Downtown Victoria-proper can expect the completion of only 130 residences in 2024, all as rental apartments, and at the hands of one developer.

 

 

Cox Developments will be completing its 15-storey Wedge tower this year, rising on the former McCall’s Funeral Services lot on Johnson Street at 1400 Vancouver Street. 93 residences at the project will hit the market later this year.

 

One block to the east, Cox is working to complete The Skinny, a 37-unit mid-rise tower at 1088 Johnson Street, the second phase of a two-building rental development which saw phase one complete in 2018. Phase one rose to 13 floors with over 130 units, while phase two stands at 10 storeys.

 

Collectively, Skinny and Wedge will deliver 130 rental apartments to the downtown core-proper, and that's where the supply of rentals wil end for the year.

 

However, immediately across from downtown’s eastern Harris Green neighbourhood border is the Fernwood neighbourhood, where Chard Development is working to complete two condominium projects between the 1100-blocks of Johnson and Yates streets at Cook Street.

 

Known as Haven (on Johnson Street) and Nest (on Yates Street), the two buildings will welcome homeowners this year to 104 suites in a six-storey massing along Johnson Street, and 107 suites in 12-storey highrise overlooking Yates and Cook streets.

 

Although 2024 will be a relatively slow year of new rental housing occupancies in downtown Victoria, multiple projects are underway in the city centre that will add housing in subsequent years, including Denciti Development’s five-storey Spencer Block on Herald Street at Government Street, comprised of nearly 280 rental homes, and Salient Group’s 825 Fort Street, an 11-storey rental tower with 119 homes.

 

Along the 900-block of Pandora Avenue, developer Townline is building 975-983 Pandora Avenue, a 15-storey block adjacent to Cox Developments’ Wedge, where 121 homes are targeted. Completions for all three are earmarked for 2025, although timelines may get pushed back.

 

Aside from Nest’s and Haven’s 2024 completions, which are technically beyond downtown’s Harris Green neighbourhood, there is no condominium inventory expected to reach occupancy anywhere in the downtown core in 2025 or 2026, as no projects are currently under construction and none are expected to get underway this year. C

 

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