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

 

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

UVic political scientist wants B.C. pulp mills to help produce masks, gowns

Claire Cutler says Canada needs to become self-sufficient when manufacturing PPE

Feeding ducks bread crumbs is a harmful habit

Wild Arc suggests to never feed wildlife in general

Greater Victoria Public Library offers new online resource service to cardholders

Friends of the Library provided funding for the service

VIDEO: Internet famous Yukon-based bhangra dancer explores Vancouver Island

Gurdeep Pandher spreads joy through dance, forms cross-cultural connections amid pandemic

Avoid giving dogs ice cubes, says Greater Victoria vet

Tips for keeping dogs cool and safe this summer

QUIZ: Do you know the truth?

In what has been described as a post-truth era, how much do you know about truth and lies?

Unofficial holidays: the weird and wonderful things people celebrate around the world

On any given day of the year, there are several strange, silly or serious holidays to observe

Missing teen visiting Courtenay found safe

She had last been seen going for a walk on Aug. 6

Moving on: Tanev scores 11 seconds into OT as Canucks oust Wild

Vancouver beats Minnesota 5-4 to move into first round of NHL playoffs

Fitness non-profit challenges citizens to invent a game to be physically active

The campaign was launched after a study showed only 4.8 per cent of children and youths in Canada met required standards of the 24-hour movement guidelines

Gene editing debate takes root with organic broccoli, new UBC research shows

Broccoli is one of the best-known vegetables with origins in this scientific haze

VIDEO: U.S. Air Force pilot does fly-by for B.C. son amid COVID border separation

Sky-high father-son visit plays out over White Rock Pier

3 Vancouver police officers test positive for COVID after responding to large party

Union president says other officers are self-isolating due to possible exposure

Vancouver Island team takes on wacky challenges of world’s largest scavenger hunt

Greatest International Scavenger Hunt taking place Aug. 1-8

Most Read