It’s the first new multi-home development in the area in many years. Now a nine-home development at Painter and Metchosin roads is well underway, with the first house, which will act as its show home, scheduled for completion today (Sept. 30).
The Colwood project features nine non-strata homes, without suites, and all of them are three-or four-bedroom family-oriented homes.
“There’s a lot of people that really like the non-strata part,” noted Mike Nugent, associate broker with DFH Real Estate and one of the project’s listing agents. He added that new, non-strata detached homes have become a rarity in recent years.
Nugent said that these homes have nice-sized lots and are set up in a more traditional manner, with the living space occupying the main floor and the bedrooms upstairs, which is also not as common as it used to be.
“They’re very energy efficient and very open planned…(with) things like ductless heat pumps and instant hot water on demand gas units.”
The homes are also equipped with a heat recovery ventillator.
The development’s close proximity to nearby schools is also a plus for young families, he said, with Dunsmuir middle school, Sangster elementary and Wishart elementary located in the immediate area. The neighbourhood is seen as an attractive one for its proximity to cycling trails, and the Juan de Fuca Recreation Centre, as well as Hatley Park and the rest of the Royal Roads University campus.
“It’s very convenient and of course, Lagoon beach is just down the hill a little ways, so it is quite a nice area,” Nugent said.
In addition to the nine detached homes, a pair of apartment buildings will be constructed in the same area. These apartments will be strata-titled in the event that they are sold at a later date, but the units will be rented for at least 10 years before that can occur.
“It’s good, it adds to our rental pool at a time where there’s a real shortage in rental properties with a very low vacancy right now,” Nugent said.
The buildings will contain 18 suites each, with a mix of one-and two-bedroom units.
Construction hasn’t begun on those buildings, but could commence as early as the spring.
As for the other eight homes, construction is ongoing and they are to be completed between now and the end of March, Their price points will range from $629,000 to $639,000. The houses are being built by Fairwest Construction and Genco Construction.
“It’s nice to have them arrive now when Colwood is very, very low on inventory so it’s good timing and they’re nice quality homes,” Nugent said.
GREATER VICTORIA MARKET UPDATE » MONTH TO DATE SEPT. 26/16 COURTESY VICTORIA REAL ESTATE BOARD
» 608/704 — NET UNCONDITIONAL SALES / TOTAL, SEPTEMBER 2015
» 844/962 — NEW LISTINGS / TOTAL, SEPTEMBER 2015
» 2,060/3,478 — ACTIVE RESIDENTIAL LISTINGS / TOTAL, SEPTEMBER 2015