Developers have another two years to start building two projects that promise 470 new units of housing in Saanich.

Development permits for the two were set to expire this week, but Saanich council voted to extend them until January 2027.

They include a large mixed-use project at the corner of McKenzie Avenue and Shelbourne Street, and a condominium and townhouse project that has yet to break ground at 4096 Torquay Dr.

Mayor Dean Murdock said developers are facing an “exceedingly challenging” environment in terms of costs.

“Interest rates have clearly frustrated development proposals, particularly those that were in the queue and approved prior to a significant increase in those rates. But there’s also construction, construction material and labour costs that have increased significantly that I think have also contributed to stalled progress on a number of fronts.”

In a letter to council, Nicola Wealth Real Estate, the proponent behind the Podium project at 1555 McKenzie Ave., said the unprecedented rise in interest rates “created a notably challenging environment for the delivery of rental housing across Canada.”

https://www.timescolonist.com/local-news/developers-get-two-more-years-to-break-ground-on-mckenzie-torquay-housing-projects-10048875

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Super, thanks.

1,000 units of housing just between the Heights and this project. And then there’s 210 coming at the library, and with the sale of the Fairways something will go up there, too. I also hear just further east on McKenzie another CRHC site will be redeveloped with BC Housing’s help, so about 50 units turning into nearly 200.