11 C
Victoria
Monday, May 17, 2021

Condo For Sale

11 C
Victoria

You can find condominium buildings across the region. While it’s true most the high-rise steel & concrete buildings are located downtown, the once suburban areas of Saanich, Langford, and Colwood are seeing rapid construction of new buildings.

There are many factors to consider when buying and selling condominiums. This property type can get more complicated than the typical single family home. You’ll need to take into account each buildings unique bylaws and rules. Furthermore, the marketplace evaluates buildings based on their physical & financial health (engineering reports, financials, and improvement projects).

 

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Types of Condos in Victoria

Steel & Concrete

The gold-standard in condominium construction. These buildings tend to rise above 6+ storeys. They are believed to be the best in build quality, sound proofing, and investment. Many of Victoria's best buildings are steel & concrete construction.

Woodframe

These buildings are typically 3 - 6 storey's in height. The construction cost is much lower than concrete making these buildings more affordable. These units tend to have larger floorplans. There is often a thin concrete barrier between floors of wood frame condos to reduce noise transfer.

Freehold

This means you own the property (the land and the structure) including the right to reside in it - provided that you make payments as agreed to any lender. Your ownership of the land (in addition to the structure) leaves you in complete control of when you choose to sell.

Leasehold

Allows you to purchase the physical structure, like the condo, townhome or home, while leasing the land from another party. The landlord in many cases is the government or first nations groups. Leasehold properties are challenging to finance, and, they don't appreciate in value the same way freehold properties do.

Top Strata Buildings

Downtown & Harris Green

Downtown you'll find everything from 400sf. studio apartments to over 2,000+ sf. luxury condominiums. Choose from the Humboldt Valley, Old Town, Harris Green, or the burgeoning Hudson District at the North End. Prices range from $300k - $2M+ with most the inventory trading between 500-700k.

Victoria West

Victoria West is located just across the Johnson Street bridge. You'll enjoy excellent connectivity with the town by way of walking (10min), dedicated bike paths, or by car. Convenient access to Save on Foods, Coffee, Banks, Bars at Westside Village.

The neighbourhood is largely oceanfront with most units offering sweeping views of Victoria and Inner Harbour. Luxury condominiums at the popular Bayview (Promontory, Bayview One, Encore).

Saanich