An artist's rendering of one of three buildings at Woodsmere Holding's Belmont Place Apartments development along the 3100-block of Jacklin Road. 222-units of one, two and three-bedroom suites will be constructed as part of the project. Woodsmere Holdings
Nearly 1,000 rental apartments underway on Capital Region's West Shore
CITIFIED.CA STAFF
Published October 24, 2017
Nearly 1,000 units of purpose-built rental apartments are currently under construction on the West Shore of the Capital Region, according to Citified’s data.
The recent start-up of a three building, 222-unit one, two and three-bedroom complex along the 3100-block of Jacklin Road, dubbed Belmont Place Apartments, adds to the roughly 750-units already underway across ten projects.
Among the upcoming housing capacity, much of which will receive occupancy permits in 2018 and 2019, are 180-units of seniors rentals split across two projects (Cherish at Central Park; Westshore Village, phase 1) and over 150-units of below-market affordable rentals by Pacifica Housing and TL Housing Solutions (Helios; Oak Park)
Throughout the entirety of the Capital Region over 2,500 purpose-built rental units are under construction with another 4,000 in various stages of municipal planning. Several thousand additional units are also in the early conceptual stage.
Greater Victoria’s rental apartment vacancy rate has remained at or below 0.5% for several years due to a historic under-supply of purpose-built rental housing.
The current pace of construction throughout the south Island is anticipated to lessen the effects of a low-vacancy market, although most units will not be available to residents until 2019 and beyond. C
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