WATCH: In Victoria’s red hot housing market, the demand for condominiums is at a record high in the Capital Region. As our reporter Ceilidh Millar explains, a local condo development is meeting the needs of hungry buyers.
It’s the beginning of a new era for this neighbourhood on Upper Fort Street.
Local officials and community members gather for the deconstruction of this building on the corner of Fort and Cook street.
A new 6-storey condo building with 75-units and 9,000 square feet of commercial space will be taking its place.
“It’s a very exciting development” says Victoria’s Mayor Lisa Helps. “Fort Street is on fire right now. There are so many new businesses, lots of tech going on and people need a place to live.”
While real estate prices continue to climb across Vancouver Island, inventory has fallen drastically.
But in the Capital Region, condo development proposals and projects are skyrocketing – along with demand.
According to the Victoria Real Estate Board, condominium sales lead the way for October, up 22% from the previous year.
“We need to refresh the housing stock for the thousands, if not tens of thousands of people who are going to be moving here over the next 30 years” says Helps.
This is the newest condominium project to be built in or near Victoria’s downtown in recent years.
Pre-sales are currently underway and the condo is already 75% sold.
With pre-sale transactions estimated at a record high for 2016, it’s proving to be a successful tactic for attracting buyers who feel frustrated with the current housing supply.
“Right now it’s important for buyers to be sharp, be aware of what’s available and what’s coming” says Mike Miller, President of Abstract Developments. “Be educated, so if and when the right property does come to market, whether it’s a pre-sale or whether it’s a new listing, to be able to react.”
It’s a bittersweet goodbye for the previous owners, but also a promising beginning for the next generation of families who will live on the corner of Fort and Cook.