With all of the first phase of townhouses selling out in short order, work is underway on the Condo One building slated for the Triple Crown development off McCallum Road in Langford.
The project’s name is in keeping with a number of streets in the area named after famous race horses, including Whirlaway, said co-developer Kent Sheldrake, owner of Draycor Construction.
The first 30 two- and three-storey, three-bedroom townhomes with dens are nearing completion and all are in the $435,000 price range.
Later components of this condominium project include some commercial space and a restaurant, Sheldrake said.
“We wanted a comprehensive design plan where the different phases complement each other,” he said. “All of the finishes in the condos will be very similar to the townhouses, a cut above what you would normally find in a townhouse or condo.”
That includes heating, ventilation and air conditioning systems that utilize heat pumps, high-end gas stoves and counter-depth refrigerators with ice and water dispensers.
Quartz countertops, wide plank laminated floors, full tile showers in the ensuites and all appliances, including microwaves, washers and dryers are standard. The building will have secure underground parking as well.
“Everything we tried to do is top-notch, including the stainless steel electrical plug plates,” Sheldrake added.
He said the condos should be on the market in the first few months of 2017 and will likely run in the $290,000 to $350,000 range, with completion expected next spring.
The project reflects the robust building cycle currently going on in Langford, said Matthew Baldwin, the City’s director of planning.
“There’s a mix of housing types on the way, including a surprising amount of rental housing, and we’re happy to see that,” he said. “It helps ensure that there’s a wide range of housing options for people.”
The Triple Crown project was made possible through the City’s partnership with the developer, which also facilitated the completion of the McCallum connection to the Leigh Road Interchange, Baldwin noted.
“This allows people from up-Island to access Costco directly from the Leigh Road Interchange, relieving some of the traffic on Millstream Road,” he added.
Realtor Todd Mahovlich said one of the reasons the townhomes sold so quickly was that buyers like the location.
“Everyone commented on how convenient it was to be on the north side of the highway, with easy access to whatever you need or wherever you’re going,” he said.
For more information on the project, visit triple-crown.ca.
Q: Are condos becoming a more popular choice for first-time buyers?
While the average price of a detached home continues to be unaffordable for a lot of first-time buyers, condos are increasingly becoming an attractive option for those looking to enter the market.
In fact, in many major Canadian cities such as Edmonton, Winnipeg and Ottawa, it now costs more to rent than to pay a mortgage on your average condo, according to figures from the National Bank of Canada.
That isn’t quite the case in Victoria, where condo mortgages outpace rental prices, but condos remain significantly more affordable than detached homes when compared to the city’s median income.
Falling interest rates and surging condo construction in many major Canadian cities has led to more affordability, and buyers are now able to spend less of their income to afford a condo than in the past.
Condos remain especially popular among young people, who are putting off having children until later in life and don’t require a lot of space, and retirees who are looking to downsize.
GREATER VICTORIA MARKET UPDATE » MONTH TO DATE OCT. 24/16 COURTESY VICTORIA REAL ESTATE BOARD
» 552/734 — NET UNCONDITIONAL SALES / TOTAL, OCTOBER 2015
» 673/925 — NEW LISTINGS /TOTAL, OCTOBER 2015
» 1,948/3,170 — ACTIVE RESIDENTIAL LISTINGS / TOTAL, OCTOBER 2015