Saanich, BC, Jan. 13, 2021 (GLOBE NEWSWIRE) — VICTORIA, British Columbia, January 13, 2021 – A 2-acre site in the heart of Saanich near the University of Victoria will be revitalized with a development proposal to supply over 400 purpose-built rental apartments and nearly 20,000 square feet of neighborhood-serving commercial space. Nicola Wealth Real Estate (NWRE) recently submitted a rezoning and development permit application to the District of Saanich for 1555-1595 McKenzie Avenue, the South West corner of one of the area’s busiest intersections, seeking to replace two commercial buildings and above-grade parking structures with a mixed-use building.
The sustainably designed development proposal includes rental apartments ranging from micro-studios to 3-bedrooms & townhouses and aims to bring new life to the major intersection of Shelbourne Street and McKenzie Avenue. In addition, the development will invest in transportation infrastructure along its frontages and is well-serviced by transit, offering future tenants a convenient location to live, work, and shop. Saanich is already experiencing incredibly low vacancy; with an anticipated 14.7% population increase in the District of Saanich by 2038 and limited new housing underway there will be strong demand for new rental stock. The proposed development contributes not only a significant number of homes but a wide variety of options that are thoughtfully serviced with an amenity package that goes beyond the conventional.
“We are focused on conceptualizing a rental housing community in a post-pandemic world” shares Josh Anderson, Director of Development for NWRE, “the development will offer wide-ranging residential amenities, expanding a tenant’s living space safely beyond the walls of their individual apartments.” The development will include co-working spaces, lounges, games rooms, indoor and outdoor multi-purpose fitness studios, gym space, outdoor kitchens, and seating areas, plus garden plots and dog runs.
Despite the inability to host public consultation events during the pandemic, NWRE has virtually engaged representatives from Mount Tolmie, Quadra Cedar Hill, and Gordon Head Community Associations and will continue broader outreach, safely, to share their vision and gather feedback.
NWRE has been thoughtful through the planning process to create a development that strategically aligns with the District of Saanich’s Shelbourne Valley Action Plan. The redevelopment will not only invite tenants to become a part of the building but a part of the community as a whole contributing towards the broader vision of a vibrant University Centre.
NWRE has several other multi-family rental development projects at various stages in the Capital Regional District; most notably the recently completed conversion of The Harbour Towers Hotel into The James at Harbour Towers, a fully-owned development supplying 219 rental units and hotel-inspired amenities to the James Bay community. The firm has also submitted development plans for 274 new rental homes in the Old Town district of downtown Victoria. To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $9 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include office, retail, industrial, multi-family residential, self-storage, and seniors housing. The current real estate portfolio exceeds $4.5 billion in gross asset value.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
