The building on the corner of Burnside Road West and Tillicum Road was torn down in late August by RG Excavating to make room for a six-storey rental property built by EY Properties. The building will be the first rental property built in Saanich in 25 years.

Rental development returns to Saanich after 25 year lull

Purpose-built rental housing is soon destined for the corner of Tillicum and Burnside roads

Purpose-built rental housing is soon destined for the corner of Tillicum and Burnside roads, as the old commercial buildings were recently torn down to make way for 104 rental units.

Two colourful, six-storey buildings – Herons Landing and The Ardea – will offer rental apartments, owned and operated by EY Properties.

And while this is the first purpose-built rental project in Saanich in 25 years, Mayor Frank Leonard says the housing market has made it so that most condo building owners are having to rent units to stay afloat.

“Certainly what (EY Properties is) doing, a business focused entirely on being property managers on buildings that they own, is quite unique,” Leonard said.

“But certainly those who are building condos are finding there’s a significant percentage being bought and rented out, even some developers are building, selling some and having to rent others.”

Leonard says he’s been talking recently with a developer who wants to build in the Saanich core.

“His business plan shows 40 per cent being rented by him. He figures in three years of sales he can have 60 per cent of the units sold,” Leonard said. “He’s going to start renting 40 per cent right away just so he has cash flow. These are the things they have to present to the bank … because they’re not going to believe the business plan when it shows 100 per cent sales right away.”

The rental buildings planned for Tillicum and Burnside, which will also include ground-floor commercial space, were approved by Saanich council in June 2011.

At the time neighbours were concerned about a large parking variance that could see car owners having to park on nearby residential roads.

But Ernie Yakimovich of EY Properties agreed to a council covenant – which is standard practice in EY’s other rental buildings – that suites are only rented to tenants with cars when parking is available. As well, because the building is deemed affordable rental housing, there is less demand for parking stalls than at a condo building.

Overall, Saanich is looking to increase housing density in the Tillicum and Burnside area due to nearby transit routes and amenities, such as the Tillicum Centre.

Angela Oakley, property manager for EY Properties, says they’re still waiting to get the building permit issued from Saanich, but once that’s complete, they’ll start construction on what is now an empty lot.

Rent, she said, will range from $800 to $1,700 a month, depending on the size and number of rooms in the unit.

kslavin@saanichnews.com

 

 

Just Posted

Health Canada suspends Island pot producer’s licence following unannounced visit

Evergreen Medicinal Supply is working on “corrective action”

Victoria student out $600 for lack of e-bike insurance blames confusing rules

B.C. regulation says e-bike motors must turn off if rider stops pedalling, or bike must be insured

Saanich police ask for public’s help locating missing high risk youth

The 12-year-old was last seen before school on Monday morning

Flat tire, kindness of strangers, surprisingly inflate hope

Sooke mom and her daughters knocked on door of Bob and Norma Saunders seeking help

Ogden Point officially rebranded as The Breakwater District

New signage and logos accompany plans for the area’s future

Sealand was much more than killer whales, says ex-employee

Former Sealasd trainer revisits Sealand of the Pacific in talk

Crime Stoppers most wanted for Greater Victoria for the week of September 17

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Should the province step in to upgrade the road to Bamfield?

The death of two University of Victoria students on a bus bound… Continue reading

35 of 87 dogs in 2018 Williams Lake seizure were euthanized due to behavioural issues, BCSPCA confirm

The dogs did not respond to the behaviour modification and remained terrified of humans

B.C. ‘tent city’ disputes spark call for local government autonomy

UBCM backs Maple Ridge after province overrules city

B.C. drug dealers arrested after traffic stop near Banff turns into helicopter pursuit

Antonio Nolasco-Padia, 23, and Dina Anthony, 55, both well-known to Chilliwack law enforcement

B.C. MLA calls on province to restrict vaping as first related illness appears in Canada

Todd Stone, Liberal MLA for Kamloops-South Thompson, introduced an anti-vaping bill in April

Most Read