One version of the interchange proposed to eliminate Highway 1 stoppages at McKenzie Avenue. Once a design is determined

HOMEFINDER: Interchange effect mulled for West Shore

How much will area real estate values be affected by improved roadway?

West Shore residents who make the daily trek in to Victoria’s core municipalities likely cheered when an interchange project for the Trans-Canada Highway at McKenzie Avenue and Admirals Road was  green-lighted by the province this year.

While the initiative is expected to reduce commuting times for travellers from the west and north, will that translate into higher demand for homes on the West Shore?

Mike Holmes, owner and president of Pemberton Holmes Realty, has seen the area’s growth outpace all others in Greater Victoria in the past 20 years. He looked at the project from both a finished stage as well as during the building process.

“I don’t believe the period of construction of the interchange will have any material negative effect on real estate values, as property buyers and sellers will see the potential benefits outweighing any inconvenience caused,” he said.

The project is currently going through the design phase, with three options up for discussion and pubic input. Two of the three are similar diamond formats – one calls for the highway to go under McKenzie, the other sees the opposite configuration – while the third is a partial cloverleaf design that would eliminate more parkland.

“As the effects settle in of the completed interchange, I suspect we will see a slight positive impact on values, depending on the amount of time saved in commuting,” Holmes said. “If it is as significant as anticipated, then the majority of the stigma attached by many  to the ‘Colwood crawl’ could be eliminated.”

Then again, much of that negative image has already been neutralized by the creation of more and better services on the West Shore,” he added.

“I look forward to the new driving experience.”

Q: What’s the market looking like right now?

Victoria Real Estate Board president Guy Crozier says prospective home sellers may want to take advantage of current market conditions.

“One thing I can say is that due to lower inventory levels, this is the best time in the past 10 years to list a house,” he says.

“Demand from buyers in most areas is up, but inventory continues to decrease on a year-over-year basis. The good news for buyers is that pricing remains competitive and there are new listings coming onto the market every day.”



» 125 / 419 –NEW LISTINGS / TOTAL, DECEMBER 2014


Just Posted

Active police incident in Langford prompts police to request nearby residents stay inside

West Shore RCMP ask public to avoid Station Avenue and Peatt Road area

New sidewalk, bike lane coming to Metchosin Road near Royal Bay

Gablecraft Homes making improvements, moving offices

City of Victoria to hold formal safety review after man was left hanging from raised bridge

More and more people seen ignoring safety measurements in place, city staff say

The Trading Post in Langford is up for sale

For sale sign and retirement sign spotted Tuesday

CRD holding off repairing Sooke Potholes viewing area after winter landslide

Area likely to experience continued failure of slope, officials say

VIDEO: Missing teens named as suspects in three northern B.C. killings

Kam McLeod and Bryer Schmegelsky are wanted in the deaths of Lucas Fowler, Chynna Deese, unknown man

POLL: Do you use a food delivery app?

With modern life becoming more hectic with each passing day and so… Continue reading

Vancouver Island teacher suspended for professional misconduct

Grade 8 shop teacher admits to use of vulgar language and profanities toward students, parents

Northern B.C. double homicide, suspicious death: A timeline of what we know

Two teens from Port Alberni are now wanted Canada-wide in connection to the three deaths

B.C. wine industry legend Harry McWatters dies

Among his accomplishments, McWatters founded the province’s first estate winery, Sumac Ridge Estate

Provincial health body refuses to release full findings of cancer triage system audit

Information and Privacy Commissioner asked to review redactions

Southern resident killer whale died of blunt trauma, likely from ship

J34 was found more than two years ago near Sechelt, but the necropsy findings have now been released

B.C. rail crossing death highlights risks for people in wheelchairs: watchdog

Transportation Safety Board points to ‘persistent risks faced by persons using assistive devices’

B.C. teens wanted in double homicide, suspicious death spotted in Manitoba

Kam McLeod and Bryer Schmegelsky were thought to have been seen in the Gillam area

Most Read