3,000 express an interest in downtown condo project

The developer of the Yates on Yates condominium project says it has attracted interest from about 3,000 potential buyers.

It’s an overwhelming response for Vancouver-based developer Chard Development Ltd.

“We were surprised,” Byron Chard, chief financial and acquisitions officer, said Friday. “However, it is not out of line in the demand that is also being seen in the current resale market.”

Potential buyers are signing up at a time when Greater Victoria’s housing inventory is tight and some buyers are priced out of the single-family home market.

Last month’s benchmark price for a single-family house in the core areas of Victoria and Saanich was $825,000.

Condo prices in the region climbed by 25 per cent year over year to reach $417,500 from $332,800.

His company’s reputation as a developer of multi-family projects in Victoria is a factor in the high level of interest, Chard said.

The majority of those who registered for the project in the 800 block of Yates Street are from Greater Victoria, Chard said.

Chard said he would normally expect to see about 1,000 names registered for an upcoming project, so the interest in Yates on Yates is higher than usual.

And while other residential construction is happening downtown, some is for rental use only.

The 3,000 figure reflects people who have registered on the project’s website to show interest in the development and who may possibly buy a condominium under a pre-sale agreement. No sales have closed. It is common practice for developers to post information about an upcoming project and allow people to register their interest.

The 21-storey Yates on Yates will include 112 condominium units and four townhouses. Chard said one-bedroom condos without parking would be priced in the $350,000 range. Prices would be higher for penthouse units with three bedrooms and parking.

Construction would be completed in fall 2020, Chard said.

It would be one of two towers. The other project would feature 135 units considered affordable housing. Chard and B.C. Housing are still working out those details.

The company’s sales office opens today at 608 Broughton St. for people who have registered.