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Fall 2019 downtown Victoria new condo round-up: what’s available, where, and for how much

From move-in ready condominiums, to pre-sales in various stages of construction, to pre-construction offerings, downtown Victoria's condominium market offers a lot of choice based on location, price point and floorplan layouts.  Various

Fall 2019 downtown Victoria new condo round-up: what’s available, where, and for how much
MIKE KOZAKOWSKI, CITIFIED.CA
Downtown Victoria’s condominium market has seen significant gains in construction activity in recent years as developers work to supply housing in the city centre with buyers drawn to transportation options, commercial amenities, proximity to places of employment and cultural nodes.
 
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With two projects recently completed and offering move-in ready inventory, several under construction and and more in planning, Citified’s condo buying cheat-sheet gives you a quick glance at the downtown condominium market to help you make the right purchase decision.
 
Quick-reference price legend
$ - $300,000 - $399,900
$$ - $400,000 - $499,900
$$$ - $500,000 - $599,900
$$$$ - $600,000 to $999,900
$$$$$ - $1 million to $2.99 million
$$$$$$ - $3 million and up
 
Want to look through all condominium purchase opportunities on southern Vancouver Island? Use Citified's comprehensive condo portal to find exactly what you're looking for from Sooke to Sidney.
 
Move-in ready
A growing number of condominium purchasers in the Capital Region are pursuing move-in ready inventory in recently completed projects. The benefits of this approach are many, including planned occupancy dates, no construction delays, and the opportunity to view the finished product.
 
989 | $$ - $$$$ | Concrete | Highrise | Parking included | Profile link
 
989 Johnson
 
The two-tower, 206-suite 989 condominium is Cox Development’s first non-rental project in downtown Victoria and stands as the symbol of change in a rapidly evolving northeastern quadrant of the city centre.
 
With one and two-bedroom inventory remaining throughout some 40 residences, buyers will find plenty of options at pricing starting in the mid-to-low $400,000s, including a secured underground parking stall. View opportunities across the 15 and 17-storeys buildings offer various options, and a newly opened Save-On-Foods grocery store only one block north is a game-changer for the immediate area and downtown Victoria as a whole.
 
Citified’s take: If parking is a must-have, 989’s ample supply of resident-only parking ensures all homes feature what is becoming a rare commodity in the downtown core. With the cost of parking hovering between the $40,000 to $50,000 mark due to rising excavation and parkade construction rates, parking availability yields a strong re-sale perk and elevates value.
 
The Jukebox | $ - $$$ | Concrete | Highrise | Parking with select homes | Profile link
 
Jukebox
 
Completed in late summer, Mosaic Properties Inc.’s Jukebox project at 1029 View Street is a landmark nine-storey building comprised of 215 suites. At the time of occupancy 20% of residences were retained for a move-in ready sales phase which has seen some of the fastest unit uptake rates of 2019 with a dozen confirmed deals over the span of several weeks. Approximately 30 homes now remain.
 
Priced from the low $300,000s, Jukebox is offering the most competitively positioned inventory currently available on the market for its remaining collection of studio, one-bedroom and one-bedroom plus-den floorplans. Parking is limited to select suites. The developer is holding weekly open houses between 1 and 4PM Saturdays and Sundays for public viewing of the building.
 
Citified’s take: buyers interested in entry-level concrete-built inventory as a first-time residence or as an investment opportunity will find value in Jukebox’s market-leading interiors and aggressive price points.
 
Pre-sales, under construction
The largest assortment of fall 2019 purchase options are available in various stages of construction, including homes in the future tallest building on Vancouver Island, and as part of the first phase of a multi-phased urban renewal focus in north Old Town. The projects listed below will complete between 2020 and 2022.
 
Customs House | $$$$ - $$$$$$ | Concrete | Lowrise | Parking included | Profile link
If you’re looking for the apex of modern home luxury and a world-renowned location to call home, look no further. Customs House is rising at the confluence of Wharf and Government streets in the former location of a federal building and Victoria’s old customs office, hence the name.
 
The project is preserving the exterior façades of the historic Customs House building that dates back to 1914 while incorporating all new construction within. 57 stately residences will occupy the heritage wing and a new-build addition which saw its top floor penthouse sell last year for a record-breaking $10.8 million, the most expensive price paid for a condominium anywhere on Vancouver Island.
 
Citified’s take: there are only a handful of projects in this price and quality range in Victoria, and this project is the most prestigious among them. If you have millions to spend on a downtown condominium this offering is not to be missed.
 
Hudson Place One | $$ - $$$$$ | Concrete | Highrise | Parking included | Profile link
 
Hudson Place One
 
Rising to 25-storeys, Hudson Place One will soon stand as Vancouver Island’s tallest building. From its lofty perch above The Hudson District, an area bordered by Douglas, Fisgard, Blanshard and Caledonia streets, residents will enjoy some of the most beautiful views of arguably one of the most beautiful places on earth.
 
At over 60% sold-out, the 176-home luxury tower, with one, two and three-bedroom residences available, is priced from the mid-$400,000s and includes secured underground parking. If you’re so inclined, a spacious penthouse has just been released at a $1,250 per square foot price point totalling nearly $2.5 million.
 
Citified’s take: Hudson Place One will stand as a landmark not only in Victoria, but on Vancouver Island with its status as the Island’s tallest building. This distinctive and prestigious title will assist in re-sale efforts, while the building’s location among thriving businesses and other high quality residences means it is at the epicentre of a popular commercial node with dining options and services just moments away.
 
Ironworks | $ - $$ | Woodframe | Lowrise | Parking with select homes | Profile link
Le Fevre & Company’s first condominium offering in what will become a multi-phased redevelopment of underutilized lands in north Old Town is topped out on Chatham Street at Store Street. 515 Chatham is a five-storey woodframed build comprised of 88 studio and one-bedroom homes, approximately 90% of which are sold-out. Pricing on remaining inventory starts in the $350,000 range.
 
Citified’s take: it pays to be first. Homeowners at Le Fevre’s nearby Railyards development in Vic West realized significant value increases as that project progressed through its multiple phases of construction, and the developer is pursuing a similar build-out model at Chatham and Store streets.
 
The Yates on Yates | $$$$ - $$$$$ | Concrete | Highrise | Parking included | Profile link
 
The Yates on Yates
 
The latest offering from one of Victoria’s most prolific developers, Chard Development, is in the form of a 20-storey up-market residential tower now rising along the 800-block of Yates Street.
 
The Yates’ 126 homes are 90% sold-out. However, opportunities remain for purchasers in search of a highly regarded home from a developer with a strong reputation for building high quality residences that retain their value and are sought after post-completion. The building's occupancy is on schedule for 2020. 
 
Citified’s take: Chard Development’s offerings are a must-see when considering purchase opportunities in the Capital Region. The Yates is Chard’s largest project to-date, and its remaining inventory shouldn’t be overlooked.
 
Pre-sales, not yet under construction
If time is not of the essence, a pre-sale purchase is a great way to secure a home several years in the making. Pre-sale purchases often represent current market valuations, but in many cases the value of the acquisition will rise as the project nears its construction completion window, which makes pre-sales a smart investment for purchasers working towards eligibility for a mortgage (gaining equity while they wait) or saving up for a larger down payment over a three of four year span.
 
The Pearl | $$ - $$$$$ | Concrete | Lowrise | Parking included | Profile link
Tucked in between The Janion micro-loft project and Mermaid Wharf on Store Street at the foot of Fisgard Street, the eight-storey Pearl is the only true waterfront offering currently on the market in downtown Victoria. The project’s 133 residences have started selling this year with ample inventory available in the form of studio, one, two and three-bedroom layouts priced from the mid-to-high $400,000s. Parking is included with most homes.
 
Citified’s take: The Pearl is the only pre-sale offering in downtown Victoria not currently under construction, albeit being developed by Farmer Construction, one of the largest and oldest construction firms on Vancouver Island. Completion is currently targeted for late 2022.
 
Under construction, not yet available for purchase
There are times when developers proceed with construction prior to launching the sales phase, and there are two examples of this practice making their way towards completion and their initial purchase offerings.
 
The Row | $$ - $$$$ | Woodframe | Lowrise | Parking with some homes | Profile link
From developer Kang & Gill, The Row is a condominium currently underway along the 1100-block of Johnson Street east of downtown Victoria. Although the project is under construction, pre-sales have yet to begin. Project completion is slated for 2020 with a sales campaign expected next spring.
 
The Row’s 38 condominiums will range from studios to two-bedroom suites with pricing expected to start in the lower $400,000 range.
 
Citified’s take: the area east of downtown Victoria’s Harris Green neighbourhood is quickly becoming a popular location among condominium purchasers. With The Wade, a nearby lowrise condominium nearing completion on Johnson Street at Cook Street and the newly opened Save-On-Foods grocery store on Pandora Avenue at Vancouver Street, The Row’s location is ideal for automobile-free living in a neighbourhood near downtown Victoria but slightly removed from the hustle and bustle. Please note that the price range identified above is only an estimate.
 
Tapestry | $$$$-$$$$$ | Concrete | Highrise | Parking included | Profile link
Concert Properties’ Tapestry seniors residence is well underway on Belleville Street between Douglas and Blanshard streets. The 15-storey tower will include a mix of rental suites and condominiums, with approximately 40 purchase options available. Completion of the project is slated for next year with a sales campaign launch expected in 2020.
 
Citified’s take: urban retirement living is becoming an in-vogue option among retirees. For individuals searching for a purchase opportunity where they can age in place, Tapestry should be high on the list of options. Please note that the price range identified above is only an estimate. C

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