ibW1-WzDN29kTVs7lQ

The Ironworks building by Le Fevre & Co. is located right in the heart of Victoria’s vibrant Old Town neighbourhood, and just steps to the waterfront, cafes, entertainment and shopping. Built in 2020 by Campbell Construction, the building features a distinctive Corten Steel exterior, as well as multiple elements both inside & outside of the building that pays homage to the historic character of the neighbourhood. This top-floor corner unit with high ceilings and large windows on two sides gets great light and provides an engaging vantage point to view the energetic streets below. From the living room and balcony, you can take in the water-view of Victoria Harbour and enjoy the evening sun and colourful sunsets. The unit is finished with stylish Farrow & Ball wallpaper and paint and includes in-suite laundry, a secure underground parking space with bike storage for two bikes, a separate storage locker, and access to the peaceful resident-only garden terrace on the 2nd floor. Come see this iconic building for yourself and fall in love with the view, location, and designer finishes of this stylish condo.

$545,000

503 515 Chatham St

By the time you include RE fees and LTT and other selling expenses not exactly a great money maker.

It’ll do alright if it sells for around asking. It should net the seller $20-$30k, depending on how much equity they have created via mortgage payments over two years, which at 2021 interest rates would have been one with more capital paid than interest. The agents will split about $15,000.

If it’s an investment potentially all of the mortgage and other expenses were covered by a renter, but they’ll have to offset capital gains.