67 replies to this topic

[Victoria Watcher]

hit-to-pass drew the bigger crowds short of say the big canada 200 or whatever races.  so it's just what sold.

[Citified.ca]

Western Speedway sale hooks accepted offer as Langford's Luxton lands acquired by Burnaby-based developer

https://victoria.cit...ased-developer/

[Victoria Watcher]

any word if that ends racing?

[On the Level]

^ No more western speedway...and more development coming.

 

When driving though Langford I was trying to figure out how many new condo buildings were going up but they seem to be scattered everywhere.  One street had rows of new condo buildings for as far down the street as I could see.  Is there any way of knowing how many have been built this past year and are going up now?  

[Victoria Watcher]

can't you use this tool?

 

https://victoria.citified.ca/condos/

[On the Level]

Thanks.  Does that include all of the ones recently completed and sold out?

[Victoria Watcher]

including "built" it shows 21 projects.

 

i don't know.

Edited by Victoria Watcher, 06 October 2020 - 01:46 PM.

[Danma]

I've never seen this scale of construction in Langford – not all at the same time, at least. The projects on the south side of Skirt Mountain, McCallum, all the apartments on Jacklin, there's an office building at Peatt and Goldstream... all the stuff along West Shore Parkway as well. There's also repaving Florence Lake road and expanding Millstream at McCallum. All in all, it's impossible to get around right now...

Edited by Danma, 06 October 2020 - 03:09 PM.

[Mike K.]

Thanks. Does that include all of the ones recently completed and sold out?

Click archived for projects sold-out, which “built” may not show as it’s also showing those that are still selling.

You’ll also want to check out the rentals as I think most of what you think are condos are rentals.

[tiger11]

^ No more western speedway...and more development coming.

 

When driving though Langford I was trying to figure out how many new condo buildings were going up but they seem to be scattered everywhere.  One street had rows of new condo buildings for as far down the street as I could see.  Is there any way of knowing how many have been built this past year and are going up now?  

 

Your best and most accurate bet would be CMHC portal. They supply construction stats / completions although it is counted by # of units not buidings. 

[Mike K.]

It’s not a very reliable source of data. I don’t know how they manage to bungle their stats the way they do, but I’ve seen active construction inventory off by a huge sum when cross referencing the data with my own, which is verified and accurate. Ie, there’ll be something like 2,467-units underway of a certain unit type in a given location, and they’ll be reporting 1,540, etc. Maybe everything eventually squares off at some point but I have clients who use my services specifically because CMHC data is lacking.

Their vacancy rates are also wildly different from rates on the ground, and the rents are questionable, too. Talking to guys managing thousands of units in Victoria, when they see CMHC listing 1.3% I’ll get a call and they’ll scratch their head because their inventory is at 0.4% and rents 15% higher than what CMHC is claiming, and their sample is likely far, far higher than CMHC’s.

[tiger11]

Ive always found it to be a fairly reliable source for starts / completions. I believe starts and completions are based on occupancy by the municipality and the start of construction which are both reported by government. It also doesn't include proposed projects unfortunately which citified does. 

 

In terms of rents, this is definitely much less helpful as CMHC looks at average rents, with the biggest issues being tenancy of all ages. So you have lots of older below market rents in the mix. Rents are much less accurate as it is depends who provides them data as i believe it is voluntary.  Average rents don't help anyone as ppl only care about market rents (especially developers).

 

Overall, CMHC construction stats are more reliable Ive found with rental info pretty useless. Although citified info is also good to reference and check as well as look for proposed projects. 

 

 

 

 

 

 

 

 

It’s not a very reliable source of data. I don’t know how they manage to bungle their stats the way they do, but I’ve seen active construction inventory off by a huge sum when cross referencing the data with my own, which is verified and accurate. Ie, there’ll be something like 2,467-units underway of a certain unit type in a given location, and they’ll be reporting 1,540, etc. Maybe everything eventually squares off at some point but I have clients who use my services specifically because CMHC data is lacking.

Their vacancy rates are also wildly different from rates on the ground, and the rents are questionable, too. Talking to guys managing thousands of units in Victoria, when they see CMHC listing 1.3% I’ll get a call and they’ll scratch their head because their inventory is at 0.4% and rents 15% higher than what CMHC is claiming, and their sample is likely far, far higher than CMHC’s.

[On the Level]

I took another drive past and counted 16 new 6 story condo's on the 2 blocks around Hockley street, but my view of new might be a condo that is a year or 2 old since I haven't seen it before.  In that lens, there seems to be dozens and dozens of them and some are a significant size.

 

Anyways, for Western Speedway I know that Langford has asked that the racetrack remain (I guess we will see), but what about the Motocross track etc?

[Mike K.]

Young did mention he’d like it to stay, but ultimately the greatest use of that land is not a track.

Right now would be a good time to buy in that area. Noise from the track depressed values around there, to some extent.

[johnk2]

I hope its open this summer, my grandson is turning five and I think he would get a big charge out of the races.

[Spy Black]

There are a bunch of people on RedIt and elsewhere that seem to think the new owners of this property are going to buff up the track and stands, and continue racing ... these people are on crack.

 

This will be six hundred poorly designed condos before you can even blink.

Stu is all about the money and the development ... and car racing on the South Island is officially dead and buried for good with the sale of this land.

[spanky123]

Young did mention he’d like it to stay, but ultimately the greatest use of that land is not a track.

Right now would be a good time to buy in that area. Noise from the track depressed values around there, to some extent.

 

I have found over the years (not Langford specifically) that often politicians talk up or down land use based on who they would like to see win proposals. If for example, you believe that a racetrack has to be part of any proposal moving forward then you would likely bid less for the land then someone who thought they could build condos.

[Mike K.]

Stu’s retiring from politics so it doesn’t matter what he thinks.

When you’re dealing with $100 million land sales the buyers don’t care what a politician thinks, to be honest.

[spanky123]

Stu’s retiring from politics so it doesn’t matter what he thinks.

When you’re dealing with $100 million land sales the buyers don’t care what a politician thinks, to be honest.

 

They are 100% concerned over what the permitted land use might be would they not?

[Mike K.]

Nah. Not when you play with those numbers.

But industrial is highly coveted right now so the permitted uses on that land are extremely valuable.