Homebuilders with an idea about what families are looking for, appear to have been right on the mark with a new residential neighbourhood called Saanich Ridge Estates.
Already, the first phase of 16 three-bedroom homes have been spoken for and the builders have broken ground, preparing the foundations for this unique development on the Saanich Peninsula.
Saanich Ridge Development Ltd. and Rayn Properties are working with Skyire Home Financing to build these new homes — and help families pay for them. With plans for up to 120 new homes in Central Saanich, they’re anticipating brisk demand from people wanting to buy a house, not just a condo or townhome.
Saanich Ridge Development Ltd. President George Lawton is heading up the project.
Saanich Ridge came about as a result of the companies looking for new options for families in the region, especially after witnessing the success at the Tsawwassen Shores project in the lower mainland.
The company said market studies revealed the people are typically looking for three-bedroom houses at an affordable price point. So, they have come up with three main designs — homes at 2,686, 2,505 and 2,387 square feet (with a five bedroom option in the works) — that include one bedroom suites as mortgage helpers. Each home is designed and its components built off site. They are being designed with plenty of features and for the idea of a peaceful community. Once the foundations and other services are in, the parts are brought to the development and built in place.
The entire process — from purchase to construction and then move-in, could take as little as three months.
The quick sell-out of their first phase is good news for the builders. They are able to break ground and then focus on the next phase — another 24 units — followed by future expansion.
The entire project is being built on land at the Tsawout First Nation. The company and the First Native have agreed to a 999-year lease of the property — with occupation extensions scheduled every 20 years.
The developers are calling it a ‘Millennium Lease’, allowing a family to potentially hold onto a property for those full 999 years.
They also describe their agreement with the Tsawout as pre-paid leaseholder ownership, with title insurance in place and each property acting essentially as fee simple land.
Homeowners are free to buy and sell their home, are are subject to the normal real estate market ups and downs.
The site they are building on has been earmarked for further commercial development. The Tsawout First Nation has been looking to develop the area for years, however that last commercial shopping area proposal fell through for a variety of reasons, including the need for an expensive highway overpass.
Access to Saanich Ridge Estates, which sits east of the Pat Bay Highway between Mount Newton Cross Road and Island View Road, will be via a north-bound turnoff, north of Island View Road.
Access is also made along Mount Newton Cross Road as it enters the Tsawout First Nation. The builders are currently working on repaving and servicing plans for the site.
The builders say there are few opportunities to own a new home like this on the Saanich Peninsula, but they feel their price point and financing options, present a good start for families looking for a house.
New homes at Saanich Ridge Estates start at $619,900. Skyire is also offering two financing options. One is HomePlan, which that allows people to put one per cent of the asking price down, in a three-to-five-year right-to-purchase option. This helps people save money for a full deposit on a home. The second option is for people who can afford to put 10 to 20 per cent towards a down payment.
More details on these plans, as well as information on the project itself, are available at saanichridge.ca.
