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Economic conditions might not be ideal, but the proponents behind two of Victoria’s largest mixed-use developments insist they are still forging ahead with the projects.
Both Focus Equities, which is behind the Roundhouse project in Vic West, and Starlight Investments, which has plans to re-imagine a large swath of the Harris Green neighbourhood, say despite the headwinds of high interest rates and the rising costs of labour and materials, the projects remain on track.
Ken Mariash, principal at Focus Equities, said after devoting more than 25 years to the Roundhouse project he’s not about to fold his tent.
“I might as well finish the thing,” he said.
Howard Paskowitz, Starlight Investments vice-president of development, said they intend to start construction on the 1000-block of Yates Street before the end of this year.
That kind of confidence has not been flowing freely in the development community.
Kathy Whitcher, chief executive of the Urban Development Institute, a national non-profit association of the development industry, said the economic landscape is troubling.
“The economics are not working still and yet municipalities continue to bump up fees,” she said, noting Victoria recently adopted new development cost charges that in some cases could more than double the fees developers pay for required infrastructure upgrades to handle new development.
“Developers are starting to pull out,” she said, noting many projects have been on the edge of either going ahead or put on pause. “I’ve heard a few developers have pulled right out of the business.”
Whitcher said for some developers in Victoria the future of their projects depends on where they are in the process.
If the projects aren’t far enough down the road they may get hit with the increase in development cost charges which could tip them into unprofitable territory.
Developer Mike Miller, founder of Abstract Developments, said he knows of some developers who are on the edge and in danger of going out of business, while there are a lot of projects that are forging ahead with no hope of finding a profit at the end.
He said the cost of construction is the biggest killer, followed by interest rates.
Miller said inflation since the pandemic has all but wiped out the profit margin in many projects, including at least one of his own.
“In one instance I hope to get out even at the end of the project,” he said.
Miller said a lot of the projects currently underway were committed before the costs started to increase, and with any delay along the way the chances of making a profit ebbed.
Miller, who has 300 residential units being built at six locations, with another 500 units planned, said there may be some relief with the central bank cutting interest rates.
“That will help with consumer confidence,” he said.
The Roundhouse project, which includes 1,870 residential units in nine towers ranging from 10 to 32 storeys, was given approval by Victoria council in January.
Mariash said work on the site at 251 Esquimalt Rd., 210 Kimta Rd. and 355 Catherine St. is dependent on working out details and ironing out wrinkles with the city.
While he had hoped to get shovels into the dirt this year, he does not expect an agreement with the city until the end of this year or early next.
He admits in any other city he may not be forging ahead having spent millions in carrying costs for the site he bought 25 years ago.
“If someone had told me it would be $200 million and not $50 million, who knows,” Mariash said. “When I started this I was 49, now I’m 77.”
Starlight’s Paskowitz would only say that “plans remain on track with the development of Harris Green Village.”
That project, approved in the spring of 2023, aims to reimagine the 1000 and 900 blocks of Yates and View streets in a project that’s expected to unfold over three phases.
The plan is to tear down all the commercial buildings on the two blocks to make way for a project that will include five residential towers with about 1,500 rental suites, about 100,000 square feet of commercial buildings, and green space.
The first phase of the project, at 1045 Yates St., which used to house an auto dealership, will have purpose-built rental residential towers of 21 and 20 storeys, nearly half an acre of green space for a community park, a daycare and retail. The old buildings are demolished, but the site has been largely idle for months.
Rory Kulmala, chief executive of the Vancouver Island Construction Association, said the industry has been working flat out for years with the push to add housing everywhere and it may be running into a capacity issue.
“We’ve got a lot of big projects that are either going or are wrapping up and until we kind of finish what’s on our plate, it’s pretty tough to kind of go back to the buffet and load it up again,” he said. “Ultimately there’s a tonne of work that has to be done, but our labour force hasn’t really changed in 15 years.”
Kulmala said the construction tempo has more than doubled at the same time, so they are doing more with fewer bodies.
“We can only build so much, so fast right now,” he said.
A potentially precedent-setting ruling from the Residential Tenancy Branch has prompted B.C. Minister of Housing Ravi Kahlon to review regulations for special rent increase applications from landlords.
At issue is the recently published May 8 ruling that allowed a landlord to increase the rent charged to their four tenants by an extra 23.5 per cent because the landlord claimed their increase in mortgage financing costs, due to a sharp rise in interest rates in 2022, “could not have been foreseen under reasonable circumstances.”
Questions are now being asked in the B.C. real estate industry as to whether this will prompt more applications for rent increases beyond those allowed by the provincial government.
“Landlords will definitely apply,” said Keaton Bessey, owner and managing broker at Greater Vancouver Tenant and Property Management.
Last February, the branch received an application from company Kriss Canada Ltd. claiming it needed to increase the rent of its tenants by 23.5 per cent in addition to the government-mandated rent control increase of 3.5 per cent for 2024.
In B.C., landlords must apply to the branch for such increases beyond the rent control cap, set annually by the ministry.
Bessey said such applications typically involve increases for one-time capital infrastructure improvements, such as new pipes.
However, Kriss Canada utilized what Bessey said has been an otherwise dormant regulation that allows a landlord to apply for a special rent increase for financial losses incurred for the financing costs of purchasing a property.
Kriss Canada claimed that it was entitled to impose the additional rent increase after incurring a financial loss for the financing costs of purchasing the residential property, having not foreseen under “reasonable circumstances” a historic rise in interest rates and having “acted reasonably” — both criteria the regulation stipulates as a requirement for a successful application.
The ruling states Kriss Canada Ltd., represented by “Landlord S.O. and Landlord K.O.,” purchased a four-plex home in October 2021 with an initial interest rate of 1.9 per cent on a variable mortgage from a Canadian bank.
In the intervening time, the Bank of Canada raised its interest rates from 0.25 per cent to 5.0 per cent, causing the landlord’s financing costs to soar to $80,058.99 in 2023, as opposed to $45,722.44 in 2022.
In April 2023, the landlord asked the four tenants to pay an extra $500 per month each; however, the tenants “were not agreeable,” the ruling noted.
The ruling addresses some thinking behind the landlord’s assessment of its own situation: “The Landlords stated that if they fixed their interest rate in 2023, the penalty would be very large. It was too early in their mortgage term.”
Two tenants identified as “V.D.” and “M.S.” told the branch that with a variable rate mortgage “it is reasonably foreseeable that the rate will change” and the landlord ought to have had a financial cushion to absorb increases. Tenant M.S. offered to pay an extra $50.
The branch arbitrator, who is not named in the ruling, accepted the landlord’s story that it did have a cushion but the rates rose too quickly and sharply.
“I find the world and economic events in reaction to the pandemic were not reasonably foreseeable and have impacted the Landlords, despite them taking reasonable precautions by accessing a mortgage through a recognized and well-known lender. I find the landlords exercised care, foresight, judgment, financial prudence, and due diligence in purchasing and financing the residential property, but significant increases in the mortgage interest rate occurred due to unforeseen events,” the arbitrator wrote.
The arbitrator then allowed the landlord to increase rent amounts by 23.5 per cent extra, over two years, causing rents to increase from between $1,282 and $1,550 to between $1,628.14 and $1,968.50, per month (not factoring in the standard 2025 increase).
Names of the landlords and tenants were redacted from the ruling and the location of the property was not disclosed by the arbitrator. Kriss Canada Ltd. was incorporated in Alberta in 2016 and has an attorney named Niranjan Konepally with a Terrace address, according to BC Registry Service. Glacier Media was unable to contact any of the parties involved for further comment.
Although Bessey has been publicly outspoken on social media against rent control, he called the ruling “weird” and “completely ridiculous” on account that the branch is in no position to assess financial planning.
“Nobody asked this person to go out and get a loan and buy a property,” said Bessey, who suggests the regulation is out of touch with reality.
“A loan on an investment property is personal to the owner. The loan is your problem. But if the pipes fall apart, it costs the same for whoever is doing it,” said Bessey.
Bessey described the nature of branch decisions as being fairly arbitrary on a case-by-case basis.
And while expressing doubt as to whether a precedent may be set from this decision, Bessey speculates the branch will see more such applications, particularly after greater publicity of this one case. But whether they will succeed is another matter, he added.
Hunter Boucher, vice-president of operations at Landlord BC, a non-profit advocacy and lobby group, also expressed doubts a precedent will be set.
“This process has been longstanding. It’s not new. That being said, applications under this (regulation) are exceedingly rare, especially over the past nearly 20 years,” as there has not been such a dramatic rise in interest rates, said Boucher.
Another matter at play, said Boucher, is that the regulation stipulates the financing losses are associated with the purchase of a property, so such applications are likely only relevant to landlords who only recently bought an investment property.
“If you’re renewing at this point, it’s hard to say it’s unforeseen,” said Boucher.
“We will see a bit of an increase in these decisions but a huge increase, certainly not,” Boucher speculated.
And, said Boucher, “the lack of decisions for these kinds of increases makes it difficult to determine how future decisions may go.”
Despite his opposition to policies that are unfavourable to landlords, Bessey said it would be “political suicide if they let this keep going” and “a lot of landlords think this is stupid.”
Notably, the regulations do not allow a tenant to claim lower rent should interest rates drop after having higher rent imposed on them via a special application.
Housing Minister Kahlon declined an opportunity to speak to the ruling; however, his communications staff provided a statement attributable to Kahlon:
“Renters are struggling with the high cost of rent. That's why we are taking action to fight the housing crisis and ensure renters have a home they can afford. Since 2018, we have kept rental increases at or below inflation, below the rate set by the previous government.
“The policy that allows these kinds of exceptional rental increases because of financing is an old policy from the old government and this is the first time an application like this has been granted since we started collecting data in 2021.
“I know people have a lot of questions and I've directed staff to review this policy and how it impacts renters in the current context.”
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millstream village in Langford bc Like to shop? Check out the Millstream Village in Langford BC Boutique shop and dinning. #troysdeals #troysdeals #langfordrealestateagent
Here is a detailed list of the stores and services you can find at Millstream Village in Langford, BC:
Homes and Condos for sale near millstream village.
www.LangfordListings.com
Map and Directory of stores at the millstream village
Retail Stores
Costco Wholesale - Membership-based warehouse club with a wide range of products.
Best Buy - Electronics, home appliances, and tech products.
Winners - Discount fashion, footwear, and home goods.
Michaels - Arts and crafts supplies.
PetSmart - Pet supplies, grooming, and services.
Golf Town - Golf equipment and apparel.
Sleep Country Canada - Mattresses and sleep accessories.
Bouclair - Home decor and furniture.
Grocery and Specialty Food
Market on Millstream - Fresh and local groceries.
Bulk Barn - Bulk food retailer.
Liquor Depot - Wide selection of alcoholic beverages.
Starbucks - Coffee and beverages.
Dining Options
Milestones Grill + Bar - Casual dining restaurant.
A&W - Fast food with a focus on burgers.
Subway - Sandwiches and salads.
Mucho Burrito - Mexican-inspired cuisine.
Booster Juice - Smoothies and health-focused snacks.
Health and Beauty
London Drugs - Pharmacy and retail store.
Great Clips - Hair salon.
Chatters Hair Salon - Full-service hair salon.
Spinnakers Spirit Merchants - Specialty liquor store.
Sally Beauty - Beauty supplies and hair care products.
Services
CIBC - Banking services.
Bell - Mobile and internet services.
Rogers - Mobile and internet services.
Simply Computing - Apple product retailer and service provider.
Money Mart - Financial services, including payday loans and check cashing.
Specialty Stores
Dollarama - Discount store with a variety of products.
Millstream Village offers a comprehensive range of stores and services, catering to various shopping and dining needs. If you have any specific questions or need more detailed information, feel free to ask!
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clay tennis courts
Bear Mountain Resort in Langford, BC, offers clay tennis courts as part of its comprehensive sports and recreation facilities. Here are some details about the clay tennis courts at Bear Mountain:
Homes and Condos for Sale in Bear Mountain
Facilities and Features
Number of Courts: Bear Mountain has a number of clay tennis courts, providing ample space for both recreational play and competitive matches.
Surface: The clay courts at Bear Mountain are designed to provide a high-quality playing experience, with a well-maintained surface that enhances playability and comfort.
Clubhouse and Amenities: The tennis facilities include a clubhouse with amenities such as locker rooms, a pro shop, and areas for players to relax and socialize.
Lighting: Some courts may be equipped with lighting, allowing for evening play.
Lessons and Programs: Bear Mountain offers tennis lessons and programs for players of all ages and skill levels, including private coaching, group lessons, and junior programs.
Tournaments and Events: The resort hosts tennis tournaments and events, providing opportunities for competitive play and social gatherings.
Benefits of Playing on Clay Courts at Bear Mountain
Scenic Environment: Nestled in a beautiful natural setting, the clay courts at Bear Mountain offer stunning views and a serene atmosphere for playing tennis.
Health and Fitness: Playing on clay courts can be beneficial for joint health due to the softer surface, reducing the risk of injuries compared to harder surfaces.
Skill Development: The slower pace and higher bounce of clay courts can help players develop endurance, strategy, and technique, particularly in baseline play and footwork.
Access and Membership
Membership Options: Bear Mountain offers various membership options for individuals and families, providing access to the tennis facilities and other resort amenities.
Guest Access: Non-members may also have the opportunity to use the tennis courts through day passes or by booking court time, depending on availability.
Location
Bear Mountain Resort is located in Langford, BC, making it easily accessible for residents and visitors in the Greater Victoria area.
Clay tennis courts are a popular surface choice for both recreational and professional tennis players. Here are some key facts about them:
Characteristics
Surface Material: Clay courts are made of crushed shale, stone, or brick.
Color: The most common color for clay courts is red, though green clay courts (also known as Har-Tru) are also prevalent in the United States.
Playing Conditions
Slower Pace: Clay courts are known for slowing down the ball and producing a high bounce compared to hard and grass courts. This makes rallies longer and points more strategic.
Sliding: Players often slide into their shots, which requires different movement and footwork techniques compared to other surfaces.
Spin-Friendly: The surface tends to enhance topspin, which can be an advantage for players who use heavy topspin in their game.
Maintenance
Regular Care: Clay courts require daily maintenance, including brushing the lines, watering the surface, and rolling to keep the clay compact and even.
Weather Impact: These courts are more affected by weather conditions. They can become muddy and unplayable in the rain but provide excellent playing conditions when properly maintained and dry.
Professional Tournaments
French Open: The most famous clay court tournament is the French Open, held at Roland Garros in Paris.
European Tournaments: Many professional tournaments on the ATP and WTA tours in Europe are played on clay, especially during the spring leading up to the French Open.
Advantages and Disadvantages
Advantages:
Softer surface, reducing the risk of joint injuries.
Slower pace can be beneficial for baseline players.
Longer rallies can improve endurance and strategy.
Disadvantages:
Requires significant maintenance.
Can be difficult to play on for players not accustomed to sliding.
Matches tend to be longer, which can be physically demanding.
Notable Clay Court Players
Rafael Nadal: Often referred to as the "King of Clay," Nadal has won numerous French Open titles and excels on clay surfaces.
Chris Evert: Dominated the women's game on clay in the 1970s and 1980s, winning seven French Open titles.
Interesting Facts
Training Ground: Many players train on clay to develop endurance and improve their baseline game.
Historical Evolution: The first clay courts were created in the late 19th century as a way to keep grass courts from drying out in hot climates.
These characteristics make clay courts a unique and integral part of tennis, offering a different playing experience compared to hard and grass courts.
Goldstream Ave. in Langford, BC, is a bustling street with a diverse array of businesses, shops, and dining establishments. Here is a detailed list of what you can find on Goldstream Ave.:
Homes and Condos for Sale on or near Goldstream Ave. in Victoria BC.
Shopping and Retail
Westshore Town Centre
A major shopping mall with numerous retailers including Walmart, Winners, and The Real Canadian Superstore.
Fairway Market
A local grocery store offering fresh produce, meats, and international foods.
Canadian Tire
Retailer for automotive parts, tools, hardware, and housewares.
London Drugs
Department store featuring electronics, pharmacy services, and a variety of home items.
Shoppers Drug Mart
Pharmacy and convenience store with a wide range of health, beauty, and household products.
True Grain Bread
Organic bakery offering various bread, pastries, and other baked goods.
Serenity Home Decor
Home decor store with a range of furnishings, accessories, and gifts.
Dining and Cafes
Floyd's Diner
Popular spot for classic diner fare, including hearty breakfasts, burgers, and comfort food.
Green Leaf Bistro
Vietnamese restaurant serving pho, banh mi, and other Vietnamese dishes.
900 Degrees Wood-Fired Pizzeria
Known for its wood-fired pizzas with a variety of toppings.
House of Boateng Cafe
Fusion cuisine with a focus on West African-inspired dishes and brunch items.
Three Gringos Mexican Grill
Mexican restaurant serving tacos, burritos, and other traditional Mexican fare.
Boston Pizza
Family-friendly chain offering a wide menu of pizza, pasta, and other casual dining options.
Sabhai Thai Restaurant
Thai restaurant with a variety of traditional Thai dishes, including curries, noodles, and stir-fries.
Bin 4 Burger Lounge
Gourmet burger restaurant with a wide selection of creative burger options and sides.
A&W Canada
Fast food chain known for its burgers, root beer, and breakfast items.
Poncho's Cafe & Catering
Cafe offering a range of breakfast and lunch items, as well as catering services.
Services
Langford Lanes
Modern bowling alley with a bar, lounge, and pro shop.
Coast Collective Art Centre
Art gallery and gift shop showcasing works by local artists.
Various Banks
Including Scotiabank and CIBC, providing full-service banking and ATMs.
Langford Plaza
Shopping complex with various businesses, including retail stores, eateries, and service providers.
Langford City Hall
Administrative center for the city of Langford.
Goldstream Farmer's Market
Seasonal market featuring local produce, crafts, and artisan goods.
Other Notable Businesses
Tim Hortons
Popular Canadian coffee and donut chain.
McDonald's
Fast food chain known for burgers, fries, and breakfast items.
Starbucks
Coffeehouse chain with a variety of beverages and snacks.
Domino's Pizza
Chain pizzeria offering a range of pizzas, sides, and desserts.
Pioneer Video
Local video rental store.
This comprehensive list showcases the variety of businesses and services available on Goldstream Ave., making it a central hub in Langford, BC.
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Royal Bay is a residential and commercial area located in Colwood, a city in the Greater Victoria region of British Columbia, Canada.
CLICK HERE for a list of Homes and condos for sale in Royal Bay Colwood BC.
Here are some key facts about Royal Bay:Location: Royal Bay is situated on the southern coast of Vancouver Island, offering stunning views of the Strait of Juan de Fuca and the Olympic Mountains. It's part of the city of Colwood, which is located about 10 kilometers west of downtown Victoria.
History: The area was previously the site of a large gravel quarry, which operated for several decades. The quarry was a significant supplier of gravel for construction projects throughout the region. In the early 2000s, the site was earmarked for redevelopment into a residential and commercial community.
Development: The redevelopment of Royal Bay began in earnest in the mid-2010s. The master-planned community is designed to include a mix of housing types, including single-family homes, townhouses, and apartments. The development also features commercial spaces, parks, and recreational facilities.
Amenities: Royal Bay is planned to include a variety of amenities for residents. These include schools, shopping centers, parks, and beaches. Royal Bay Secondary School, for example, serves the educational needs of the community's youth.
Recreation: The area offers numerous opportunities for outdoor activities. Royal Bay Beach Park is a popular destination for locals and visitors alike, providing access to the beach and waterfront. The Galloping Goose Regional Trail, a multi-use trail popular with cyclists and pedestrians, is also nearby.
Transportation: Royal Bay is accessible via several major roads, including Metchosin Road and Latoria Road. Public transportation options are available, connecting the community to other parts of Colwood and Greater Victoria.
Environmental Considerations: The development of Royal Bay has included efforts to preserve and enhance the natural environment. This includes the creation of green spaces, the restoration of natural habitats, and measures to protect local wildlife.
Community Vision: The vision for Royal Bay is to create a vibrant, sustainable community that integrates seamlessly with its natural surroundings. The development aims to offer a high quality of life for its residents through thoughtful planning and design.
Amazing Sunrise at the Esquimalt Lagoon.
This beach is a local hotspot here in Victoria BC and never disappoints. There's a lot of great real estate for sale near the esquimalt lagoon too.
CLICK HERE for Homes for sale near the Esquimalt Lagoon
Current News and Events at Esquimalt Lagoon
1. Beach Food Weekends One of the most popular ongoing events at Esquimalt Lagoon is the Beach Food Weekends. This event takes place every Friday and Saturday during the summer months, featuring food trucks at the Colwood Waterfront. Visitors can enjoy a variety of food options while relaxing by the beach and occasionally enjoying live music. It's a casual event that makes for a great family outing or a peaceful solo retreat​ (Esquimalt)​​ (Victoria's Best Places)​.
2. Environmental Initiatives Recent environmental efforts at Esquimalt Lagoon include ongoing conservation projects aimed at preserving the local wildlife and ecosystem. The Lagoon is a significant habitat for various bird species, and there have been initiatives to monitor and protect these populations, particularly as the region faces increasing environmental pressures​ (Victoria's Best Places)​
3. Community Activities The area is bustling with community activities and projects. For instance, there are regular community clean-ups to keep the beach and surrounding areas pristine. Additionally, there are educational programs that highlight the ecological importance of the Lagoon and offer guided nature walks​ (Esquimalt)​.
Esquimalt Lagoon is not only a notable natural feature in its own right, but it also provides access to several nearby beaches and coastal areas that offer scenic views, recreational opportunities, and ecological significance.
Here are some key beach lands near Esquimalt Lagoon:
1. Coburg Peninsula Location: Runs parallel to Esquimalt Lagoon, forming its sandspit. Features: This narrow strip of land separates the lagoon from the Strait of Juan de Fuca. It's a popular spot for walking, beachcombing, and bird watching. Activities: Great for leisurely walks, picnics, and observing wildlife, especially birds such as herons and bald eagles. Access: Accessible via Ocean Boulevard, which runs the length of the peninsula.
2. Esquimalt Lagoon Beach Location: Directly adjacent to Esquimalt Lagoon. Features: A sandy and pebbly beach offering stunning views of the Olympic Mountains and the Salish Sea. Activities: Ideal for beachcombing, bird watching, and relaxing by the water. The beach is also frequented by food trucks during the Beach Food Weekends in the summer. Access: Easily accessible from the nearby parking lots and Ocean Boulevard.
3. Witty's Lagoon Regional Park Location: Approximately 10 km southwest of Esquimalt Lagoon. Features: Features a large sandy beach, tidal lagoon, and waterfall (Sitting Lady Falls). Activities: Excellent for swimming, hiking, bird watching, and exploring tidal pools. Access: Accessed via Metchosin Road and Witty Beach Road. There are several trails leading to the beach, including a wheelchair-accessible trail.
4. Royal Roads Beach Location: Located within the grounds of Royal Roads University, near Hatley Castle. Features: Offers a more secluded beach experience with views of the lagoon and the university grounds. Activities: Ideal for a quiet walk, picnicking, and enjoying the serene environment. Access: Accessible through Royal Roads University; parking is available on campus.
5. Albert Head Lagoon Regional Park Location: About 6 km south of Esquimalt Lagoon. Features: A more rugged beach area with a mix of sandy and rocky shores, surrounded by forest. Activities: Popular for hiking, wildlife observation, and exploring the natural coastline. Access: Accessed via Metchosin Road and Delgada Road. Trails lead to the beach area.
6. Fort Rodd Hill and Fisgard Lighthouse Location: Northeast of Esquimalt Lagoon, about a 10-minute drive. Features: The beach area here is part of a national historic site with a picturesque lighthouse and fort ruins. Activities: Great for historical exploration, photography, and walking along the beach. Access: Accessible from the parking lot at Fort Rodd Hill National Historic Site.
7. Taylor Beach Location: Located in Metchosin, a short drive southwest of Esquimalt Lagoon. Features: A beautiful, relatively undeveloped beach with views of the Olympic Mountains. Activities: Popular for dog walking, swimming, and beachcombing. Access: Accessed via William Head Road. There is limited parking near the beach entrance.