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Triple Crown > real estate investment

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Three Post Secondary School Langford Students

New Post Secondary School in Langford BC

The recent announcement of a new, collaborative, post secondary school campus is welcome news to families in Langford.

The campus is slated to be built on the corner of Goldstream Avenue and Peatt Road as a collaboration between RRU, the University of Victoria, Camosun College, and the Justice Institute of British Columbia.

The campus will cost $98 million. The City of Langford is planning to spend an additional $27.5 million to upgrade road infrastructure in the area.

Post-Secondary-School-Langford-Rendering

With more young adults staying home longer along with their reluctance to commute over long distances, an investment into a local post-secondary campus is not just a good idea, but an essential requirement for the entire West Shore community.

More 18 – 29-year-old children are living at home with their parents than at any time since the Great Depression – a rising trend since 1960 due to affordability according to a 2020 Pew Research Center’s analysis of decennial census. Moving out of your family’s home at 18 may still be a reality for some Canadians, but it isn’t for many. Some stay at home for cultural reasons, and others stay for financial reasons.

With more kids living at home with their parents, more want to attend local post-secondary schools. For West Shore residence, this currently means long commutes.

“As a high school student in Langford, we’re faced with quite a long commute if we want to go to school at UVic or at Camosun, and that can really affect our decision with what school we go to,” said Connor Hogan, a Belmont High school student looking at his post-secondary options.

“When this new campus opens up, it will definitely help open some doors for us to study where we are, close to home.”

The province tracks West Shore’s direct-to-post-secondary transition rates, and West Shore’s stats of 38 per cent are considerably lower than the provincial average of 51 per cent.

This is a statistic the province, local post-secondary schools and the City of Langford intend to address with the new campus which will provide excellent educational options for students in Sooke, Langford, Colwood, View Royal, Metchosin and Highlands, and for southern Vancouver Island First Nations students.

“Providing post-secondary opportunity for Langford youth has been a top priority for council for many years,” stated Stew Young, mayor of the City of Langford in an interview with Business Examiner.

“This unique partnership will serve residents across the entire Westshore, remove barriers to access and provide pathways to higher learning for all.”

The goal for the new campus is to open the campus to 600 students by fall 2024 and reach full capacity of 1,300 students by 2035-36.

The Westshore is one of the fastest growing regions in Canada, with a population growth of nearly 50 per cent between 2001 and 2016, the West Shore is one of the fastest growing regions in Canada.

With that kind of growth, families are looking for places to live here. Contact Todd Mahovlich or Justine Connor if that’s you.

in real estate investment Posted by Mathieu Powell
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.

in Financial Strategies, real estate investment Posted by Mathieu Powell
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

in Condominium Lifestyle, Interviews, real estate investment Posted by Mathieu Powell