Triple Crown Project Offers Larger Affordable Condos
Larger Condos and Better Value
Perched atop a south facing rise overlooking Victoria’s Westshore suburbs, Triple Crown Communities is building Residence II. It is a six-storey project featuring affordable condos; Plus-sized modern homes with views of the Juan de Fuca Strait and the region’s natural surroundings.
This is the third phase. It follows Triple Crown Residence I, a two and three-bedroom, 46-unit complex, and Triple Crown’s 30 townhouses that launched the multi-phased development in 2017.
Providing Affordable Condos to a Ready Market
Triple Crown’s sales coordinator Todd Mahovlich says his team’s decision to deliver this phase as exclusively two-bedroom condominiums was in response to a market-wide pre-sale inventory that fell short of the needs of many first-time purchasers. Would-be purchasers who’ve outgrown smaller apartments inevitably discover that the pre-sale market’s solution to entry level homes is often too limiting and too focused on single occupants.
“The most common thread among the feedback we gathered when selling our first condominium was ‘why are Victoria’s entry-level homes almost always studio apartments or one-bedroom suites?’” Mahovlich said. “New regulations and their impacts on affordability have forced many purchasers to focused on condos rather than townhomes or single-family homes. However, that has left some individuals stuck between one-bedroom suites they can afford and two-bedroom suites that are out of reach.”
Currently priced from the high $300,000’s to mid $400,000’s, Triple Crown’s open-concept two-bedroom offerings span between 805 and 906 square feet with nine-foot ceilings throughout. Comparable pre-sale listings in the city centre and on the Westshore are in the $500,000 range and higher. It is a level of valuation that leaves many house hunters out of the equation.
“The market has essentially settled on a pricing approach that concludes that if you’re an entry-level buyer, you’re likely looking for a small, affordable condos. If you’re a couple or desire a larger unit, you’re likely to afford $500,000, $600,000 and much more for a two-bedroom suite. But that’s clearly not always the case,” Mahovlich says.
Triple Crown’s location played a key role in the rapid uptake of its first sales release. It is situated along McCallum Road only moments away from Costco and Langford’s big-box district that includes Home Depot, Market on Millstream, Staples, Best Buy, Save-On-Foods and a wide range of other retailers,
“A big factor in the sell-out of Residence I was proximity to Costco and a variety of amenities. When you factor in the location relative to several shopping centres, the views from the project site, modern construction and the price point, the combination is attractive to a wide spectrum of individuals who want to reside on the Westshore,” says Mahovlich.
Upcoming Development in Langford and Affect on Value
“Recent provincial announcement for a future secondary school adjacent to Costco, along with Langford’s plan for an $87 million arts centre and new home for the Maritime Museum will our neighbourhood that much more welcoming to new families.”
Triple Crown’s initial three phases are part of a larger plan that will eventually deliver hundreds of residential units, including more affordable condos, among several buildings and thousands of square feet of commercial space. With its easy access to the Trans Canada Highway and the Leigh Road Interchange, the site is attractive for retailers and businesses looking to establish a presence in the Westshore while servicing the rapidly growing McCallum Road corridor.
“It is a smart play to settle in a neighbourhood before it is fully discovered,” says Mahovlich. “We expect to see significant growth in Triple Crown’s surrounding area over the next decade. We can expect more development throughout north Langford with new amenities, more services and most importantly, higher real-estate values.”
Triple Crown Residence II will receive its occupancy permit towards the end of 2020.
If you would like to learn more about this project, contact Todd Mahovlich or Justine Conner by calling 250-474-4800 or email firstname.lastname@example.org.
Taken in part with permission from article posted to Citified by Mike Kozakowski