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You can buy a reasonably nice SFH in Esquimalt for the price of their three bedroom. Dont see the value here.
As for value, for sure you can buy that house. But you’re talking about two very different types of housing here. One is a mid-market smaller SFD with no views and quite likely in need of upgrades/maintenance, the other is a brand new home with views over the Salish Sea in Esquimalt’s town centre. They also cater to different lifestyles, and for navy members who may be at sea for nine months at a time the condo represents peace of mind a SFD wouldn’t.
The south Island's condominium market is seeing a pronounced shift to a focus on emerging high density communities. The COVID era has created strong demand for projects in Esquimalt, like Esquimalt Town Square, which is now 60% sold-out at its first building release.
Victoria condo buyers turn to emerging neighbourhoods amid COVID's market reset
Urban condominium offerings outside of Victoria's downtown core are tapping into demand for city living in up-and-coming high density nodes.