Lloyd Wansbrough

HOMEFINDER: Developers look to boost rental market

Apartments the new condo buildings for some West Shore builders

The still-expanding population of the West Shore, led by a province-leading growth rate in Langford, is driving the creation of services and amenities in the area.

While the market for single-family homes remains strong, not everyone is quite ready to plonk down their cash and take on a mortgage.

Certain developers on the West Shore are well aware of that and as such, are constructing rental buildings to take up the slack among newcomers to the area.

Westridge Landing, the Wansbrough family’s 3.86-acre property at Wale and Wilfert roads in Colwood, has been developed in various phases since 2009 when Lee Valley Tools and Eagle Rise Animal Hospital opened up. The current phase is even more ambitious, with a 63-unit rental building called Legacy well underway and a Holiday Inn Express next door also in the works.

Lloyd Wansbrough, vice-president of construction and tenant relations for Westridge, says building condos on the sprawling site has been “in the background” for a while, but the idea was shot down when discussed by family members.

“I think in building condos, you stick your neck out so much,” he says. “I think we’re a unique company in that we own the land, we’ve been here so long and there’s lots of equity here.”

Creating one-, two- and three-bedroom rental units on top of the ground-floor commercial space made more sense given their company philosophy, he says.

“It’s more in our wheelhouse. We want to protect our property and pass it along to our kids,” he says.

Wansbrough, a renter who doesn’t want a yard and the extra maintenance of an owned home, figures there will always be a mix of renters and homeowners here.

Interestingly, of those who have signed up for suites in the building, many are older adults, he says, pointing to proximity to the Galloping Goose trail, Juan de Fuca rec and seniors’ centres and Western (bus) Exchange as advantages.

Malcolm Hall, president of Langford-based Daxco Developments, has been in the rental building business since 1990. When his six-storey, 51-unit building The Waverly comes on stream this fall at 594 Goldstream Ave. it’ll give his company six purpose-built rental properties. Another is due to break ground next to The Waverly next year.

“Right now it makes sense for people to rent, because property values are falling,” he says, adding the glut of condos for sale here simply makes it unwise to build more.

Unlike many traditional building layouts, Hall’s company continues to include family oriented, three-bedroom suites in his buildings, as well as smaller configurations.

Among other rental projects going up in Langford include a building on Station Road at Jacklin Road and on Hockley Avenue next to the Village Walk West apartments.

West Shore Chamber of Commerce spokesperson Craig Sorochan said the area has seen more rental buildings built since the slowdown in condo sales forced developers to rethink their strategies.

Having more affordable options for people who aren’t able to buy is another way local municipalities can attract people to the area, he said.

“It’s a good fit for people who are commuting out here to work.”

editor@goldstreamgazette.com

Q: WHERE SHOULD I GO IF I’M LOOKING TO RENT A PLACE?

It’s easy to look up suites for rent on the usedvictoria.com’s of the world, but there are professionals available to help find the rental property that fits your needs.

Property management companies such as Brown Brothers, Devon Properties and Proline Management are well-known around Greater Victoria for their work with large apartment buildings.

As well, some companies better-known for providing real estate sales services are also in the property management end of things. Pemberton Holmes and Duttons and Co. are names that come to mind among those that offer a variety of services.

Allowing people with knowledge about the industry help in your search can lead to finding a suite that is right for you and within your budget. For a list of property managers’ websites visit the Victoria Real Estate Board at vreb.org/vreb/rentals.html.

GREATER VICTORIA MARKET UPDATE » AS OF JULY 28/14 COURTESY VICTORIA REAL ESTATE BOARD

» 576 / 583 — NET UNCONDITIONAL SALES/ TOTAL, JULY 2013

» 1,032 / 1,213 — NEW LISTINGS/TOTAL, JULY 2013

» 4,581 / 4,772 — ACTIVE RESIDENTIAL LISTINGS/ PEAK, JULY 2013

Just Posted

Number of SD62 kindergarten registrations about same as last year

Approximately 850 kindergarten registrations for 2019/2020 school year

28 years later: Dunahee disappearance remains largest investigation in Victoria police history

The four-year old Victoria boy went missing without a trace on March 24, 1991

City of Langford mails out information on sewer connection requirement

Plan lays out obligations, exemptions and financial assistance information for the costly hookup

Update: BC Transit driver taken to hospital with serious injuries after assault

Driver attempted to stop an altercation between two people on the bus

Protective human chain forms around Victoria mosque for Friday prayer

Islanders stand arm-in-arm to show support in aftermath of New Zealand shootings

‘Families torn apart:’ Truck driver in fatal Broncos crash gets 8-year sentence

Judge Inez Cardinal told court in Melfort, Sask., that Sidhu’s remorse and guilty plea were mitigating factors

Vancouver Island motorists attempted CPR on victim in fatal Highway 4 crash

Collision took place west of Whiskey Creek; man in his 70s died

POLL: When do you think the next major earthquake will hit Vancouver Island?

According to seismologists, Vancouver Island is overdue for a magnitude 7 earthquake.… Continue reading

Greater Victoria Wanted List for the week of March 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

WestJet sticking with Boeing 737 Max once planes certified to fly

WestJet had expected to add two more of the planes this year to increase its fleet to 13

B.C. driver caught going 207 km/h on motorcycle along Okanagan Highway

A motorcyclist was caught by Kelowna RCMP going 207 km/h on Highway 97C

Motorcyclist dies after three-vehicle crash on old Island Highway

Accident happened at 12:15 p.m. Friday near Country Club Centre in Nanaimo

B.C. fire department offers tips to keep your home safe during wildfire season

With wildfire season getting closer, the Penticton Fire Dept. offer tips to keep your home safe

Most Read