Based on a recent Canada Mortgage and Housing Corporation annual report on the state of Canada's rental market, a surge in rental housing demand has pushed Canada's rental market to its tightest level in two decades while sending vacancy rates in purpose-built apartments to below 2%.

 

The City of Colwood, meanwhile, has indicated a pressing need for more rental housing options within its borders and across the Capital Regional District. And despite the growth in purpose-built rental housing over the last decade in Colwood (one of five West Shore municipalities of Greater Victoria), the rental vacancy rate has remained at zero per cent, the City says, meaning there were virtually no vacant units available for rent.

 

News of the upcoming completion of Monarch Apartments – Skyline Living’s newest purpose-built rental development coming soon to Colwood’s Royal Bay community as the popular subdivision's first rental complex (see website) – is gaining attention among apartment seekers in Greater Victoria, on the Lower Mainland and from across Vancouver Island.

 

 

Built by District Group and managed by Skyline Living, this five-storey, 72-unit project is located at 3554 Ryder Hesjedal Way, and brings to the West Shore's rental market a wide variety of bachelor, one-bedroom, and two-bedroom suites, plus secure parking.

 

Offering what Skyline Living calls “eight exceptional open-concept floor plans,” Monarch Apartments feature in-suite laundry, large bright windows, and a full stainless steel appliance package.

 

Designed to be the social heart of the complex, an amenity space called The Seascape includes a social lounge with a television, an outdoor patio, and secure indoor bicycle storage for tenants’ adventures along nearby nature trails, in parks, and at beaches.

 

“We aren’t surprised by the far-reaching interest in these brand-new rental apartments,” said BJ Santavy, Vice President, Skyline Living. “The location is perfectly situated just far enough away from the busy urban areas of Victoria to capture all the friendly connections and social potential of a coveted coastal town in British Columbia, while still offering all the modern-day necessities like groceries, restaurants, parks, schools, and services just minutes from their front door and a quick commute into Victoria.”

 

A map depicting the location of Monarch Apartments along the 3500-block of Ryder Hesjedal Way at Latoria Road at Colwood's Royal Bay community.  Skyline Living

 

Leasing a newly completed, almost move in-ready apartment allows prospective tenants to enjoy the new-home experience of selecting a view and a floor plan without the pressure of competing against multiple parties focused on a single available rental unit. This benefit, even on the rapidly growing West Shore, is seldom available in Victoria’s tight rental housing availability.

 

Although Monarch Apartments is only weeks away from completion, a presentation suite is now open, and pre-leasing has begun ahead of a projected April 1st occupancy. Individuals looking for a peaceful, yet active lifestyle in Colwood, within easy commuting distance to Victoria, are encouraged to learn more at Monarch Apartments' website or by calling at 778-402-1318.

 

As one of Canada’s most prominent apartment rental providers, Skyline Living exists to provide safe, clean, and comfortable places for its residents to call home.

 

Providing homes in over 50 communities across Canada, Skyline Living is an industry leader in customer service, environmental stewardship, and community giving. It works to create and maintain thriving, vibrant communities for its valued tenants, employees, and the neighbourhoods in which they live and work.

 

To learn more about Skyline Living, or for rental inquiries, please visit skylineliving.ca.

Skyline Living is a part of Skyline Group of Companies. C

 

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