The second annual Victoria Hot Chocolate Festival is warming up the city from February 1st to 28th, 2025. This year, over 25 local businesses are participating, each crafting unique hot chocolate creations. Notably, $1 from every hot chocolate sold is donated to the BC SPCA Victoria Community Animal Centre, blending indulgence with community support.

Featured Participants and Their Creations:

• Q Bar & Veranda at the Fairmont Empress: Offering "Marshall’s Marshmallow Melt," inspired by Paw Patrol’s firefighting Dalmatian, featuring milk chocolate crèmeux, roasted hazelnut, gooey marshmallows, and a spiced dog bone cookie.

• Courtyard Cafe: Serving a special hot chocolate combining rich chocolate syrup, house-made peppermint syrup, and house-made brownies, available at 463 Belleville Street.

• Caffe Fantastico: Collaborating with Victoria’s own Sirene Chocolate to melt their Winter Warmer chocolate, steamed with your choice of milk, offered at multiple locations including 965 Kings Road.

• Flourish BeauTea: Presenting a Strawberry Hot Chocolate at their downtown location, 667 Fort Street.

• Pendray Inn and Tea House: Focusing on quality ingredients, their Traditional Hot Chocolate is made without additives, syrups, or artificial flavorings, served with freshly made whipped cream at 309 Belleville Street.

• Duo Cafe Bakery: Indulge in their velvety Valrhona Hot Chocolate, balanced with a hint of vanilla and kosher salt, topped with a house-made peppermint marshmallow, located at the Inn at Laurel Point, 680 Montreal Street.

• Pure Lovin’ Chocolate: Offering a Black Forest Hot Chocolate made with 72% organic, Fair Trade chocolate and creamy oat milk, topped with coconut whipped cream, house-made candied cherry syrup, and gluten-free chocolate cookie crumble, found at 102-3 Fan Tan Alley.

• Cold Comfort Ice Cream: Featuring a Dairy-Free Chilly Chili Conetta—spicy hot chocolate ice cream with dairy-free fudge, marshmallow, and toasted meringue on a dairy-free/gluten-free cone, available at #2-1115 North Park Street.

• Malahat SkyWalk: Serving the "SkyWalker Hot Chocolate," a velvety steamed chocolate milk crowned with whipped cream, caramel sauce, a crispy stroopwafel, chocolate minis, and a chocolate M&M-covered marshmallow, located at 901 Trans Canada Highway.

• Working Culture Bread: Offering a Passionfruit Dark Hot Chocolate paired with a buttery shortbread cookie, at 2506 Douglas Street.

• Blue Crab Seafood House: Featuring a hot chocolate made with Callebaut Belgium chocolate, smoked lapsang souchong syrup, homemade whipping cream, double smoked bacon powder, and orange, located at 146 Kingston Street.

• Chocolats Favoris: Serving a Strawberries and Cream Hot Chocolate topped with whipped cream, mini meringues, and dehydrated strawberries, as well as a vegan dark peppermint hot chocolate made with oat milk, at 1010 Government Street.

• Beacon Brewing: Throughout February, offering three rotating hot chocolate-inspired beers—a Chocolate Stout with flavors of peppermint, marshmallow, and Mexican hot chocolate, located at 9829 Third Street in Sidney.

• The Courtney Room: Presenting a hot chocolate featuring Woods Crema Nocciola, Green Chartreuse, oat milk, chocolate, and orange oil, at 619 Courtney Street.

• Green Cuisine: Offering a Praline Brownie Hot Chocolate, located at 560 Johnson Street #5 in Market Square’s Courtyard.

• L’Apero Wine and Cheese Bistro: Introducing a Hot Chocolate Fondue with Belgian dark and milk chocolate, red wine reduction, and three fine cheeses for dipping, at 1028 Blanshard Street.

• The Drake Eatery: Serving "Beet This! Hot Chocolate," a blend of rich cocoa, earthy beets, and warming Árbol chilies, topped with oat milk whipped cream and beetroot powder, with optional additions of Lot 40 Dark Oak Rye Whiskey or Mezcal, at 517 Pandora Avenue.

• The Ruby: Offering a Mexican Hot Chocolate infused with cayenne, cinnamon, allspice, and nutmeg, topped with cinnamon-sugar whipped cream, with an option to add crème de cacao, and a Biscoff Hot Chocolate with caramel-infused delight topped with caramel and chocolate-dusted whipped cream.

For a complete list of participating businesses and their unique hot chocolate offerings, visit the festival's official website. This event not only showcases the creativity of Victoria's culinary scene but also supports a noble cause, making it a must-visit for locals and visitors alike.

For more information and updates, follow the Victoria Hot Chocolate Festival on Instagram.

On January 29, 2025, the Bank of Canada announced a 25 basis point reduction in its benchmark interest rate, bringing it down to 3%. This move, marking the sixth consecutive rate cut since June 2024, comes amid escalating concerns over potential U.S. tariffs on Canadian imports—a development that could significantly impact our national economy.

In tandem with this monetary policy adjustment, the Canadian government has introduced several mortgage reforms aimed at enhancing housing affordability and accessibility. These changes are particularly relevant for homebuyers and owners in the Greater Victoria area, where property values have seen substantial appreciation in recent years.

Understanding the Rate Cut

The Bank of Canada's decision to lower the interest rate is primarily a preemptive measure to cushion the economy against the anticipated adverse effects of proposed U.S. tariffs. President Trump's administration has signaled intentions to impose a 25% tariff on Canadian imports starting February 1, a move that could disrupt trade and economic stability.

By reducing the policy rate to 3%, the Bank aims to stimulate economic activity by making borrowing more affordable for consumers and businesses. However, it's important to recognize that while lower interest rates can lead to reduced mortgage rates, the broader economic uncertainties tied to international trade tensions may temper the housing market's response to this rate cut.

Key Mortgage Reforms

In response to ongoing housing affordability challenges, the federal government has enacted several significant mortgage rule changes:

1. Increased Insured Mortgage Cap: Effective December 15, 2024, the maximum price cap for insured mortgages has been raised from $1 million to $1.5 million. This adjustment allows buyers in high-cost markets, such as Victoria, to qualify for mortgages with a down payment of less than 20%.

2. Extended Amortization Periods: The government has expanded 30-year amortization options to all first-time homebuyers and purchasers of newly built homes. This change, effective December 15, 2024, aims to lower monthly mortgage payments.

Navigating the Path Forward

In these times of economic change, it's essential to approach home buying and ownership with a blend of optimism and caution. The recent policy shifts are designed to support Canadians in achieving their homeownership goals, but individual circumstances vary widely.

Engaging with a knowledgeable REALTOR® can provide personalized insights tailored to the Greater Victoria market. Additionally, consulting with financial advisors can help in understanding the long-term implications of mortgage choices and ensuring that decisions align with both current needs and future aspirations. Should you find yourself with real estate questions to your specific situation, please reach out - we’d be happy to hear from you.

As 2024 comes to a close, the Victoria real estate market appears to have maintained a sense of calm and predictability throughout the year. December saw 421 properties sold—an increase of approximately 28% compared to December 2023 but a decrease of 23.6% from November 2024.

A Gradual Rise in Sales

Over the course of 2024, approximately 6,893 properties were sold—an 11% rise compared to 2023. December’s sales, in particular, reflect notable year-over-year increases in several property categories:

• Single-family homes: About 191 units sold, reflecting a 20.9% increase year-over-year from December 2023.

• Condominiums: Approximately 135 units sold, a 25% uptick year-over-year from December 2023.

• Townhomes: Around 52 units sold, showing an impressive 33.3% rise​ year-over-year from December 2023.

These trends suggest a market that may be leaning toward balance, offering both buyers and sellers opportunities to make confident decisions. That said, December’s active listings were down to 2,290—a decrease of 19.3% compared to November.

Trends in Home Prices

Home prices have remained relatively consistent, offering buyers and sellers a degree of predictability. In December 2024:

• The benchmark price for single-family homes in the Victoria Core was approximately $1,306,400, a modest 2.7% increase from December 2023​.

• Condos, on the other hand, experienced a slight dip, with the benchmark value around $547,800, a 1.6% year-over-year decrease but a small increase from November 2024​.

While these figures suggest stability in pricing, local factors such as demand and inventory levels could shift the landscape moving into 2025.

Looking Ahead: What Might Influence 2025?

The future of the real estate market is influenced by many variables, and while we cannot predict outcomes, a few ongoing trends may shape what’s to come:

• Recent changes to amortization periods and property transfer tax thresholds may provide additional opportunities for first-time buyers.

• Interest rate stability could help more people feel confident in making their next move​.

However, with inventory levels remaining relatively low, any significant uptick in demand could put upward pressure on prices. Efforts to encourage gentle density development could also play a role in easing supply constraints and creating more housing options.

The information provided in this update is general in nature and intended to offer a broad overview of market activity. It is not a substitute for personalized advice. Every real estate journey is unique, and we encourage you to consult with us for information tailored to your specific circumstances.

Let’s Plan for Success Together

Whether you’re considering buying, selling, or simply exploring your options, having a strategy tailored to your goals is key. Let’s connect to discuss how we can help you navigate the market in 2025 with confidence and clarity.

The Canadian mortgage landscape is undergoing transformative changes, with new government policies set to reshape how homebuyers access financing. If you’re planning to buy a home or renew your mortgage, staying informed about these updates is essential. Here's a breakdown of the latest mortgage policies, key trends, and how they might impact your journey to homeownership.

What’s Changing? Key Updates to Canada’s Mortgage Rules

The federal government recently announced several significant reforms aimed at making homeownership more accessible for Canadians. Here are the highlights, along with their implementation timelines:

1. Higher Cap for Insured Mortgages

• Effective Date: December 15, 2024

• What’s Changing: The price cap for insured mortgages is increasing from $1 million to $1.5 million. This means buyers purchasing homes in higher-priced markets can now qualify for insured mortgages with a down payment of less than 20%.

• Why It Matters: With this adjustment, more Canadians—especially those in cities like Toronto and Vancouver—will find it easier to secure financing for properties previously out of reach. (source)

2. Longer Amortization Periods

• Effective Date: December 15, 2024

• What’s Changing: First-time buyers and those purchasing newly constructed homes will now have access to 30-year amortization periods.

• Why It Matters: Extending the amortization period reduces monthly payments, making it easier for buyers to manage their budgets, though it may lead to higher total interest payments over the life of the loan.

3. Removal of Stress Test for Mortgage Switches

• Effective Date: January 1, 2025

• What’s Changing: Borrowers switching lenders at renewal will no longer need to pass the stress test, which currently requires buyers to qualify at a rate 2% higher than their mortgage rate.

• Why It Matters: This change boosts competition among lenders, allowing borrowers to shop for better rates without the barrier of requalifying under stringent conditions. (source)

What These Changes Mean for Homebuyers

Opportunities to Watch

1. Greater Access to Financing: The raised insured mortgage cap opens doors for buyers in high-demand markets to qualify for loans with lower down payments.

2. Lower Monthly Payments: The 30-year amortization period will allow buyers to spread costs over a longer timeframe, easing the monthly financial burden.

3. Easier Mortgage Renewals: Eliminating the stress test for lender switches encourages shopping around for better rates, saving money in the long run.

Challenges to Prepare For

• Higher Renewal Rates: Over 1.2 million fixed-rate mortgages are set for renewal in 2025, with many locked in at lower rates. Borrowers could face significantly higher monthly payments as they renew at current rates.

• Longer-Term Costs: While longer amortizations lower monthly payments, they increase overall interest costs. Buyers should weigh short-term affordability against long-term financial impact.

Looking Forward: A Changing Housing Market

The Canadian government’s reforms, combined with economic trends, represent a shift in the housing market. These changes are designed to make homeownership more attainable while addressing longstanding affordability challenges.

As these policies take effect throughout 2024 and 2025, buyers and homeowners alike will need to adapt to the new mortgage environment. By staying proactive and informed, you can position yourself to take advantage of these opportunities and navigate potential challenges confidently.

Ready to explore your options? We’d be happy to recommend a mortgage broker that will take excellent care of you to begin your home purchasing journey.

The decision to upsize your home isn’t just about finding a bigger space—it’s about finding a better fit for your lifestyle. Whether you’re expanding your family, need more room for remote work, or simply crave a little more breathing space, the choice to move to a larger home can feel exciting and daunting all at once.

But how do you know if it’s the right time? Upsizing your home is a significant decision, and evaluating if now is the right time for you correctly can save you a lot of stress and money. This guide will walk you through key signs that indicate it might be time to upsize and important factors to consider before making the leap.

1. You’re Outgrowing Your Current Space

One of the most common reasons for upsizing is simply running out of space. Whether it’s your family expanding, your hobbies taking over more square footage, or the reality of remote work setting in, the once-comfortable home might now feel cramped.

If your home no longer accommodates your daily routines without frustration, it could be time to consider something bigger. But more space isn’t just about comfort—it’s about functionality. Upsizing might allow for that dedicated office, a playroom for the kids, or extra storage that can make your home life more organized and enjoyable.

2. Your Financial Situation Is Strong

Upsizing isn’t just about the size of the home—it’s about the size of the financial commitment. Before jumping into a bigger home, it’s essential to assess whether your financial situation can comfortably handle the upgrade. Larger homes typically come with higher mortgage payments, increased property taxes, bigger utility bills, and more costly maintenance.

Here are some indicators that you may be financially ready to upsize:

• Steady Income: You’re confident that your income is stable and will continue to support a larger mortgage and higher household expenses.

• Equity in Your Current Home: If you’ve built up substantial equity in your current home, selling it can provide a larger down payment on your next home, reducing the size of your mortgage.

• Low Debt-to-Income Ratio: Many financial experts recommend keeping your debt-to-income ratio below 40%. This ratio is the percentage of your gross monthly income that goes toward paying your debts (including your current mortgage). The lower the ratio, the more financially comfortable you’ll be with a larger mortgage.

If your financial health is strong, you’re likely in a good position to handle the costs associated with a bigger home.

3. Market Conditions Are in Your Favor

Another critical factor in deciding when to upsize is the real estate market itself. Timing your move to coincide with favorable market conditions can significantly impact your ability to sell your current home for a good price and afford the home you want to buy.

Consider the following:

• Interest Rates: Lower interest rates mean more affordable mortgages. Even a small difference in rates can have a significant impact on your monthly payments and the overall cost of your mortgage over time. Keeping an eye on market trends and locking in a lower rate can make upsizing more affordable.

• Buyer’s vs. Seller’s Market: In a seller’s market, you’re likely to get a good price for your current home, which can provide more financial flexibility when purchasing a larger one. However, buying in a seller’s market can be more challenging due to high demand and competition for homes. On the other hand, a buyer’s market may provide more options and negotiation power when purchasing a larger home, but you might get less for your current property.

Monitoring market conditions or consulting a real estate professional can help you make the most of your upsizing decision.

4. Your Lifestyle Needs Are Changing

Lifestyle changes are a major driver for upsizing. As your family grows or your day-to-day needs evolve, the way you use your home can shift dramatically. If you’re finding that your current space no longer supports your lifestyle, it may be time to explore larger options.

Here are some common lifestyle changes that could signal it’s time to upsize:

• Growing Family: Whether you’re welcoming a new child or simply need more space for teenagers, a larger home can provide everyone with the room they need to live comfortably. A bigger home can mean more bedrooms, extra bathrooms, and larger common areas where everyone can gather without feeling on top of one another.

• Work-from-Home Needs: With remote work becoming more prevalent, many people are finding that their homes are not well-equipped to support a professional office setup. If you’re juggling your work in shared spaces like the kitchen or living room, a home with a dedicated office can improve productivity and work-life balance.

• Multigenerational Living: If you’re considering having elderly parents move in with you, or you’re planning for multigenerational living, upsizing to a home with a separate suite or extra bedrooms can provide the privacy and space needed for everyone to live comfortably.

5. Improving Your Quality of Life

Upsizing isn’t just about practicality; it’s also about enhancing your quality of life. A bigger home can provide the lifestyle you’ve always dreamed of. If you’ve outgrown your current space and can afford to upsize, moving into a larger home could significantly improve your overall happiness and well-being.

Consider how a larger home could improve your daily life:

• Entertaining Guests: If you love hosting but find your current space cramped or poorly laid out for gatherings, upsizing can offer a more open floor plan, a larger dining room, or an outdoor entertaining area.

• Hobbies and Personal Space: If your hobbies require space—whether it’s crafting, working out, or gardening—having dedicated areas for these activities can greatly enhance your enjoyment at home. A larger home could offer that extra room or garage to turn into your own personal workshop or gym.

• Outdoor Space: If your current yard feels small or nonexistent, upsizing could mean a larger backyard for gardening, barbecuing, or creating a play space for children and pets.

A larger home can provide the additional amenities and features that support a more comfortable and fulfilling lifestyle.

6. The Neighborhood No Longer Fits Your Needs

Sometimes, the need to upsize isn’t just about the house itself—it’s also about the neighborhood. Your needs may have evolved since you bought your current home. Perhaps your priorities have shifted, and the neighborhood you once loved no longer fits your lifestyle.

Think about the following:

• Schools and Amenities: If you’re starting or growing a family, you might want to move to a neighborhood with better schools, parks, and family-friendly amenities.

• Commute: If your job or daily routine has changed, you might need a new location that offers a more manageable commute or better access to the services you frequently use.

• Quiet vs. Bustling Environment: Some people outgrow the hustle and bustle of a busy city center and yearn for a quieter, more suburban or rural environment. Others might be ready to leave a quiet neighborhood in search of more vibrancy and convenience.

When you’re thinking about upsizing, it’s important to consider how well your current neighborhood aligns with your future goals.

Final Thoughts: Is It Time to Upsize?

The decision to upsize is a significant one, but it doesn’t have to be overwhelming. By assessing your space needs, financial readiness, lifestyle changes, and the current real estate market, you can make an informed decision that benefits you and your family.

Ultimately, the right time to upsize is when your current home no longer meets your needs, and you’re ready—both financially and emotionally—to move into a space that better suits your lifestyle. When done thoughtfully, upsizing can enhance your daily life, providing you with the room, comfort, and functionality you’ve been missing.

Considering upsizing? Take the time to evaluate your needs and the market, and when you’re ready, start exploring options that fit your lifestyle and financial goals.

With autumn setting in, October 2024 has brought interesting month end statistics for the Victoria Real Estate Market. This month’s data shows a balanced market with a notable boost in sales compared to last year, shedding light on how the region is adjusting to shifting economic factors and evolving buyer needs. Here’s a closer look at what’s happening across property types, inventory levels, and pricing as we wrap up the fall season.

Sales Activity at a Glance: A Surge Compared to Last Year

October 2024 saw a substantial increase in property transactions, with 654 units sold in the Victoria Real Estate Board (VREB) region. This represents a 60.7% rise over October 2023, which saw 407 sales. On a month-over-month basis, sales are also up by 14.5% from September. These increases signal renewed interest in the market, possibly driven by a combination of interest rate adjustments, steadying prices, and seasonal momentum.

Spotlight on Property Types: Who’s Moving and What’s Moving

The October data highlights some interesting shifts in property type demand:

1. Single-Family Homes: Sales of single-family homes surged by 76.2% over last year, with 340 homes sold this October. This significant rise points to a growing interest in detached living, especially for families or buyers looking for more personal space in a stable market.

2. Condominiums: Condo sales saw a solid uptick as well, increasing by 32.6% year-over-year with 187 units sold. Condos continue to be a strong choice for buyers who want a home in the heart of Victoria without stretching their budgets. The benchmark price for condos in the Victoria Core has actually decreased by 5.4% since last year (from $578,800 to $547,800), which may be making this option even more appealing to those seeking affordability in an urban setting.

3. Townhouses: Townhouses had a stellar performance, with a 73.8% increase in sales compared to last October. Townhomes remain attractive for buyers seeking more space than a condo typically offers but without the full maintenance load of a single-family home. This housing option continues to meet the needs of a diverse range of buyers, from young professionals to families.

Inventory and Market Balance: Stability Amid Change

Inventory levels have shown encouraging stability. October ended with 3,161 active listings—a 6% decrease from September but a 14.7% increase from the same month last year. The consistency in active listings supports what many consider a balanced market, where both buyers and sellers are on relatively equal footing. Chair-Elect Dirk VanderWal of the VREB highlights that, while sales have increased, this doesn’t indicate a “hot market.” Rather, it reflects a return to more average levels, allowing buyers and sellers to approach negotiations thoughtfully, with fewer bidding wars and a slower pace compared to peak market times. This balance provides a steady environment for everyone involved to make decisions with more time and less pressure.

Price Trends: Mixed Signals for Different Properties

Price trends in the region show varied movements across property types, giving some insight into where values are headed:

• Single-Family Homes: The benchmark price for single-family homes in the Victoria Core dipped by 0.8% year-over-year, moving from $1,310,100 in October 2023 to $1,300,200 in October 2024. This slight adjustment, paired with the 1.6% rise from September, suggests that while prices have stabilized, demand remains steady enough to support slight growth.

• Condominiums: Condos have seen a decrease in the benchmark price, down 5.4% from October last year in the core area. This reduction may provide a window of opportunity for those looking to enter the market at a lower price point, especially for those attracted to the convenience of condo living in central locations.

• Townhouses: Townhouses held a solid average price of $854,600 in October 2024, showing resilience with modest appreciation. The townhouse market’s steady value growth speaks to its popularity among those seeking a practical middle ground between condos and single-family homes.

The Sales-to-Active Listings Ratio: What It Means

The sales-to-active listings ratio offers additional insight into current market conditions. In October, this ratio hovered in a range that indicates a balanced market. A ratio below 14% generally points to a buyer’s market, while a figure above 20% suggests a seller’s market. The balanced ratio this month reflects a market in which neither buyers nor sellers have a significant advantage, providing room for thoughtful, steady transactions without drastic price shifts.

Winter Outlook: What’s Next?

With winter approaching, activity in Victoria’s real estate market typically begins to slow. However, with recent rate adjustments and steady demand, there may be room for continued interest from buyers and sellers looking to take advantage of these conditions before the year ends. As Chair-Elect VanderWal pointed out, the market is in a comfortable place where negotiations can happen without the urgency of a high-demand environment, meaning that both buyers and sellers have a bit more breathing room.

Key Takeaways for Those Considering a Move

• For Buyers: The current balanced market provides time and space for decision-making, with opportunities to explore options and weigh choices without feeling pressured. The range of price points across property types makes it possible to find homes that suit both lifestyle and budget.

• For Sellers: With year-over-year sales increases and stable pricing, sellers can approach the market with confidence. A well-priced home with appealing features is likely to attract interest, even in a balanced environment.

Final Reflections

October 2024 marks a period of stability and growth in Victoria’s real estate market. Staying connected to market trends is essential for making informed decisions. This market update offers a snapshot of what’s happening now and what to consider as we move forward.

Whether you’re keeping an eye on the market or considering your next steps, we’re here to be your trust REALTORS® in the Greater Victoria Real Estate Market. Connect with us at woolleyrealestategroup@gmail.com

Saanich is buzzing with the news of a $300 million redevelopment at the former Mayfair Lanes site. Townline, a Vancouver-based developer, and Loblaw are leading this ambitious project, transforming the long-vacant Tolmie Avenue property into a vibrant mixed-use community. With plans for three residential towers and retail spaces, this development aims to redefine the area’s urban landscape​.

Building Up, Not Out: High-Rise Living to Ease Victoria’s Housing Crunch

Victoria’s housing market is known for its limited supply and high demand, making this project a welcome addition. The proposal includes 555 new rental units spread across three towers, ranging from 21 to 24 stories. With a focus on rental housing, this development could provide much-needed relief for renters by adding diverse housing options in a desirable location​.

More than Just Housing: A New Hub for Everyday Convenience

At the heart of this development is a Real Canadian Superstore, anchoring the mixed-use concept with retail spaces. This setup not only caters to residents’ daily needs but also promotes walkable neighborhoods. The inclusion of commercial outlets encourages a "live, work, and play" lifestyle, making it possible for residents to fulfill daily needs without leaving the area​.

Green Spaces and Public Amenities: An Oasis in the Making?

While specific details about green spaces are still being finalized, early designs hint at landscaped areas and pedestrian-friendly paths that encourage outdoor activities. Saanich officials and developers are engaging the community to identify potential public amenities that would enhance the appeal and usability of the space​.

The Community Weighs In: What Do Locals Really Think?

Initial reactions from community associations like Mount View Colquitz and Quadra Cedar Hill have been generally positive, focusing on the need for more rental housing and local services. However, community input is still ongoing, with public engagement events planned to ensure the development aligns with residents' expectations​.

A Catalyst for Change: Shaping Saanich’s Future, One Project at a Time

This development is part of Saanich’s broader strategy to create high-density, mixed-use corridors along major streets like Quadra and McKenzie. These plans emphasize sustainable growth, efficient transportation, and diverse housing options, aligning with the municipality’s vision for a more connected, thriving community.​

What This Means for You: The Market Impact Explained

For renters, this development could offer fresh housing opportunities in a central location. For homeowners, such nearby developments have potential positive effects on property values over time, particularly when they introduce new amenities and improve accessibility. This project underscores the growing demand for urban living in Saanich, where convenience and connectivity are key priorities​.

What’s Next? Anticipating Saanich’s New Skyline

With initial council backing, the proposal is expected to move into the next phase, which includes detailed planning and more community consultations. As the process unfolds, potential renters, investors, and homeowners should keep a close eye on this project. It’s a glimpse into the future of Victoria’s evolving housing market—one that’s striving to be more inclusive, convenient, and sustainable​.

If you’d like to be kept informed on this project, or have interest in other new construction projects in the Greater Victoria area - reach out! As real estate experts in the Greater Victoria area, we’d be honoured to work alongside you in making your real estate dreams come true.

To connect with us, email: woolleyrealestategroup@gmail.com