Family owners/operators of EY Properties came out to break ground on Saanich’s first purpose-built rental housing project in 25 years

Work begins on first rental units in Saanich in 25 years

Three generations of family break ground on site at Tillicum, Burnside

By this time next year, tenants should be moving into the first privately owned purpose-built rental buildings in Saanich in a quarter century.

Three generations of the Yakimovich family, owner-operators of EY Properties Ltd., returned to the site of their former offices, where, after three years of planning, they finally broke ground on Herons Landing and The Ardea.

The two six-storey buildings, located at the corner of Burnside and Tillicum Roads, will offer 104 bachelor, one, two and three bedroom rental units, ranging in price from $775 to $1,700.

“This is important that we get something going. Nothing’s really happened here in 25 years and I’m really hoping that this one development will kick start others in the area,” said Paul Gerrard, a Saanich councillor and Gorge-Tillicum resident. “We’ve got the mall, services, doctors, the rec centre, fantastic bus routes. This is obviously the best place for densification.”

Company president, Ernie Yakimovich, alongside his mother, 88-year-old Olga Yakimovich, co-founder of George Yakimovich and Son, the precursor to EY, exuded enthusiasm over the much-anticipated start of the project and didn’t rule out the possibility of another new rental development, should economic conditions allow.

“We’re looking at this one step at a time,” Ernie Yakimovich said. “It could be dependant on government regulation or government policy in that they’re talking about it finally after 25 years.”

The “it” Ernie Yakimovich was referring to is the capital gains taxation, which requires rental unit owners who sell to pay 50 per cent of the increased value of the property, and the lack of a rollover tax option for building owners selling properties in order to reinvest.

The tax regime on rental buildings – not to mention ongoing upkeep costs – has created a disincentive to build new rentals, and an incentive for developers to build condos.

The family has been open about the factors that allowed the project to move forward, despite the current challenges of building new rental stock.

Working on a site the company already owns and seeing the change in B.C. Building Code in 2009 to allow for six storey wood frame residential construction, as opposed to the previous four-storey limit, rendered the project financially viable.

“It’s been a long process and we’ve done a lot of work between ourselves and our consultants, the community and the municipality, to come up with the right building concept,” Ernie Yakimovich said. “I’m excited to be able to be able to produce this quality of rental building in this location.”

EY has the set standard of achieving at least a Gold LEED (Leadership in Energy and Environmental Design) rating, yet the company is more likely to achieve platinum standards on the project, through details such as common areas are powered by LED technology, exterior insulation, higher efficiency windows, energy star appliances and air to water heat pumps, said Doug Yakimovich, project co-ordinator.

The higher efficiency standards will come at an initial investment of approximately $400,000 to $500,000 more than standard construction and are expected to yield a 60 per cent energy savings. Farmer Construction Ltd. has been hired for the contract.

 

nnorth@saanichnews.com

 

 

Just Posted

VicPD seeks person of interest after short-term rental ransacked

Combined losses for damage and theft are over $5,000

Whitecaps favourite switches to the Island

Marcel de Jong worked to end Whitecaps contract, joining Pacific FC on the ground floor

RCMP ask for public’s help to determine cause of weekend fire

RCMP are investigating the cause of the South Island Concrete fire

UVic’s cutting-edge centre leading the way in drones and AI

Centre For Aerospace Research works with partners including Department of National Defence

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

VIDEO: 8 things you need to know about the 2019 B.C. budget

Surplus of $247 million with spending on children, affordability and infrastructure

Greater Victoria Wanted List for the week of Feb. 19

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

‘Bullet missed me by an inch’: Man recounts friend’s killing at Kamloops hotel

Penticton man witnessed Summerland resident Rex Gill’s murder in Kamloops

B.C. BUDGET: Income assistance raise still leaves many below poverty line

$50 per month increase included in funding for poverty and homelessness reduction

B.C. BUDGET: Indigenous communities promised billions from gambling

Extended family caregiver pay up 75 per cent to keep kids with relatives

B.C. BUDGET: New benefit increases family tax credits up to 96 per cent

BC Child Opportunity Benefit part of province’s efforts to reduce child poverty

B.C. BUDGET: Carbon tax boosts low-income credits, electric vehicle subsidies

Homeowners can get up to $14,000 for heating, insulation upgrades

B.C. man survives heart attack thanks to Facebook

A Princeton man suffered a heart attack while at an isolated property with no cell service

B.C. man sues Maxime Bernier’s People’s Party over trademark

Satinder Dhillon filed application for trademark same day Maxime Bernier announced the new party

Most Read