The forecast for the rental market in Langford is red hot and there’s no signs of cooling.
DB Services, a design-build company based in the city, has 300 more rental units in the planning phase in Langford’s downtown core, said Matthew McKay, DB’s design and development manager.
Phase 3 of the company’s Village Walk apartment project on Hockley Avenue, scheduled to be completed in September, saw 160 people attend an open house on the first day, he noted.
“We were fully rented within a week,” McKay said. “We literally can’t build them fast enough.”
Phase one of Village Walk earned a Mayor’s Award for design from the City of Langford in 2014.
Clients cross all ages and demographics, including retirees, new families, young professionals, people downsizing or recently divorced, McKay said.
“We also have a fairly large component of students from Royal Roads University as well.”
DB Services, which handles the design, development and build components of its projects, will complete a 30-unit project at 777 Hockley Ave. in April.
Plans also include a two-phase apartment development with a total of 132 units at the corner of Hockley Avenue and Peatt Road, scheduled to begin construction in the fall. “Langford is a very proactive pro-development community and there’s definitely more need for rental stock in this market,” McKay said.
Matthew Baldwin, director of planning for the City of Langford, said a separate two- to five-storey apartment with 147 units at Hoy Lake and Millstream roads is also well under construction, and an application for an 81-unit project at the corner of Brock Avenue and Peatt Road was recently approved.
“We are pleased to see so much interest in rental construction,” Baldwin said. “It’s an important part of our overall housing picture in Langford.”
reporter@goldstreamgazette.com
GREATER VICTORIA MARKET UPDATE » MONTH TO DATE JULY 11/16 COURTESY VICTORIA REAL ESTATE BOARD
» 265 / 796 — NET UNCONDITIONAL SALES / TOTAL, JULY 2015
» 354 / 1,235 — NEW LISTINGS / TOTAL, JULY 2015
» 2,240 / 3,942 — ACTIVE RESIDENTIAL LISTINGS / TOTAL, JULY 2015
