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[m0nkyman]

Condo surge breathing life into downtown core

BY CARLAWILSONTimes Colonist staff
Spectators who love to eyeball condominium developments are seeing more than busy construction sites. They are watching communities in the making, says a university professor and regional planner.

When those condos go up in or near Victoria’s downtown, they can help bring life to the city’s core, says Gordon Price.

“You are creating community or at least that’s the object of the exercise,” says Gordon Price, former Vancouver city councillor and publisher of the online magazine Price Tags. He teaches at the University of British Columbia’s School of Community and Regional Planning and is director of the City Program at Simon Fraser University.

The latest figures from the Victoria Real Estate Board show this region’s condominium sales remain strong as 227 units sold last month for an average price of $301,783 and a median price of $257,000. Of those, 106 units sold downtown.

Typically, most new condominiums are sold before the buildings are finished.

New homes are just one element of a vital community, Price said from Vancouver yesterday. “You need a mix of what people need. There has to be sufficient retail ... Above all, a full-service mediumsized supermarket.” Other services such as a postal office, dry cleaners and banking in a clean, safe and environmentally friendly place are also crucial.

Price will be in Victoria next week to speak to an invitation-only event called “Smart decisions for smart growth” put on by Chard Development Ltd., the company developing the 14-storey Juliet condominium building underway at 760 Johnson St.

Community development is on this region’s agenda with the Gaining Ground Summit, on the theme of “Whole-City Change,” running from Sunday through Wednesday at the Laurel Point Inn.

For a sustainable area, “You need a critical mass of people so that enough services can be supported that are within walking distance,” Price said. As density increases, other services, such as frequent transit, can kick in and reduce car use.

Price points to Vancouver, where the 1960s building boom created a huge stock of one-bedroom rental apartments downtown. “It has certainly provided the vitality now for which Vancouver is internationally recognized. And, comparatively, Victoria has gone through a lot of angst about how to maintain the vitality of its downtown.”

Without a “significant-enough downtown population, it’s very hard to maintain the vitality of a central area.”

Downtown living can deliver advantages such as character, specialized services, cultural institutions, government and — ideally — education, Price said.

Greater Victoria’s real estate market saw the average price of a single-family house at $560,574 last month, with the median at $485,000. The average price of a townhouse was $412,149 and the median price was $378,750.

Sales rose to 909 last month, up from 898 in April.

Every spring brings more listings on the market. Last month the total grew to 3,462, which is 19 per cent higher than a year ago, and the highest point since June 2001, the real estate board said.

Board president Bev McIvor said buyers now have a lot more properties from which to choose, and the increase in sales points to ongoing high demand for properties that are priced realistically.

She added that 20 per cent of all single-family homes that sold in May in Greater Victoria went for less than $400,000.

[aastra]

New projects make Victoria livable and vibrant
Maggie Kerr-Southin, Apr, Times Colonist
Published: Sunday, September 23, 2007

Peter Laughlin is a 50-something business owner who lives downtown and is finished with life in the suburbs. A partner in Wessex Project Management, Laughlin manages the construction of many Vancouver Island developments. He sees a trend toward two homes: a downtown condo and a weekend retreat.

"Many baby boomers want to get away on the weekend. Two smaller places allow you to work all out, 12 hours a day, five days a week, then get away to the lake on the weekend and completely relax," Laughlin says. "When I'm off, I just want to relax."

Others like the range of ages, cultures and lifestyle.

"Condominiums diversify the types of buildings downtown, besides just places for tourism and shopping," says Robert Randall, chair of the Downtown Residents' Association. "When people move downtown, there's a chance to run into someone you know, so the social aspect is key."

It's also an opportunity for those entering the housing market to find homes they can afford. Radius, at Blanshard and Caledonia streets, starts at $250,000 while the Juliet, at Johnson and Douglas streets, enters the market at $264,900. And with recent covenants from the City of Victoria, developers have to agree to sell condos to people who intend to rent them out.

"This is a concept whose time has come in Victoria," says John Schucht of Waywell Developments, builders of Radius. "The north end of downtown Victoria has so much potential, but after the Bay moved, so did most of the foot traffic. We are creating a vibrant mixed-use development that will bring students to the on-site University Canada West campus, shoppers and diners to the on-site amenities, and workers to our class A office space."

Full story at:
[url=http://www.canada.com/victoriatimescolonist/news/story.html?id=08866cec-d574-46a5-adb9-dd8c53750b26:8bea2]www.canada.com/victoriatimescolonist/[/url:8bea2]

[VicHockeyFan]

I did an mls.ca search yesterday with my condo type as parameter (downtown, apartment, 2br, 1ba). Only one showed up under 300k.