53 replies to this topic

[HCVic]

What's going on with this build now? I haven't driven by in a month, at that time it didn't seem like a lot of progress had been made since the photo from December.

[Victoria Watcher]

$19,115,000

 

https://www.realtor....-royal-glentana

Edited by Victoria Watcher, 17 July 2025 - 03:08 PM.

[rambaldi]

The Department of National Defence to highlight housing initiatives across Canada

From: National Defence

 

Media advisory

October 10, 2025 – Esquimalt, British Columbia – National Defence / Canadian Armed Forces

 

On behalf of the Honourable David McGuinty, Minister of National Defence, the Honourable Stephanie McLean, Secretary of State (Seniors), will hold an announcement on October 16 regarding the work underway on several hundred residential housing units across Canada to help meet the housing needs of the Canadian Armed Forces and their families.

 

When: October 16, 2025, 1:00 p.m. PDT

Where: 244 Island Highway, Victoria, British Columbia, V9B1G3

What: The Secretary of State will also highlight the recent acquisition of an apartment complex near Canadian Forces Base Esquimalt. Following the announcement, Secretary of State, Stephanie McLean will take questions from the media.

 

https://www.canada.c...oss-canada.html

[Mike K.]

Super, thank you.

It was snatched up really quickly.

[Victoria Watcher]

This will house military members.

Edited by Victoria Watcher, 16 October 2025 - 01:17 PM.

[HCVic]

why would they pay $4.2m over asking price? With the the developer being owned by two CAF veterans, there's going to be some eyebrows raised.

[Mike K.]

I was not aware the original developer was involved here.

They would have paid more if there was a bidding war. I’m sure multiple agencies tried to acquire the property. It’s a nice project and considering UVic is building dorms at $742k per unit, this building at $635k per unit is priced well under, and with larger units.

[Victoria Watcher]

Court-ordered sale, no?   So there could have been other bidders, if they would have presented themselves to the court.  And the trustee would be obligated to argue always for the best bid.

Edited by Victoria Watcher, 18 October 2025 - 06:43 AM.

[UDeMan]

Our local real estate expert Marko Juras says we paid way too much

https://www.youtube....h?v=BuKgpZy3O1s

Edited by UDeMan, 18 October 2025 - 09:41 AM.

[Mike K.]

There is a lot of competition for completed higher-end rental property. Pension funds and REITs are actively buying as rates slump to their lowest mark since 2023, and while rents are trending down, these guys are looking at the long term and not as moved by short term deviations.

I’m sure the feds would have wanted to buy at the listing price but if there’s competing bidders you either walk, or adjust.

Back in the spring of 2021 Skyeview had 1BRs starting at $475k, or $550k today with inflation. 2BRs were priced from $520k, or $600k today.

Again, UVic is building dorms, primarily studios, for $742k per unit averaged at 150 studios and 90 four-bed clusters.

[Victoria Watcher]

Segregated housing only available to one race in Port Alberni is about $375,000 per door (land was free) and comes with an average perpetual subsidy of about $1,000/mo. per unit.

Edited by Victoria Watcher, 18 October 2025 - 10:37 AM.

[HCVic]

I was not aware the original developer was involved here.

They would have paid more if there was a bidding war. I’m sure multiple agencies tried to acquire the property. It’s a nice project and considering UVic is building dorms at $742k per unit, this building at $635k per unit is priced well under, and with larger units.

Are the Uvic residence builds really a fair comparison? Skyeview is a generic wood frame low-rise with builder grade materials and no amenities. It's standard fare, built to meet code vs. overbuilt concrete institutional.

 

What UVIC is building aren't first year dorm rooms , they're self contained apartments for grad students. The 90 clusters units are big units:  4 bedrooms, 2 bathrooms , full kitchen with 2 fridges, dining room and living room. Studios don't slouch on space either, supposed to be around 425sqft each, plus some larger ones with wheelchair accessibility.

Cost intensive differentiators :

-extensive common/communal spaces.
-furnishings appear to be inclusive.
-LEED certification

-Higher fire suppression requirements
-Electric Air Source Heat Pump water heaters
- HRV
-Triple pane windows

-8 inches of cavityrock in exterior walls.

-Rick Hansen Gold cerification, exceeding code for accessibility requirements, a substantial portion of units have to be wheelchair ready , with ceiling mount track systems, curbless shower, bathroom floor drain etc.
 

[Mike K.]

I don’t know the specs of either, to be honest.