Market-leading 2.5% downpayment option propels Grand & Fir condo project to 35% sold-out
Mike Kozakowski, Citified.ca
Published August 22, 2023
A historically low downpayment option has propelled sales at View Royal’s latest condominium offering to a 35% sold-out status, according to the project team.
The Grand & Fir (see website
), coming to Portage Park near View Royal’s town hall and adjacent to the Four Mile brewpub, has sold nearly 30 of its 82 suites in studio through three-bedroom layouts, thanks to a market-leading 2.5% down payment at signing, followed by a 2.5% top-up 12 months later. The deposit structure represents the lowest downpayment in the Capital Region, and buyers have wasted no time in securing their future homes.
“Since our launch in mid-July, we’ve sold just about one home a day at Grand & Fir, which in today’s market, is an attention grabbing pace of sales,” says Mark Rice, the sales lead for Grand & Fir at real-estate brokerage Coldwell Banker.
“We’re fortunate in that our financing has already been secured, due to our lender’s support for the development site, the market demand for quality homes in a central View Royal location, and developer GT Mann’s storied history of homebuilding in Greater Victoria,” Rice continued.
Grand & Fir’s construction start is expected this fall and occupancy planned for late 2025 or early 2026. The low downpayment requirement gives purchasers the flexibility of planning around their move-in date two-and-half years from now, Rice says, allowing first-time buyers to save up for a larger down payment, and downsizers to liquidate existing investments or sell their current residence with plenty of time to spare. These have been key factors, Rice notes, in the uptake of units.
“With only 2.5% due at signing, our purchasers have peace of mind with well over two years to the purchase of their unit, whether they be younger and looking for a first-time home, or already established in the market and seeking the convenience of right-sized turn-key living, it affords them breathing room to comfortably pace their financial decisions,” Rice says.
|A rendering of The Grand & Fir, coming to Island Highway at Portage Park in View Royal near the E&N Rail Trail connecting downtown Victoria to the West Shore. GT Mann |
Developer and homebuilder GT Mann Contracting is readying for construction at the project’s 167-171 Island Highway site, while the company completes several developments it has underway that include Sooke’s highly anticipated Park View rental apartments nearing occupancy along Otter Point Road.
Family-operated GT Mann has been at the helm of multiple high-density developments in recent years, like Esquimalt’s Harbour Landing condominiums, and both the Constance Apartments and Admirals Residences in Esquimalt. In addition to Grand & Fir, GT Mann’s upcoming project pipeline will deliver high density housing to Victoria’s Rockland Avenue, the Mckenzie Avenue corridor in Saanich and on East Saanich Road in Central Saanich.
Meanwhile, from a walkability, cycling and alternative transportation perspective, Grand & Fir’s location is ideal, Rice says. And for purchasers needing a vehicle, EV-ready parking will be a standard amenity for every suite.
“Pre-wired EV parking is included across all 82 homes, however, we can’t emphasize enough how Grand & Fir’s location is superb for walkable amenities at nearby shops and an upcoming boutique market, car-lite transportation options and outdoor recreation. With the oceanfront Portage Park at Thetis Cove and a children’s playground at your doorstep, the highly rated Four Mile brewpub steps away, and a cycling trail that connects downtown Victoria, CFB Esquimalt, the Galloping Goose and Lochside trails adjacent to Portage Park, you’ll be well connected locally and to the entire Capital Region,” Rice notes, adding that “residents will also benefit from BC Transit bus routes 14 and 46 serving downtown Victoria, Langford, Victoria General and Jubilee hospitals, CFB Esquimalt and post-secondary institutions like UVic and Camosun College.”
|An aerial view rendering depicting The Grand & Fir's location relative to Portage Park's waterfront, just a short stroll from the project site. GT Mann |
In terms of finishings and materials, Grand & Fir’s up-market, nature-inspired layouts present purchasers the choice of a ‘light’ or ‘medium’ colour scheme that accentuates the mill work and quartz countertops, and desirable vinyl flooring underfoot or a Signature Brushed engineered hardwood upgrade, both atop sound-reducing underlay.
Top-brand kitchen appliance packages (varied between floorplans) paired with large custom eat-up kitchen islands combine to create functional gourmet focal points in every home, while ample storage space is provided in each layout to take advantage of practical efficiencies, including in-home stacked washers and dryers.
Baths are adorned with opulent porcelain flooring complementing the rich millwork; deep soaker tubs and showers are porcelain-tiled.
Expansive windows complement every layout’s nine-foot over-height ceilings to create airy, welcoming rooms, and residences include spacious oversized exterior patios perfect for taking full advantage of Victoria’s mild year-round climate.
The building’s resident amenities feature kayaks, paddle boards and electric bicycles to take full advantage of nearby beaches and the E&N cycling trail, plus an outdoor private area with seating and a pathway amid a large landscaped garden setting. Ample visitor parking is available, and residents will enjoy secure bicycle parking and a storage locker.
Available one-bedroom homes are priced from the mid-$400,000s, two-bedroom homes from $699,900 and three-bedrooms from $749,900. Layouts range from just under 500 square feet to over 1,100 square feet. Rice confirms some 40% of the residences are priced under $500,000, and approximately 70% are priced under $600,000.
To learn more about Grand & Fir, view the project’s website here
, or visit Coldwell Banker’s Grand & Fir presentation centre, by appointment-only, at 3194 Douglas Street in Victoria. C
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