A record number of purpose-built rental homes are currently under construction in downtown Victoria, according to Citified’s tracking of active construction activity throughout the Capital Region.

 

 

In fact, three projects each with record-breaking density for single construction sites are underway in tandem, while flanked by a number of smaller peers, albeit all relatively large-scale by Victoria’s standards. Combined, the city centre’s active unit pipeline will deliver over 2,300 apartments before 2030, adding an absolutely massive inventory of rental homes to the downtown at a time when office-based workers have been significantly depleted.

 

As an important aside, it should be noted that there are currently no condominiums under construction in the city centre. The most recent projects to complete in downtown Victoria as condominiums date to 2024.

 

Ordered by largest construction effort by unit density, is Toronto-based Starlight Investments’ first phase of the Harris Green Village development along the 1000 blocks of Yates and View streets at Cook Street, that once completed in 2029, will add approximately 530 market homes (including 80 below-market apartments) in towers of 20 and 21 floors. Phases two and three, in the 900-blocks of Yates and View streets, will at least another 1,000 homes by the mid-to-late 2030s.

 

At the opposite end of downtown on Douglas Street between Discovery Street and Caledonia Avenue, Vancouver-based Chard Development is building three rental towers at 16-, 21- and 22-storey heights, that combined will add just over 500 homes, including 133 affordable rentals in a BC Housing-backed tower. Completion is expected by 2029. The 22-storey tower was originally eyed as a condominium, although market conditions saw the developer switch the usage to rentals.

 

Immediately across the street from Starlight’s Harris Green project is Chard Development’s two-tower 1050 Yates, a redevelopment of the former Pacific Mazda automotive dealership into towers of 15 and 25 storeys, with 483 units of market rentals between them. Completion could come as early as 2027, but is likely to push into 2028.

 

These three major projects are responsible for more than 1,500 units of the 2,300 under construction.

 

Ordered now by estimated completion year are the remaining 800 homes that will see occupancy this year through 2028.

 

On the cusp of its finishing touches and having only recently celebrated its move in-ready status, is 825 Fort Street from Vancouver’s The Salient Group, which brings 119 homes to market in an 11-storey massing.

 

 

On Pandora Avenue at Cook Street, six-storey Parkway from Vancouver’s Primex Investments will complete this year with 103 residences above a restored facade of the iconic Wellburn’s Building, that formerly housed a small market by the same name.

 

Five-storey Spencer Block from Vancouver’s Denciti Development and Nicola Wealth is the largest among the ‘smaller’ redevelopments currently rising in the downtown core. Spencer Block will add 278 homes this year, on Government Street between Chatham and Herald streets. Outside of the giant blockbusters mentioned earlier, Denciti’s and Nicola Wealth’s investment is one of the largest single-phased rental projects in the City’s history.

 

Although most of the inventory mentioned so far comes at the hands of Vancouver developers, a Victoria-based company is in the running with 12-storey Estoya, a 91-unit rental tower that replaces the 1911-built Abbey rental at Fisgard and Quadra streets. Aryze Developments says Estoya is on-track to complete in 2027.

 

And finally, due for completion in 2028 is a BC Housing affordable rental and supportive housing tower at 930 Pandora Avenue, with 205 homes. The 20-storey highrise will become the tallest affordable housing complex on Vancouver Island upon its completion. C

 

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