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Real estate investment checklist

Triple Crown Meets 8 Essential Criteria for Real Estate Investors

Real Estate Investors Taking Note of Triple Crown

Real estate investors look for property that will perform well in equity appreciation and also have a good cash flow when they rent it out. As they search for such a property, they use these eight criteria: The quality of the build. The economic health of the community. A good employment rate. A low vacancy rate. Excellent local amenities. A well-developed transit infrastructure. Future plans for development. And finally, low monthly costs.

Triple Crown community performs very well in all of these criteria.

Here’s why:

Top Quality Build & Amenities

Those already living in the Triple Crown community have discovered the quality of the fit and finish and have testified to that fact in reviews and in video. They love where they live.

This is important because better builds ensure better quality of life for real estate investor’s tenants. That equates to higher satisfaction and longer rental durations.

Our next and final phase – Residence IV and III feature high end appliances and stylish finishing such as quartz slab counter tops, better quality cabinets, Euro-laminate flooring, rich carpeting and more. We worked with Spaciz, one of Victoria’s best interior design teams to ensure top quality in function and aesthetic.

The two buildings will also feature roof top patios, indoor amenity rooms and a gymnasium. Each building will have a quick elevator (350 feet per minute), plenty of parking, storage and bike lock up.

Good Economic Health

The City of Langford led the Capital Regional District in housing starts for years and continues to be one of BC’s fastest growing communities. The resulting solid commercial tax base fuels dynamic, innovative policies for live-work environments as detailed in the Official Community Plan. Langford’s Council wisely invested in excellent amenities, mixed-use and multi-family residential developments, façade upgrades and beautification upgrades to enhance the city’s livability and economic vitality.

High Employment

Victoria now has the lowest unemployment rate in the country. It dropped from 5.4 per cent in June 2021 to 4.2 per cent in August according to Statistics Canada as reported in a September 10 Times Colonist article.

B.C. is the only province with pre-pandemic employment levels for the second consecutive month, according to Statistics Canada’s July 2021 Labour Force Survey. B.C.’s minimum wage rose from $11.35 per hour to $15.20 per hour on June 1st. Our province now has the second highest minimum wage following Nunavut. Employment prospects are good for our region’s work force.

B.C.’s current average hourly income for a full-time employee is $29.34.

Low Vacancy Rate

The vacancy rate is the percentage of all available rental units that are vacant. Greater Victoria’s vacancy rate has been well under 1 per cent for years, finally tipping over 1 percent in late 2018 due to the uptick in purpose-built rental units. In 2020 the Canada Mortgage and Housing Corporation (CHMC) pegged Victoria’s apartment vacancy rate at 2.2%, due to progress being made to overcome the south island’s chronic lack of housing supply. That supply was picked up quickly and the vacancy rate has fallen substantially.

When vacancy rates are low, there is more competition for available units which can drive up rental prices. Currently, one of the lowest prices to rent a one-bedroom apartment in Langford is $1,350. A two-bedroom unit in Langford currently rents between $1,824 and $2,350 per month.

Excellent Local Amenities

Amenities close at hand include Costco, Home Outfitters, Best Buy, Aldo, Pet Smart, and The Market on Millstream to name a few. The Millstream Village Shopping Centre has a selection of coffee shops, restaurants, groceries, a bakery, a wine shop, a pharmacy and more.

Outdoor amenities within a five-minute drive include Florence Lake, Thetis Lake Regional Park, the Westin Pacific Bear Mountain Golf Resort, Royal Colwood Golf Club and the Highland Pacific Golf.
There are plenty of businesses and services for every need and enjoyment.

Transit Infrastructure

Langford is committed to building excellent transit infrastructure. Since 2006 when the City of Langford and the Ministry of Transportation commissioned the West Shore Transportation Plan, it’s grown easier to get around safely by bus, car and bicycle.

Leigh Road takes motorists directly from Langford Parkway to the Leigh Road overpass or up Skirt Mountain on Bear Mountain Parkway, which alleviated congestion on the Millstream Road overpass.

Future Plans for Development

A new commercial development and a middle or high school along McCallum Road opposite Costco will deliver City Gate Boulevard, spanning between McCallum Road and Treanor Avenue. Social infrastructure such as schools help make neighbourhoods more welcoming to new families and will have a profound impact on real-estate investments.

Low Monthly Costs

Efficient, ductless heat pumps are being installed which extract heat from the air instead of burning fuel. That translates into big savings. Your tenants will appreciate a lower strata fees which includes all heating and cooling. Include hot water on demand, gas stove, efficient appliances and LED lighting for an even lower monthly amount.

The rent amount you can command can easily cover monthly expenses. The rental amount tenants are paying Landlords in Residence I and Residence II provide good case studies. We cannot share details in this article, but our Realtors® have details.

Increasing Equity

A ninth, and most important reason to invest is equity growth. Here are the straight numbers as reported by the Victoria Real Estate Board (VREB). “The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2020 was $483,400, while the benchmark value for the same condominium in August 2021 was $540,600, an 11.8 per cent increase.”

Conclusion

For these reasons, condominiums in Triple Crown Residence IV and III are excellent investment for real estate investors. If you want to expand your real estate portfolio, this location is excellent and will only continue to improve. Check out all these details and more. Contact Todd Mahovlich or Justine Connor to set up a private tour.

Spaciz design team in Victoria BC

Triple Crown Condominium Interior Design

The quality fit and finish you’ve come to expect from Triple Crown didn’t happen by accident. The builders employed a highly creative design team in Victoria called Spaciz. Carley Petillion is the principal designer and partner with the company, and she has a unique talent her clients attest to; the ability to really listen, then craft distinctive design features and unique combinations of colour, texture and finish that culminates into beautiful, functional spaces.

“We had worked with (the Triple Crown) team on many projects before, so we were very familiar with their product and what they are looking for in terms of materials and aesthetic,” says Petillion. “For this project, we focused on the first-time home buyers, millennials, and Gen x-ers looking for an investment property.”

Asked what inspired her design choices for Triple Crown’s condominiums, she replied, “Location and demographic were key factors, and we wanted them to be fresh and unique while avoiding anything super trendy.  We wanted the choices to be neutral enough that a buyer could picture their own furniture in the space, but also include unexpected elements.”

Petillion is called a master of the nitty gritty for a reason. She pays close attention to details, making sure every inch of a space is functional, esthetically beautiful and flows seamlessly throughout.

“We made sure the layouts were highly functional, especially the kitchens.”

What design features or attributes are you most proud of?  

“We are very proud of our simple yet impactful fireplace design.  Cabinetry design is also something we put a lot of thought and effort into.  In condo’s, it’s a challenge to ensure there’s adequate storage and work space so we’re also quite proud of the kitchens and baths.  The bathroom mirror frame doubles as a shelf to keep product off the counter!”

What was the most important consideration?

“There is a lot of competition in the condo market so while we needed to be budget conscious, we also wanted to design a space that was different from what the buyers are seeing elsewhere.”

How do you include functionality in the aesthetics of the design?

“Careful design of the cabinetry and consideration of possible furniture layouts.”

What were some of the challenges?

“Incorporating dining/eating space into some of the smaller units, and whether an island was a preferred option over a traditional dining table as some of the units only allowed for one or the other.”

When do you come in on a project, or at what stage should a project manager include you? 

“It depends a lot on what they would like help with.  Some project managers and developers only want help pulling colours and finishes together, so once they’ve applied for permit, that is when we are often contacted.  We prefer to be a part of the project from the beginning so we can iron out any issues from a design perspective before the hole is even in the ground.  This tends to save everyone a lot of headache and always gives us the opportunity to ensure the project has a high-end/designer feel.”

How can developers best work with you?

“By including us at the very early stages and allowing us to collaborate with the architects and team on the space planning of the layouts.  This is such a critical part of the process.  And just being clear on their expectations.  We want everyone to be satisfied with the result.”

Spaciz’s tag line says they “aspire to avoid predictable, question existing standards, blend visual influences, listen with fortitude, and nudge you to go further.” They succeeded with their design of Triple Crown’s Residences.

They designed a space you will be delighted to call your own.

5 per cent deposit

The Final Phase of Triple Crown Community is an Excellent Opportunity for Condo Buyers

There are plenty of good reasons to consider purchasing a pre-construction condominium and Triple Crown’s builders have added more unique advantages to purchase here.

5% Deposit

To our knowledge, McCallum Developments Inc. is the only construction company allowing buyers to secure the right to purchase a condominium with a 5% deposit.
When the two buildings of the final phase are completed, the 5% deposit will become part of your down-payment. Meanwhile, over the next year while your condo is being built, you and your family can plan and save more money to increase your down payment and reduce your mortgage.
This will be an especially beneficial strategy for those who can save enough to move from a CMHC insured high-ratio mortgage (down payment of less than 20%) to a low-ratio mortgage (down payment of 20% or greater). This can save thousands of dollars in mortgage insurance premiums alone.

Rescission Period

We provide you with a seven-day right of rescission period. This is a seven-day period from the time of an accepted contract that allows you to read the disclosure statements and complete your due diligence before committing legally to the purchase.

Property Transfer Tax

When you purchase a resale home you are subject to property transfer tax (exemptions apply through programs such as the first-time home buyers’ program). With a pre-sale home, you are exempt from paying property transfer tax if the purchase price is under $750,000.

Warranty

Our pre-sale condos come with a 2-5-10-year New Home Warranty: Two years on labour and materials (some limits apply)’ five years on the building envelope, including water penetration; and 10 years on the structure. Your new appliances also have a manufacturer’s warranty.

A brand new, well-built home means you will have minimal maintenance costs or unforeseen and expensive special assessments or levies for building repairs.

Quality Build

Those already living in the Triple Crown Community know firsthand the quality of the fit and finish. Building better ensures better quality of life for our customers. Our Final Phase – Triple Crown’s Residence III & Residence IV, will feature high end appliances and stylish finishing such as quartz slab counter tops, quality, quiet close cabinets, Euro-laminate flooring and more.

Affordable Living

The Builders have affordable living and lifestyle firmly in mind, and the features and amenities in Residence III and IV will provide a real edge for a better lifestyle for those who buy a condominium here.

Efficient Appliances

We are installing energy efficient appliances such as a gas range that will save you money on your electric bill. Gas is more efficient because it delivers instant heat and gives you more temperature control for better cooking. A stainless steel, water-and-ice refrigerator with an efficient bottom mount freezer, a top control dishwasher and a high-efficiency, in-suite laundry centre. Check out the appliance package for details.

Lower Utility Bills

We are using environmentally friendly technology to make sure your cost of living at Triple Crown Residence II is low. For instance, the Builders are installing earth-friendly, ductless heat pumps which effectively move heat around the building to cool your condo down in the summer and warm it up in the winter.

Strata Fees

Residence III and Residence IV will share their strata. Monthly strata fees pay for your building maintenance, insurance, common area upkeep automatically. With larger costs planned and scheduled, there are far fewer surprises such as unpleasant costs and assessment. Additionally, the larger strata with two buildings and 132 units will greatly reduce maintenance and repair costs for each condo owner.

Lifestyle

Living in a brand-new condominium means little thought or energy needs to go towards maintaining your home, and Triple Crown Community’s location on the outskirts of Langford provides quick access to transit routes and any amenity you want and need.

Book now, because we expect presales to be brisk. Get in touch with Todd Mahovlich (P.R.E.C.) or Justine Connor today to book an appointment in our show suite.

Interview symbol over Triple Crown Community

Interview with Justine Connor

Interview with Justine Connor – Triple Crown Sales Team

We interviewed Triple Crown’s sales team member Justine Connor and asked her about the neighbourhood and amenities Triple Crown condominiums in Langford have to offer.

Mathieu: Morning Justine. Let’s start with the location. Where is the Triple Crown Community located?

Justine: It is in Langford over by Mr. Mikes. There will be 123 new units in two buildings – Residence III and Residence IV – containing a mix of one-, two- and three-bedroom units which we have already started to build.

Mathieu: How are clients are reacting to the building in its current state of production?

Justine: Most of the clients that I took into Residence II (completed December 2020) were extremely impressed with the size of the balconies, the size of the windows, all the natural light that comes in, how spacious the units are, and the views that you get from either side of the building.

Amenities

Mathieu: Are there amenities in the building?

Justine: Residence II has a small gym with cardio equipment and free weights. I understand there will be a large gym in the larger of the two new buildings (which owners of both buildings can use), plus each building will have an amenities room and a top floor public deck to take in the views.
Community

Mathieu: What do people think of the area around the Triple Crown Community?

Justine: A lot of people like it that it is not right in downtown Langford with the noise, hustle and bustle. They like that it is a little off the beaten track and close to the lake and nature, yet close to amenities like grocery shopping, Tim Hortons, Starbucks and a couple of pubs. Additionally, they appreciate the easy highway access for driving North or South into Langford, Colwood, or Victoria.

Demographics

Mathieu: What kind of client demographics are interested in the building?

Justine: The majority of my clients have been first time home buyers along with a few investors. Most of the people I’ve sold to are professionals in their 20s to early 30s, some with kids. It’s a family-friendly building with no age restrictions.
It’s a great investment opportunity. Residence I and Residence II 2-bed, 2-bath condos are renting for around $2200 per month.

Mathieu: How are first time home buyers reacting?

Justine: They (my clients) are all super excited as it is their first purchase. While we were building Residence II last year, our clients who joined The Winner’s Circle got to enjoy construction updates and pictures every month and read about the quality going into their purchase. They saw the excellent appliance package, the fit and finish, and other things. We made sure we kept them well informed about their purchase and let them watch as it is it being built.

Mathieu: Are many of the mind that they would rather buy a home instead of a condo?

Justine: No. Most of the people I see are just excited they can purchase something in Greater Victoria because their money can buy them a really nice, spacious place to live. Most of the Residence 2 condominiums are around 900 sq. feet., and the condos in Residence III and IV will also be quite spacious.

City of Langford

Mathieu: What draws your clients to the city of Langford?

Justine: I think price for one pf the draws. That’s because you get more bang for our buck for sure. You get a bigger size unit for your price. Additionally, Langford now has all the community amenities, which means you don’t often need to go into Victoria anymore.

Mathieu: What else do your potential buyers for Triple Crown’s final phase need to know?

Justine: If you are looking for a condo or want to get into the market, Triple Crown condos are definitely above standards as far as their finishing goes, their appliance package, and their quality of construction. The four Developers are local, Langford based. They know their customers and they have a track record of building a great product that makes their customers extremely happy.

Mathieu: Justine, thanks for taking the time for this interview.

Justine: Thank you, Matt

Justine Connor is available for questions and for a by-appointment show suite visit. If interested, you can reach her at 250-888-1059.

Interview symbol over Triple Crown Community

Interview with Todd Mahovlich

Interview with Todd Mahovlich PREC - Langford Realtor®

As demand for West Shore housing continues to outpace supply, the McCallum Group, working with Langford Realtor® Todd Mahovlich and Justine Connor, launch the final phase of Triple Crown Community.

Now under construction is Residences III and IV – two six-storey buildings consisting of 123, one-, two- and three-bedroom homes (one bedroom now sold out) priced from $549,900 with market-leading deposits of only 5%.

“The success of Triple Crown Residences I and II has fast-tracked our plans for Residences III and IV, the last phase of condominiums at Triple Crown,” says  Langford Realtor® Todd Mahovlich PREC, who is also the project’s sales coordinator. “We are pleased to offer the West Shore’s widest range of floorplans, with attainable price points, a low deposit requirement and sought-after amenities in an accessible, highly desirable location.”

The building’s design attributes emphasis angled exterior terraces and balconies to maximize sunlight and views. Each building will have outdoor ground level and roof top outdoor amenities. Residence IV will include a 1,000 square foot multi-purpose gym on the main floor. Energy-efficient ductless heat pumps come standard, and hot water is sourced through an environmentally friendly central boiler in lieu of individual in-suite water tanks.

In terms of value, Mahovlich says Triple Crown offers 20 floorplans at price points targeted at live-in buyers or investors drawn to West Shore real-estate for its proximity to nature, access to popular shopping centres, a growing collection of recreational opportunities and a slower pace of life.

“What makes the West Shore condominium market so special and in-demand by purchasers of all ages is its larger homes at more attainable prices compared to what is available in the city centre, and a more laid back, nature-oriented lifestyle,” says Mahovlich. “And with our 5% deposit structure, purchasers can secure their future home with less money up front. For buyers looking to get into Victoria’s housing market for the first time, the opportunity to put down a smaller initial deposit can make a profound difference in their ability to save for and buy their home.”

Since the sell-out and subsequent occupancy at Residences I and II, the Langford real-estate market has undergone significant change as buyers flocked to the West Shore hub amid shifts in market preferences. Suburban real-estate in particular saw demand pressures heighten, especially for two-bedroom and three-bedroom condominiums, considering increased remote work scenarios, a desire for additional space for hobby rooms or dens, and attractive price points relative to Victoria’s core.

Triple Crown’s McCallum Road location, close to big-box and small-format retail destinations, saw its Residences II sell-out in 2020 and buyers have been awaiting the subsequent phase.

“Triple Crown’s location is at the heart of a significant transformation in north Langford, and as far as the development build-out timeline is concerned, this is still considered early days which makes Triple Crown a smart real-estate play when viewed through the lens of a medium-term horizon” says Mahovlich. “We can expect even more development throughout north Langford over the years to come, and at the gateway to all of this positive change is Triple Crown.”

“We’ve now sold over 70 per cent of the pre-construction inventory. If you are interested in buying into the last phase of Triple Crown, don’t wait to call Justine Connor or I.”

You can learn more about Todd Mahovlich and other listings on his website vres.ca