Proposed Victoria townhouses would sell with no down payment

Crowdfunding movement aims to stop development on Foul Bay Road

Proposed Victoria townhouses would sell with no down payment

Through an innovative partnership with B.C. Housing, a new townhouse proposal on the border of Victoria and Oak Bay will sell units without a down payment.

The 18-unit development is designed for 902 Foul Bay Rd. where a fire destroyed a heritage house in 2016. Fairfield-based Aryze developments is in the early stages, seeking to remove a covenant and get rezoning in place.

Aryze is also in discussion with B.C. Housing to use the Affordable Home Ownership Program, with a goal of providing a $200,000 discount per unit. As such the homes are expected to sell for about $700,000 instead of their market value of $900,000, said Aryze’s principal operator Luke Mari.

Aryze developments has proposed an 18-unit townhouse complex at 902 Foul Bay Road that uses a partnership with B.C. Housing to sell at below market cost by about $200,000.
(Aryze Image)

Add to that the fact the Canadian Mortgage and Housing Corporation will recognize the $200,000 discount to include the down-payment, and Mari expects he will have a lineup of first-time homebuyers seeking to get in the market.

“People are very curious about the program and once understood, they think it’s super,” Mari said. “That there is no down-payment is huge, because saving that much is so hard.”

The Affordable Home Ownership Program comes with some stipulations. Owners must be the primary resident of the home for the first five years and if they ever sell it, assuming the home has appreciated in value, they must surrender 10 per cent of the current fair market share.

In this case, that 10 per cent would go to the City of Victoria to fund future projects in their affordable housing fund, Mari said.

In total, the proposal has nine four-level buildings, which are three storeys high with one level partially below ground. Each has a two-storey suite below and one above, and units range from 1,100 to 1,300 square feet.

There are 16 parking spots, 18 car-share memberships and 36 bike parking spots.

To help the project along Aryze is removing a restrictive covenant removed that may prohibit development, and which some neighbours are oppose.

Peter Nadler lives in the vicinity and has started a Gofundme crowdfunding account to hire a lawyer with the purpose of stopping the development.

“We have a lot of issues with the development, the amount of units, the density, the destruction of trees, the layout, the lack of parking,” Nadler said, adding, “the neighbourhood is in favour of densification.”

Aryze has had similar covenants removed before, Mari said. They are generally seen as outdated, as the covenant registered in 1917 may restrict the property to four single family homes, Mari added. However, they must be removed by application in court. The process is easier when there is no opposition.

In this case, Nadler started the Gofundme to raise $30,000 to retain a lawyer to defend the covenant.

In total 29 trees of various sizes would come down.

“You look at a photo of Fairfield from 1937, it was a forest,” Mari said. “All the houses there had to remove trees. This is nothing new. Many of them are quite small and we’re replacing [40].”

READ ALSO: Victoria neighbourhood takes city to court over variance approvals

Should the covenant be lifted, the proposal would require rezoning and a heritage-alteration permit, which have been applied for concurrently through the City of Victoria.

As of Friday the Gofundme account to oppose the development had raised $4,400 from 19 donors.

It’s actually the second time a group of Fairfield residents have attempted to challenge an Aryze development. Last September, John Wells and neighbours set out to challenge the Victoria council’s approval of variances to permit a 2.5 storey townhouse (the OCP permits two storeys) at 1720 Fairfield Rd., next to Hollywood Park.

READ MORE: Mixed-use density proposed for Oak Bay Avenue

reporter@oakbaynews.com

– This story was updated for clarity.

Just Posted

West Shore RCMP K9 Halla. (Black Press Media file photo)
Sound of RCMP dog enough to stop suspects in Oak Bay

West Shore RCMP K9 unit called in, didn’t get to chase

Colin Davidson won $100K on a Set for Life scratch ticket in Sooke. (BCLC photo)
Sooke man does ‘happy dance’ after scratching a $100,000 Set for Life win

Colin Davidson plans to renovate his home and invest in his daughter’s education

Improving safety at Keating Cross Road and the Pat Bay Highway is the goal of the flyover project currently in the works. The province aims to reveal the final cost and design this fall. (Screencap/Ministry of Transportation and Infrastructure)
Final budget, design of Keating flyover in Central Saanich still in the works

Ministry of Transportation and Infrastructure says information coming by this fall

UVic Department of Anthropology chair and professor, April Nowell, at home with a copy of her new book, Growing Up In the Ice Age. (Courtesy of April Nowell)
New book by University of Victoria professor explores lives of Ice Age children

April Nowell spent two decades researching archaeological evidence of children, teens

Proposed design for the Topaz Park bike and skate park elements. (Courtesy City of Victoria)
Victoria requesting feedback on Topaz Park redesign

Public input now being taken for proposed skate, bike park ideas

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. THE CANADIAN PRESS/Geoff Howe
10 years ago: Where were you during the 2011 Vancouver Stanley Cup Riots?

Smashed-in storefronts, looting, garbage can fires and overturned cars some of the damage remembered today

Annamie Paul, leader of the Green Party of Canada, speaks at a news conference on Parliament Hill in Ottawa, on June 10, 2021. THE CANADIAN PRESS/Justin Tang
Green Leader Annamie Paul facing no-confidence motion from party brass

move follows months of internal strife and the defection of MP Jenica Atwin to the Liberals

Tulips bloom in front of the Supreme Court of Canada in Ottawa, Thursday, May 10, 2018. Day two of a full week of scheduled hearings will be heard in Federal Court today on a case involving Indigenous children unnecessarily taken into foster care by what all parties call Canada’s “broken child welfare system.” THE CANADIAN PRESS/Sean Kilpatrick
AFN slams Ottawa for ‘heartless’ legal challenge of First Nations child compensation

2019 decision awarded $40,000 to each Indigenous child removed before 2006

Rick Ruppenthal of Saltair will host a 12-hour talk-a-thon Friday, June 18 over Facebook live. (Photo submitted)
Talk-a-thon to focus on men’s mental health issues

Island man spearheading a campaign to generate more conversation during fundraiser

Ivy was thrown out of a moving vehicle in Kelowna. Her tail was severely injured and will be amputated. (BC SPCA)
Kitten thrown from moving vehicle, needs help: Kelowna SPCA

The seven-week-old kitten had severe tail and femur injuries

The Canadian Anti-Fraud Centre estimates that less than five per cent of mass-marketing fraud is ever reported.
Tips to avoid scams targeting Vancouver Island seniors

In most cases, fraudsters impersonate an individual, business or agency seniors recognize and trust

Vancouver courthouse. (Photo: Tom Zytaruk)
Man loses bid to appeal conviction for 1999 rape at Abbotsford music festival

James Redden, 53, formerly of Nanaimo, was found guilty in 2019 following six-day trial

A health-care worker holds up a sign signalling she needs more COVID-19 vaccines at the ‘hockey hub’ mass vaccination facility at the CAA Centre during the COVID-19 pandemic in Brampton, Ont., on Friday, June 4, 2021. This NHL-sized hockey rink is one of CanadaÕs largest vaccination centres. THE CANADIAN PRESS/Nathan Denette
‘Vaxxed to the max’: Feds launch Ask an Expert campaign to encourage COVID shots

Survey shows that confidence in vaccines has risen this spring

Port Alberni court house (Alberni Valley News)
Inquest set into 2016 death of B.C. teen after a day spent in police custody

18-year-old Jocelyn George died of heart failure in hospital after spending time in jail cell

Most Read