The Proxima is a new residential development located at 1100-1108 Esquimalt Road. This six-storey complex offers 89 units, including junior 1-bedroom, 1-bedroom, 2-bedroom, 3-bedroom, and townhouse options. Amenities feature a state-of-the-art gym, secured underground parking with EV charging capabilities, and bicycle storage.
THE PROXIMA

Why Move to Esquimalt?

Esquimalt combines the charm of a close-knit community with the convenience of urban living. Its proximity to downtown Victoria, abundance of parks and recreational facilities, reputable schools, and ongoing residential developments like The Proxima make it an attractive place to call home.

Esquimalt, located just west of downtown Victoria, British Columbia, is a vibrant community known for its rich history, scenic waterfronts, and diverse amenities.

Things to Do in Esquimalt

Esquimalt offers a variety of attractions and activities:

Parks and Recreation: Explore Saxe Point Park for panoramic ocean views and picnic spots, or visit Macaulay Point Park, a historic site featuring old military structures and popular rock-climbing areas.
TRIPADVISOR

Esquimalt Gorge Park: Enjoy walking trails, gardens, and waterfront views at this serene park.
TRIPADVISOR

Archie Browning Sports Centre: This multi-use facility includes an ice arena, curling rink, and fitness classes, catering to various sports and recreational activities.
CHATTERBLOCK

Esquimalt Lagoon: A 2 km sandy beach and bird sanctuary, perfect for leisurely walks and wildlife observation.
VANCOUVER ISLAND BUCKET LIST

Schools in Esquimalt

Esquimalt is served by several educational institutions:

Esquimalt High School: Offers comprehensive secondary education with various programs.

Rockheights Middle School: Caters to middle school students with a focus on academic and extracurricular development.

Elementary Schools: Includes Macaulay Elementary and École Victor-Brodeur, the latter offering French immersion programs.

Sports and Entertainment

Recreation Facilities: The Esquimalt Recreation Centre provides swimming pools, fitness.

@viccitymedia @big.city.media

November 04, 2024

Please Note

• Left Column: shows interim counts for all property types so far this month

• Right Column: shows final counts for all property types for the same month last year

Community Events  

Trick or Treat at Westshore Town Centre: Bring the family for a fa-boo-lous time: trick-or-treat at participating retailers and enjoy a complimentary goblet of “witches brew,” served by the Bubble Bus today. 3:30-5pm. [Info]  

Treat Street in Langford: Bring your little ones to Langford Station for a family trick-or-treat experience, with free hot dogs, hot chocolate, treats, live music, photo opportunities, games, and more today. 5-8pm. [Info]

 Esquimalt Halloween Firehall Spooktacular: Visit the Esquimalt Firehall for the annual family-friendly event, featuring an outdoor movie, bouncy castle, and trick-or-treating with the firefighters today. 5-9pm. [Info]  

Camp Bernard's annual Halloween night event in Sooke. A community bonfire, hot dogs and hot chocolate, and a fireworks display over the lake. [info]

See more region-wide Halloween events here.  

Spooky Pumpkin Walk at Pineridge Park: Bring your jack-o-lanterns out on Friday to help light the way as they head into post-Halloween retirement. [Info]

 Colwood Pumpkin Patch: Sat. 12-2pm. Enjoy fun ways to dispose of your jack-o’-lanterns. Roll it down the hill, snowblower it to smithereens; fire-hose it into the bin, or crush it with heavy-duty equipment. [Free]

 Fish & Chips Friday at Langford Legion 91. 4-8pm.  

Open House at Camosun College Interurbanz Prospective students are encouraged to experience the energy and excitement of the campus in the school’s first full viewing tour since the pandemic. Nov. 2. 11am-3pm. [Info]

Vancouver, BC – October 7, 2024. With the British Columbia election less than two weeks away, the BC Real Estate Association (BCREA) is calling for major housing tax reform aimed at increasing affordability and fairness in the province, the Association announced today. 

As outlined on their housing policy resource hub launched in the lead-up to the election, BCREA noted that BC housing taxation levels are some of the highest in the world and have risen sharply since 2016. This has had a significant negative effect on the cost of housing in the province. 

BCREA recommendations include: 

• a systematic review of the Property Transfer Tax (PTT), which was launched in 1987 as a “luxury tax” and intended to only apply to five per cent of real estate transactions, but now applies to nearly 100 per cent in the Lower Mainland and roughly 70 per cent even in the relatively more affordable areas of the province; 

• a review of policies related to foreign investment, including the Foreign Buyer Tax, to ensure that the province continues to attract investment from outside of Canada as a means of reaching aggressive housing targets; and 

• the immediate repeal of both the Speculation and Vacancy Tax (SVT) and the yet-to-be-implemented Residential Property Short-Term Holding Profit Tax (Flipping Tax), which are both duplicated at the federal level. 

Trevor Koot, BCREA CEO, noted that a vital first step would be the review of the PTT, which now accounts for $1.95 billion in annual tax revenue for the province. 

“The Property Transfer Tax was originally supposed to be a ‘luxury tax,’ but it’s evolved into a heavy burden for all British Columbians,” Koot said. “The PTT has far outlived its original purpose without ever facing a systematic review, and the time has come for that to change.”

While taxes are a necessary tool for funding public services, Koot added, they shouldn’t be a barrier to homeownership or add unnecessary complexity to real estate transactions. The way forward is a long, hard look at the current policies, which must be undertaken by BC’s next government to ensure fairness for British Columbians. 

BC Real Estate Association Calls for Review of BC's Short-Term Rental Ban 

Vancouver, BC – September 23, 2024. The British Columbia Real Estate Association (BCREA) is calling for significant amendments to BC's short-term rental laws to mitigate the major disruption they've caused for specific business and tourism sectors across the province, the Association announced today.  

On May 1, 2024, the BC Government enacted a widespread ban on short-term rentals, with the intent of returning homes to the long-term rental market. However, as part of a new housing policy resource hub launched in the lead-up to the 2024 Provincial General Election, BCREA identified multiple groups of British Columbians negatively affected by the ban, including: 

• medical employees transferred to remote areas; 

• those receiving multi-week medical care as well as caregivers in urban areas; 

• film sector workers in town for weeks at a time; 

• those attending or employed by short-term but large events for which hotel space is inadequate (such as a Taylor Swift concert or the FIFA World Cup 2026); and 

• those needing short-term housing due to delays in being able to take occupancy of homes or apartments. 

As part of the analysis, the Association stressed that provincial and regional economies need to be factored into policy decisions of this magnitude. 

“While housing affordability is extremely important, there are additional considerations in communities across BC that have been paved over with the implementation of this policy,” said Trevor Hargreaves, BCREA Senior VP, Policy and Research. “There are numerous exemptions desperately needed to make this a workable and successful policy moving forward.” 

Hargreaves added, “There is no question that some of these short-term rental units should be functioning as long-term rentals, but there are some legitimate uses for short-term rentals that are no longer permitted under the legislation.” 

The Association proposed several exemptions from the ban across a wide variety of categories, including high-tourism areas and the groups listed above. 

full article here:https://www.bcrea.bc.ca/advocacy/bc-real-estate-association-calls-for-review-of-bcs-short-term-rental-ban/

October 15, 2024

Please Note

• Left Column: shows interim counts for all property types so far this month

• Right Column: shows final counts for all property types for the same month last year

Month-To-Date Market Statistics

October 07, 2024

Please Note

• Left Column: shows interim counts for all property types so far this month

• Right Column: shows final counts for all property types for the same month last year

Highlights *article from bcrea

• Canadian bond yields falling as markets expect deep rate cuts by US Federal Reserve and the Bank of Canada.

• Economic growth slowed through the summer but will lower rates stimulate a second half recovery?

• The Bank of Canada is on a glide path to a 2.75 per cent policy rate.

Mortgage Rate Outlook
Canadian mortgage rates continue to fall, with the Bank of Canada in the early stages of what could be deep policy rate reductions and the US Federal Reserve on the verge of beginning its own cutting cycle.

The key question for mortgage rates going forward is where the Bank of Canada is going to stop. If the destination for the overnight rate is 2.75 per cent, the midpoint of the Bank’s “neutral range,” historical data implies a five-year bond of about 3.25 per cent and a five-year mortgage rate of 4.85 per cent. However, that implies a five-year bond yield that regains its usual 50 basis point spread over the overnight lending rate, a significant increase from its current negative level.

Lingering fears of a weaker-than-expected US economy have pushed markets to expect a more aggressive cutting cycle in Canada and the United States. Consequently, Canadian bond yields have fallen to 2.75 per cent, implying that markets are currently pricing a Bank of Canada overnight rate of 2 to 2.25 per cent. While perhaps over-done, if not reversed, those expectations could drive Canadian fixed mortgage rates even lower, particularly if the economy shows signs of weakening into 2025 rather than rebounding as the Bank is currently forecasting.

Ultimately, we expect that the Bank’s rate cuts will stimulate stronger economic activity, prompting the yield curve to normalize and five-year fixed mortgage rates to settle around 4.85 per cent.

Economic Outlook
Canadian economic growth surpassed the Bank of Canada's expectations in the second quarter but was largely driven by government spending while household consumption slowed. Monthly GDP growth in June slowed, and preliminary estimates for July show further weakness. Moreover, Canadian GDP per capita continues to struggle amidst rapid population growth. Employment has continued to soften from the previous quarter, with the unemployment rate hitting a three-year high of 6.6 per cent in August, as positive job growth has not been enough to keep up with an outsized pace of population growth.

A slowing economy comes in the context of continually improving inflation, which hit 2.5 per cent last month, although price appreciation is still being largely driven by high shelter costs due to pressures in the rental market and a jump in household mortgage costs over the past year. Core measures of inflation have also fallen under 3 per cent and should continue to move lower in the coming months.

We expect the Canadian economy to eke out about 1 per cent growth in 2024 but head into 2025 with some falling interest rate-driven momentum. As such, we could see a somewhat Goldilocks-like Canadian economy in 2025 growing slightly above 2 per cent with inflation falling back to target.

Bank of Canada Outlook
Following three consecutive rate cuts by the Bank of Canada, the focus for each interest rate decision going forward has shifted from whether the Bank will lower rates to how large those rate cuts should be, with some analysts even looking for larger 50 basis points cuts in the future. While the Canadian economy is certainly under-performing, particularly on a per-capita basis, its not clear that the Bank is ready to shift from the current gradual approach implied by the Bank’s inflation forecast.

While the Bank publishes its forecasts for growth and inflation, it does not reveal the assumed path of interestrates that generate those forecasts. However, a comparison of the BCREA macromodel with the Bank of Canada’s reveals a strikingly similar response of inflation to changes in the policy rate in both models. Given a similar inflation forecast from our model to that of the Bank’s, we can get a pretty good sense of the Bank’s thinking on the path of rates over the next year. What that shows is that as long as inflation isn't deviating from expectations, and employment is not significantly weaker, we should see continued rate cuts at an orderly 25 basis points pace until the Bank reaches its neutral range between 2.25 and 3.25 per cent in 2025 with a likely destination of 2.75 per cent by the end of 2025.