COMMERCIAL REAL ESTATE TRANSACTIONS
$1M+ CAPITAL REGION

Victoria is the economic heart of the region and Vancouver Island. Proximity to Vancouver and Seattle, and its many sea and air links, make Victoria an obvious centre for business development and economic investment.

Business is thriving in Greater Victoria, especially among our top performing economic sectors. Find the right investment for your business.

Investors enjoy stable capital appreciation of assets - consistently outperforming the returns of the S&P/TSX. Commercial real estate properties in Victoria can also generate passive income that allow for a buy and hold approach. Chat with 8X about what investment opportunities are available.

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2020, 8X VENTURES INC.

Interactive Sold Map of Commercial Real Estate In Victoria

Map of investment sales of commercial zoned properties $1M+

for 2018
for 2019
for 2020

Clickon Google map viewer below to change layers. Toggle sales by year. For more information on any particular transaction, please contact Dustin Miller.

Area expert

Dustin Miller

Helping Buyer's and Seller's navigate Victoria's real estate market.

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Current Commercial Vacancy Rates Victoria 2020

6.0%

Office Vacancy

3.1%

Streetfront Retail Vacancy

0.7%

Industrial Vacancy

Commercial Real Estate Sales Table

Year:

Year	Address	Municipality	Sold Price	Sold Date	Property Type	Land Size (Sqft)	Assessed Value	Zoning	OCP	NCP
2019	2108 OAK BAY AVE	Oak Bay	1,125,000	2019-01-02	OFFICE BUILDING (PRIMARY USE)	16,500	2,210,400	C-1	Urban Residential	Neighbourhood Plan: Fairfield
2019	359 MARIGOLD RD	Saanich	1,400,000	2019-01-04	STORE(S) AND LIVING QUARTERS	8,712	981,000	C-1
2019	6-7450 BUTLER RD	Sooke	1,100,000	2019-01-29	STORAGE & WAREHOUSING (CLOSED)	11,302	524,000	M2-I	Industrial Employment	Neighbourhood Plan: Burnside
2019	1952 BLANSHARD ST	Victoria	6,894,875	2019-01-31	COMMERCIAL STRATA-LOT	N/A	3,883,000	R-77	Core Employment	Neighbourhood Plan: Burnside
2019	565 DAVID ST	Victoria	2,200,000	2019-01-31	AUTOMOBILE PAINT SHOP, GARAGES, ETC.	7,200	1,561,000	M-2	Industrial Employment	Burnside
2019	7100 WALLACE DR	Cental Saanich	1,689,563	2019-01-31	NEIGHBOURHOOD PUB	28,633	1,962,000	R1-9	Urban Residential	Neighbourhood Plan: Rockland
2019	850 DOUGLAS ST	Victoria	23,600,000	2019-02-07	OFFICE BUILDING (PRIMARY USE)	16,187	24,605,000	OTD-1 - Site SpecificOTD-1	Core Historic	Neighbourhood Plan: Downtown
2019	2901 SOOKE RD	Sooke	85,141,500	2019-02-07	LUMBER YARD OR BUILDING SUPPLIES	403,647	13,992,000	M-2	Industrial Employment	Neighbourhood Plan: Burnside
2019	10165 MCDONALD PARK RD	Sidney	2,326,500	2019-02-07	LUMBER YARD OR BUILDING SUPPLIES	82,557	2,326,500	BP2	Business or Light Industry	-
2019	2030 W MALAVIEW AVE	Sidney	8,677,000	2019-02-07	LUMBER YARD OR BUILDING SUPPLIES	206,910	8,677,000	M1	IND	-
2019	751 DISCOVERY ST	Victoria	1,100,000	2019-02-11	STORAGE & WAREHOUSING (CLOSED)	7,200	1,312,000	M-1	Core Employment	Neighbourhood Plan: Burnside
2019	1016 BALMORAL RD	Victoria	1,100,000	2019-02-11	STORAGE & WAREHOUSING (CLOSED)	6,776	1,142,000	R-2	Urban Residential	North Park
2019	3154 DELTA ST	Victoria	1,800,000	2019-02-14	STORAGE & WAREHOUSING (CLOSED)	6,515	1,290,000	M-2	Industrial Employment
2019	3460 QUADRA ST	Sidney	2,000,000	2019-02-15	COMMERCIAL STRATA-LOT	N/A	1,359,000	C-2
2019	2072 CADBORO BAY RD	Oak Bay	1,710,833	2019-02-15	STORE(S) AND LIVING QUARTERS	7,436	1,248,200	C2	Secondary Village - Mixed Use
2019	2965 SOOKE RD	Langford	1,200,000	2019-02-15	VACANT IC&I	347,173	1,150,000	BP8	Business or Light Industry
2019	4222 COMMERCE CIR	Saanich	6,301,290	2019-02-15	STORAGE & WAREHOUSING (CLOSED)	56,609	6,505,000
2019	4377 WEST SHORE PKY	Langford	3,579,750	2019-02-15	INDUSTRIAL (VACANT)	10,868	0
2019	4373 WEST SHORE PKY	Langford	2,225,250	2019-02-15	INDUSTRIAL (VACANT)	67,705	0
2019	3170 TILLICUM RD	Saanich	110,000,000	2019-02-20	SHOPPING CENTRE (REGIONAL)	1,287,285	139,088,000	C-3L
2019	2506 SELWYN RD	Langford	1,510,500	2019-02-25	CHURCHES & BIBLE SCHOOLS	53,052	1,549,800	P1	NeighbourhoodTown Centre
2019	5-601 BOLESKINE RD	Saanich	2,300,000	2019-03-06	COMMERCIAL STRATA-LOT	N/A	1,830,000	M-2DW
2019	2364 MILLSTREAM RD	Langford	3,100,000	2019-03-11	STORE(S) AND SERVICE COMMERCIAL	20,874	3,533,000	BP1	Village Centre	-
2019	748 MARKET ST	Victoria	2,413,000	2019-03-13	STORAGE & WAREHOUSING (CLOSED)	14,051	2,413,000	M1	IND	-
2019	2665 BRIDGE ST	Victoria	4,025,000	2019-03-15	STORAGE & WAREHOUSING (CLOSED)	25,003	3,270,000	M-2	Industrial Employment	Burnside
2019	1672 DOUGLAS ST	Victoria	2,800,200	2019-03-18	STORE(S) AND SERVICE COMMERCIAL	13,200	2,822,600
2019	2649 DOUGLAS ST	Victoria	1,700,000	2019-04-01	STORE(S) AND SERVICE COMMERCIAL	4,980	790,000	OTD-1OTD-1 - Site Specific	Core Historic	Neighbourhood Plan: Downtown
2019	2212 HARBOUR RD	Sidney	1,600,000	2019-04-11	COMMERCIAL STRATA-LOT	N/A	1,120,000	W1
2019	650 VIEW ST	Victoria	6,300,000	2019-04-17	STORE(S) AND OFFICES	7,025	3,606,000	OTD-1 - Site SpecificOTD-1	Core Historic	Neighbourhood Plan: Downtown
2019	2706 SOOKE RD	Langford	7,500,000	2019-04-18	VACANT IC&I	42,840	0	C9
2019	120 CROFTON RD	Salt Spring Island	4,212,000	2019-04-29	SENIORS INDEPENDENT & ASSISTED LIVING	9,072	4,212,000	R12
2019	4400 WEST SHORE PKY	Langford	1,820,000	2019-04-30	INDUSTRIAL (VACANT)	43,378	1,442,000	M1	IND	-
2019	335 COOK ST	Victoria	2,000,000	2019-05-01	STORE(S) AND SERVICE COMMERCIAL	5,918	1,310,700	CR-3M	Large Urban Village
2019	780 SUMMIT AVE	Victoria	1,572,061	2019-05-07	HALL (COMMUNITY, LODGE, CLUB, ETC.)	14,839	1,626,000	M2-I	General Employment	Burnside
2019	Albina Street	Victoria	4,832,000	2019-05-14	SCHOOLS & UNIVERSITIES, COLLEGE OR TECHNICAL SCHOOLS	85,120	4,832,000	P-1	-
2019	4216 GLANFORD AVE	Saanich	2,750,000	2019-05-16	STORAGE & WAREHOUSING (CLOSED)	21,562	1,776,000	M-3
2019	1161 FORT ST	Victoria	1,050,000	2019-05-27	STORES AND/OR OFFICES WITH APARTMENTS	6,720	999,300	C2	Secondary Village - Mixed Use
2019	Mccallum Road	Langford	18,000,000	2019-05-31	VACANT IC&I	23,449	0
2019	2071 W MALAVIEW AVE	Sidney	4,030,000	2019-05-31	STORAGE & WAREHOUSING (CLOSED)	43,624	5,206,000	M2-I	General Employment	Neighbourhood Plan: Burnside
2019	930 REUNION AVE	Langford	1,120,000	2019-06-03	VACANT IC&I	35,284	2,134,000	C1-N	Large Urban Village	Neighbourhood Plan: Burnside
2019	920 REUNION AVE	Langford	1,750,000	2019-06-03	VACANT IC&I	50,530	2,946,000
2019	Anders Road	Langford	2,235,000	2019-06-05	VACANT IC&I	64,691	0
2019	1501 FORT ST	Victoria	1,728,000	2019-06-14	BED & BREAKFAST OPERATION 4 OR MORE UNITS	19,154	3,456,000	C-2	-	-
2019	1560 CHURCH AVE	Saanich	2,350,000	2019-06-28	OFFICE BUILDING (PRIMARY USE)	14,400	1,421,000	C2	Oak Bay Village - Mixed Use	-
2019	1300 GOVERNMENT ST	Victoria	3,000,000	2019-07-31	STORE(S) AND SERVICE COMMERCIAL	2,122	1,685,000
2019	2070 KEATING CROSS RD	Central Saanich	8,575,000	2019-08-01	STORE(S) AND SERVICE COMMERCIAL	429,937	9,679,300	C2
2019	1126 QUADRA ST	Victoria	1,300,000	2019-07-15	STORE(S) AND SERVICE COMMERCIAL	3,600	979,000	CBD-1	Central Business District
2019	961 DUNFORD AVE	Victoria	1,900,000	2019-07-16	STORAGE & WAREHOUSING (CLOSED)	24,908	3,545,000	M1
2019	360 LATORIA BLVD	Colwood	3,150,000	2019-03-12	VACANT IC&I	2	885,000	RBCD1A	Royal Bay CD1A
2019	1141 FORT ST	Saanich	1,127,500	2019-05-31	STORE(S) AND LIVING QUARTERS	6,720	1,119,500	C-1	Limited Commercial District
2019	920 DIVISION AVE	Salt Spring Island	1,750,000	2019-06-03	VACANT IC&I	50,530	2,946,000	C10
2019	930 DIVISION AVE	Salt Spring Island	1,120,000	2019-06-03	VACANT IC&I	35,284	2,134,000	C10
2019	1623 MCKENZIE AVE	Saanich	3,000,000	2019-06-06	OFFICE BUILDING (PRIMARY USE)	15,854	2,665,000	C-4	Office and Apartment Zone
2019	106-751 GOLDSTREAM AVE	Langford	1,020,000	2019-06-14	COMMERCIAL STRATA-LOT	N/A	800,000	C8
2019	284 HELMCKEN RD	View Royal	1,015,543	2019-06-20	COMMERCIAL STRATA-LOT	N/A	488,000	C-1
2019	10300 MCDONALD PARK RD	North Saanich	21,896,000	2019-08-13	BIG BOX	168,993	15,455,000	C-5	Sandown Commercial
2019	3400 TILLICUM RD	Saanich	9,026,000	2019-08-14	STORE(S) AND SERVICE COMMERCIAL	84,070	5,401,000	C-3B	Shopping Centre/Bingo Hall Zone
2019	715 PRINCESS AVE	Victoria	1,250,000	2019-08-15	AUTOMOBILE PAINT SHOP, GARAGES, ETC.	2,553	711,000	M-1	Limited Light Industrial District
2019	ALLANDALE RD	Colwood	9,000,000	2019-08-19		6	6,922,000	M2	General Industrial
2019	2612 BRIDGE ST	Victoria	4,867,329	2019-08-26	STORE(S) AND OFFICES	28,800	4,941,000	M-3	Heavy Industrial District
2019	429 HILLSIDE AVE	Victoria	1,172,229	2019-08-26	STORAGE & WAREHOUSING (CLOSED)	10,411	1,190,000	M-3	Heavy Industrial District
2019	2520 GOVERNMENT ST	Victoria	1,300,000	2019-08-29	STORE(S) AND SERVICE COMMERCIAL	7,910	905,300	M-2	Light IndustrialDistrict
2019	509 ELLICE ST	Victoria	1,650,000	2019-08-29	STORAGE & WAREHOUSING (CLOSED)	7,200	1,030,000	CA-3	Central Area General Commercial District
2019	1529 AMELIA ST	Victoria	1,275,000	2019-08-30	OFFICE BUILDING (PRIMARY USE)	3,209	1,040,000	M1	Industrial
2019	2060 W MILLS RD	North Saanich	1,725,000	2019-08-30	LUMBER YARD OR BUILDING SUPPLIES	44,024	1,337,600	I1
2019	1779 SEAN HTS	Central Saanich	5,000,000	2019-08-30	STORAGE & WAREHOUSING (CLOSED)	96,463	5,115,000	CA-42	Harris Green Commercial District
2019	1011 FORT ST	Victoria	2,175,000	2019-09-10	OFFICE BUILDING (PRIMARY USE)	3,397	2,018,000	CD-7	Cook Street Village District
2019	1-240 COOK ST	Saanich	6,150,000	2019-09-12	COMMERCIAL STRATA-LOT	N/A	3,758,000	S-1	Limited Service District
2019	910 VIEW ST	Victoria	4,200,000	2019-09-16	STORE(S) AND OFFICES	16,376	4,878,000	M-2DW	Warehouse and Office Zone - Douglas Street West
2019	4A-601 BOLESKINE RD	Saanich	2,870,000	2019-09-19	COMMERCIAL STRATA-LOT	N/A	1,301,000	P-3
2019	2401 W BURNSIDE RD	View Royal	1,240,000	2019-09-19	CIVIC, INSTITUTIONAL & RECREATIONAL (VACANT)	354,578	1,240,000	P-8	Public Assembly Mixed Use
2019	1660 MILLS RD	North Saanich	1,650,000	2019-09-30	OFFICE BUILDING (PRIMARY USE)	40,946	1,178,400	CA3	Commercial Accomodation 3
2019	301 TRIPP RD	Salt Spring Island	1,232,500	2019-09-30	SEASONAL RESORT	71,003	1,177,000	-	-
2019	5195 WILLIAM HEAD RD	Metchosin	1,799,950	2019-09-30	BED & BREAKFAST OPERATION 4 OR MORE UNITS	28,749	2,293,000	RP-1
2019	7013 EAST SAANICH RD	Central Saanich	1,650,000	2019-09-30	SENIORS LICENSED CARE	7,063	1,863,000	CD3
2019	102-1311 LAKEPOINT WAY	Langford	2,225,000	2019-10-04	COMMERCIAL STRATA-LOT	4,216	869,000	R3-A2	Low Profile Multiple Dwelling District
2019	224-1964 FORT ST	Victoria	1,181,000	2019-10-10	COMMERCIAL STRATA-LOT	N/A	552,000	-	-
2019	6215 POWDER MAIN RD	Port Renfrew	1,250,000	2019-11-01	SEASONAL RESORT	160	881,500	R2-24	Menzies Bed& Breakfast District
2019	19 MENZIES ST	Victoria	2,100,000	2019-11-01	BED & BREAKFAST OPERATION LESS THAN 4 UNITS	6,000	1,981,000	CBD-1	Central Business District-1
2019	1002 BLANSHARD ST	Victoria	3,400,000	2019-11-08	STORE(S) AND SERVICE COMMERCIAL	5,400	2,591,000	M-2	Light IndustrialDistrict
2019	458 CECELIA RD	Victoria	1,835,000	2019-11-08	STORAGE & WAREHOUSING (CLOSED)	14,525	1,307,700
2019	1815 BLANSHARD ST	Victoria	2,090,000	2019-12-12	OFFICE BUILDING (PRIMARY USE)	5,548		C-1	Limited Commercial District
2019	1850 OAK BAY AVE	Victoria	1,600,000	2019-12-09	STORE(S) AND LIVING QUARTERS	5,900		CR-3	Commercial Residential Apartment District
2019	785 LAMPSON ST	Esquimalt	4,200,000	2019-12-03	STORAGE & WAREHOUSING (CLOSED)	37,984		I-1	Light Industrial
2019	2952 ED NIXON TERR	Langford	6,500,000	2019-12-02	STORAGE & WAREHOUSING (CLOSED)	84,177		CD1
2019	3950 CAREY RD	Saanich	2,500,000	2019-11-29	STORE(S) AND SERVICE COMMERCIAL	40,000		M-5	Food Processing Zone
2019	2180 W BEACON AVE	Sidney	3,600,000	2019-11-27	VACANT IC&I	85,378		CD23	Comprehensive Development Zones
2019	629 CHATHAM ST	Victoria	1,777,107	2019-11-25	VACANT IC&I	7,200		OTD-1 OTD-1 - Site Specific	Old Town District-1
2019	635 CHATHAM ST	Victoria	1,777,107	2019-11-25	VACANT IC&I	7,200		OTD-1 OTD-1 - Site Specific	Old Town District-1
2019	624 HERALD ST	Victoria	2,016,719	2019-11-25	PARKING (LOT ONLY, PAVED OR GRAVEL)	7,200		OTD-1 OTD-1 - Site Specific	Old Town District-1
2019	611 CHATHAM ST	Victoria	3,686,950	2019-11-25	STORAGE & WAREHOUSING (CLOSED)	14,400		OTD-1 OTD-1 - Site Specific	Old Town District-1
2019	618 HERALD ST	Victoria	2,044,614	2019-11-25	STORAGE & WAREHOUSING (CLOSED)	7,200		OTD-1 OTD-1 - Site Specific	Old Town District-1
2019	2420 BEACON AVE	Sidney	1,008,000	2019-11-18	VACANT IC&I	4,800		C1	Downtown Commercial
2019	2432 BEACON AVE	Sidney	1,092,000	2019-11-18	VACANT IC&I	4,800		C1	Downtown Commercial
2019	107-19 DALLAS RD	Victoria	1,065,000	2019-11-15	COMMERCIAL STRATA-LOT	N/A
2019	989 JOHNSON ST	Victoria	1,850,000	2019-11-15	COMMERCIAL STRATA-LOT	N/A
2019	1045 YATES ST	Victoria	28,750,000	2019-04-01	AUTOMOBILE DEALERSHIP	68,030
2019	400 E BURNSIDE RD	Saanich	3,960,000	2019-09-04	STORAGE & WAREHOUSING (CLOSED)	34,684
2019	1305 GOVERNMENT ST	Victoria	2,650,000	2019-03-20	STORE(S) AND SERVICE COMMERCIAL	4,015
2019	780 BLANSHARD ST	Victoria	14,660,000	2019-09-05	OFFICE BUILDING (PRIMARY USE)	25,580
2019	472 DUPPLIN RD	Saanich	2,099,600	2019-11-05	OFFICE BUILDING (PRIMARY USE)	5,955
2019	1321 QUADRA ST	Victoria	3,055,000	2019-10-31	RESTAURANT ONLY	7,368
2019	476 DUPPLIN RD	Victoria	2,099,600	2019-11-05	INDUSTRIAL (VACANT)	15,637
2019	1611 Fort Street	Victoria	1,050,000	2019-05-27	OFFICE BUILDING (PRIMARY USE)	6,720
2019	630 Pembroke St	Victoria	1,725,000	2019-09-30	Office Vacant	6,534
2019	101 - 989 Johnson St	Victoria	1,850,000	2019-11-15	Office Strata	3,570
2019	115 - 19 Dallas Rd	Victoria	1,800,000	2019-08-01	Office Strata	5,408
2020	101-546 YATES ST	Victoria	5,300,000	2020-01-31	Office Strata	9,710	7,085,000	OTD-1 - Site SpecificOTD-1	Core Historic	Neighbourhood Plan: Downtown
2019	6645 SOOKE RD	Sooke	1,200,000	2019-09-24	VACANT IC&I	73,733	1,216,300	CTC	TC - TOWN CENTRE	-
2020	2512 GOVERNMENT ST	Victoria	1,350,000	2020-01-06	AUTOMOBILE PAINT SHOP, GARAGES, ETC.	5,805	939,000	M-2	General Employment	Neighbourhood Plan: Burnside
2019	548 DAVID ST	Victoria	1,475,000	2019-12-16	AUTOMOBILE PAINT SHOP, GARAGES, ETC.	8,400	1,079,000	M-2	Industrial Employment	Neighbourhood Plan: Burnside
2020	3105 JACKSON ST	Victoria	1,350,000	2020-01-31	STORE(S) AND LIVING QUARTERS	12,567	1,579,000	R1-M	Traditional Residential	Neighbourhood Plan: Hillside/Quadra
2019	2519 DOUGLAS ST	Victoria	2,550,000	2019-12-19	STORE(S) AND SERVICE COMMERCIAL	4,200	718,200	M-1	Large Urban Village	Neighbourhood Plan: Burnside
2020	104-1964 FORT ST	Victoria	1,200,000	2020-01-31	COMMERCIAL STRATA-LOT	N/A	769,000	R3-A2	Large Urban Village	Neighbourhood Plan: North Jubilee
2020	9535 CANORA RD	Sidney	1,000,000	2020-01-31	RESTAURANT ONLY	9,417	948,000	C2.1	COM-2	-
2020	775 CAVE ST	Esquimalt	1,025,000	2020-01-31	COMMERCIAL STRATA-LOT	4,248	424,000	I-1	Business	-
2020	938 MASON ST	Victoria	1,250,000	2020-01-30	HALL (COMMUNITY, LODGE, CLUB, ETC.)	6,960	790,000	R-2	Core Residential	Neighbourhood Plan: North Park
2020	1986 MILLS RD	North Saanich	1,900,000	2020-01-16	STORAGE & WAREHOUSING (CLOSED)	21,684	1,364,000	CS-1	-	-
2018	780 FORT ST	Victoria	1,659,270	2018-11-30	STORE(S) AND SERVICE COMMERCIAL
2018	912 DOUGLAS ST	Victoria	6,000,000	2018-05-16	STORE(S) AND SERVICE COMMERCIAL
2018	1114 BLANSHARD ST	Victoria	5,264,295	2018-11-30	STORES AND/OR OFFICES WITH APARTMENTS
2018	1050 PANDORA AVE	Victoria	8,430,330	2018-05-31	STORES AND/OR OFFICES WITH APARTMENTS
2018	1106 BLANSHARD ST	Victoria	3,726,435	2018-11-30	STORE(S) AND SERVICE COMMERCIAL
2018	990 FORT ST	Victoria	3,850,000	2018-10-31	OFFICE BUILDING (PRIMARY USE)
2018	1105 CALEDONIA AVE	Victoria	1,100,000	2018-02-28	STORE(S) AND SERVICE COMMERCIAL
2018	1124 VANCOUVER ST	Victoria	2,150,000	2018-04-30	OFFICE BUILDING (PRIMARY USE)
2018	1834 OAK BAY AVE	Victoria	1,380,000	2018-01-09	STORE(S) AND OFFICES
2018	1770 FORT ST	Victoria	1,500,000	2018-11-20	OFFICE BUILDING (PRIMARY USE)
2018	914 YATES ST	Victoria	8,300,000	2018-11-01	OFFICE BUILDING (PRIMARY USE)
2018	818 FORT ST	Victoria	6,595,000	2018-06-01	OFFICE BUILDING (PRIMARY USE)
2018	850 COURTNEY ST	Victoria	2,310,000	2018-01-18	OFFICE BUILDING (PRIMARY USE)
2018	975 PANDORA AVE	Victoria	4,000,000	2018-06-19	STORE(S) AND OFFICES
2018	910 GOVERNMENT ST	Victoria	60,000,000	2018-11-30	STORE(S) AND OFFICES
2018	2550 ROCK BAY AVE	Victoria	1,350,000	2018-07-04	STORAGE & WAREHOUSING (CLOSED)
2018	3165 GAMMA ST	Victoria	2,000,000	2018-10-31	STORAGE & WAREHOUSING (CLOSED)
2018	619 YATES ST	Victoria	8,708,000	2018-06-04	STORE(S) AND OFFICES
2018	516 DAVID ST	Victoria	1,200,000	2018-02-09	COMMERCIAL STRATA-LOT
2018	2333 GOVERNMENT ST	Victoria	4,250,000	2018-08-10	STORAGE & WAREHOUSING (CLOSED)
2018	953 VIEW ST	Victoria	2,150,000	2018-04-30	PARKING (LOT ONLY, PAVED OR GRAVEL)
2018	1518 COOK ST	Victoria	1,569,670	2018-05-31	PARKING (LOT ONLY, PAVED OR GRAVEL)
2018	2230 GOVERNMENT ST	Victoria	2,700,000	2018-11-01	AUTOMOBILE SALES (LOT)
2018	CRU1-595 PANDORA AVE	Victoria	1,075,000	2018-02-15	COMMERCIAL STRATA-LOT
2018	301-732 BROUGHTON ST	Victoria	1,860,300	2018-11-22	COMMERCIAL STRATA-LOT
2018	201-732 BROUGHTON ST	Victoria	1,860,300	2018-11-22	COMMERCIAL STRATA-LOT
2018	101-2657 WILFERT RD	Colwood	3,025,000	2018-12-12	COMMERCIAL STRATA-LOT
2018	1880 ISLAND HWY	Colwood	9,345,000	2018-03-01	STORE(S) AND SERVICE COMMERCIAL
2018	605 SPEED AVE	Saanich	1,076,834	2018-08-23	VACANT IC&I
2018	606 FRANCES AVE	Victoria	1,076,834	2018-08-23	VACANT IC&I
2018	920 HILLSIDE AVE	Victoria	3,200,000	2018-04-27	STORES AND/OR OFFICES WITH APARTMENTS
2018	3185 QUADRA ST	Saanich	1,750,000	2018-11-16	STORES AND/OR OFFICES WITH APARTMENTS
2018	612 FRANCES AVE	Victoria	2,153,669	2018-08-23	VACANT IC&I
2018	611 DAVID ST	Victoria	1,070,000	2018-10-31	STORE(S) AND LIVING QUARTERS
2018	509 ELLICE ST	Victoria	1,300,000	2018-11-30	STORAGE & WAREHOUSING (CLOSED)
2018	515 ELLICE ST	Victoria	1,650,000	2018-05-09	STORAGE & WAREHOUSING (CLOSED)
2018	479 E BURNSIDE RD	Victoria	2,900,000	2018-03-21	STORAGE & WAREHOUSING (CLOSED)
2018	4-410 GARBALLY RD	Victoria	1,125,000	2018-11-30	COMMERCIAL STRATA-LOT
2018	247 RUSSELL ST	Victoria	3,366,000	2018-09-19	STORAGE & WAREHOUSING (CLOSED)
2018	200-398 HARBOUR RD	Victoria	2,337,555	2018-07-10	COMMERCIAL STRATA-LOT
2018	300-398 HARBOUR RD	Victoria	2,312,445	2018-07-10	COMMERCIAL STRATA-LOT
2018	7175 WEST SAANICH RD	Central Saanich	2,100,000	2018-02-28	STORE(S) AND SERVICE COMMERCIAL
2018	6858 VEYANESS RD	Central Saanich	6,375,000	2018-09-14	STORAGE & WAREHOUSING (CLOSED)
2018	12-744 FAIRVIEW RD	Esquimalt	1,421,280	2018-09-14	COMMERCIAL STRATA-LOT
2018	100-520 COMERFORD ST	Esquimalt	1,020,000	2018-01-29	COMMERCIAL STRATA-LOT
2018	3795 CAREY RD	Saanich	16,650,000	2018-02-01	OFFICE BUILDING (PRIMARY USE)
2018	3375 WHITTIER AVE	Saanich	6,025,000	2018-02-16	STORE(S) AND OFFICES
2018	831 SHAMROCK ST	Saanich	1,200,000	2018-08-31	STORAGE & WAREHOUSING (CLOSED)
2018	4136 INTERURBAN RD	Saanich	2,500,000	2018-08-15	SHOPPING CENTRE (NEIGHBOURHOOD)
2018	103-3994 SHELBOURNE ST	Saanich	1,950,000	2018-06-29	COMMERCIAL STRATA-LOT
2018	1062 GOLDSTREAM AVE	Langford	1,850,000	2018-05-15	VACANT IC&I
2018	6435 SOOKE RD	Sooke	1,752,500	2018-09-06	BED & BREAKFAST OPERATION LESS THAN 4 UNITS
2018	6660 SOOKE RD	Sooke	19,250,000	2018-11-13	SHOPPING CENTRE (NEIGHBOURHOOD)
2018	947 LANGFORD PKY	Langford	4,025,000	2018-08-31	STORE(S) AND SERVICE COMMERCIAL
2018	1301 MACKINNON RD	Pender Island	2,900,000	2018-12-03	BED & BREAKFAST OPERATION LESS THAN 4 UNITS
2018	4386 WEST SHORE PKY	Langford	1,697,000	2018-05-04	STORAGE & WAREHOUSING (CLOSED)
2018	893 VAN ISLE WAY	Langford	3,450,000	2018-05-31	STORAGE & WAREHOUSING (CLOSED)
2018	865 VAN ISLE WAY	Langford	1,375,000	2018-08-15	STORAGE & WAREHOUSING (CLOSED)
2018	871 STATION AVE	Langford	2,500,000	2018-03-02	STORAGE & WAREHOUSING (CLOSED)
2018	2323 MILLSTREAM RD	Langford	3,550,000	2018-01-15	NEIGHBOURHOOD PUB
2018	940 DIVISION AVE	Langford	1,637,500	2018-03-06	VACANT IC&I
2018	960 DIVISION AVE	Langford	1,637,500	2018-03-06	VACANT IC&I
2018	2377 BEVAN AVE	Sidney	5,000,000	2018-07-31	OFFICE BUILDING (PRIMARY USE)
2018	2260 OAK BAY AVE	Oak Bay	5,008,856	2018-03-02	STORE(S) AND SERVICE COMMERCIAL
2018	2036 OAK BAY AVE	Oak Bay	6,180,000	2018-05-31	STORE(S) AND OFFICES
2018	450 BANGA PL	Saanich	4,690,000	2018-09-20	STORAGE & WAREHOUSING (COLD)
2018	495 DUPPLIN RD	Saanich	1,925,000	2018-12-07	STORES AND/OR OFFICES WITH APARTMENTS
2018	9762 THIRD ST	Sidney	1,050,000	2018-01-11	VACANT IC&I
2018	9763 FOURTH ST	Sidney	2,100,000	2018-01-11	VACANT IC&I
2018	347 UPPER GANGES RD	Salt Spring	3,334,000	2018-02-19	SELF STORAGE
2018	2281 MILLS RD	Sidney	6,950,000	2018-03-29	SENIORS LICENSED CARE
2018	104-10030 RESTHAVEN DR	Sidney	1,500,000	2018-07-13	COMMERCIAL STRATA-LOT
2018	100-334 UPPER GANGES RD	Salt Spring	1,195,000	2018-01-31	STORAGE & WAREHOUSING (CLOSED)
2018	150 FULFORD-GANGES RD	Salt Spring	5,115,000	2018-10-05	STORE(S) AND OFFICES
2018	10990 MADRONA DR	North Saanich	2,550,000	2018-04-30	MARINE FACILITIES (MARINA)
2018	2405 BEACON AVE	Sidney	4,000,000	2018-03-29	STORE(S) AND OFFICES
2018	2066 W HENRY AVE	Sidney	8,000,000	2018-02-09	STORAGE & WAREHOUSING (CLOSED)
2020	836 VIEWFIELD RD	Esquimalt	11,100,000	2020-07-23	STORAGE & WAREHOUSING (CLOSED)	59,740	6,933,000	I-1
2020	776 FAIRVIEW RD	Esquimalt	1,500,000	2020-07-31	STORAGE & WAREHOUSING (CLOSED)	5,808	914,000	I-1
2020	851 JOHNSON ST	Victoria	2,950,000	2020-09-08	STORE(S) AND SERVICE COMMERCIAL	7,200	1,515,300	CBD-1CBD-1 - Site Specific
2020	102-1600 GOVERNMENT ST	Victoria	1,117,500	2020-07-31	COMMERCIAL STRATA-LOT	N/A	918,000	OTD-1
2020	731 VANCOUVER ST	Victoria	1,350,000	2020-05-29	BED & BREAKFAST OPERATION LESS THAN 4 UNITS	4,879	1,317,000	R1-14
2020	102-2294 MILLSTREAM RD	Langford	3,563,000	2020-03-18	COMMERCIAL STRATA-LOT	N/A	0
2020	126-2294 MILLSTREAM RD	Langford	1,637,360	2020-03-31	COMMERCIAL STRATA-LOT	N/A	0
2020	2836 MILLSTREAM RD	Langford	1,564,000	2020-06-03	STORAGE & WAREHOUSING (CLOSED)	7,841	1,658,000	CS1	City Centre: Town Centre
2020	3108 JACKLIN RD	Langford	2,400,000	2020-07-15	STORE(S) AND SERVICE COMMERCIAL	28,758	1,465,400	C3	Mixed Use Employment Centre
2020	1609 FORT ST	Victoria	3,450,000	2020-04-30	STORE(S) AND OFFICES	17,337	2,910,000	C1-J	Large Urban Village	Neighbourhood Plan: South Jubilee
2020	701 TREANOR AVE	Langford	5,850,000	2020-08-10	STORE(S) AND SERVICE COMMERCIAL	46,715	0
2020	711 TREANOR AVE	Langford	4,135,000	2020-08-05	VACANT IC&I	62,646	0
2020	2553 QUADRA ST	Victoria	1,465,000	2020-04-30	STORE(S) AND OFFICES	6,480	999,000	C1-QV	Large Urban Village	Neighbourhood Plan: Hillside/Quadra
2020	2813 QUESNEL ST	Victoria	1,300,000	2020-03-31	COMMERCIAL STRATA-LOT	3,400	1,001,000	M2-NQ	Industrial Employment	Neighbourhood Plan: Burnside
2020	2043 MILLSTREAM RD	Langford	3,920,400	2020-07-15	LUMBER YARD OR BUILDING SUPPLIES	3	0
2020	1130 BENVENUTO AVE	Central Saanich	1,250,000	2020-01-06	BED & BREAKFAST OPERATION LESS THAN 4 UNITS	47,916	1,164,000	A1	Agricultural
2020	6-601 BOLESKINE RD	Saanich	1,630,000	2020-08-04	COMMERCIAL STRATA-LOT	N/A	1,630,000	M-2DW	Light Industrial	Uptown/Douglas Action Plan
2020	3690 SHELBOURNE ST	Saanich	2,508,000	2020-08-01	STORE(S) AND SERVICE COMMERCIAL	26,715	2,508,000	C2	General Commercial	Shelbourne Valley Action Plan - Mixed Use/Commercial
2020	1314 QUADRA ST	Victoria	1,680,000	2020-09-08	STORE(S) AND SERVICE COMMERCIAL	4,016	880,900	CBD-1CBD-1 - Site Specific	Core Business	Neighbourhood Plan: Harris Green
2020	610 HERALD ST	Victoria	6,200,000	2020-03-16	AUTOMOBILE PAINT SHOP, GARAGES, ETC.	21,600	4,667,100	OTD-1OTD-1 - Site Specific	Core Historic	Neighbourhood Plan: Downtown
2020	1900 DOUGLAS ST	Victoria	14,000,000	2020-06-04	MOTEL & AUTO COURT	60,005	8,757,000	CA-3	Core Employment	Neighbourhood Plan: Downtown
2020	2010 DOUGLAS ST	Victoria	1,349,400	2020-09-15	STORE(S) AND SERVICE COMMERCIAL	7,200	2,513,000	M-1	Core Employment	Neighbourhood Plan: Burnside
2020	926 PANDORA AVE	Victoria	8,885,000	2020-04-02	VACANT IC&I	4,198	1,393,000	CA-1	Core Residential	Neighbourhood Plan: North Park
2020	1150 COOK ST	Victoria	3,750,000	2020-06-01	RESTAURANT ONLY	10,800	3,054,700	R-48	Core Residential	Neighbourhood Plan: Harris Green
2020	581 NIAGARA ST	Victoria	1,299,519	2020-04-01	STORE(S) AND LIVING QUARTERS	3,612	1,382,000	R-2	Traditional Residential	Neighbourhood Plan: James Bay
2020	1075 MEARES ST	Victoria	1,690,000	2020-08-27	PARKING (LOT ONLY, PAVED OR GRAVEL)	4,800	1,019,800	R3-1	Core Residential	Neighbourhood Plan: Fairfield
2020	1345 READINGS DR	North Saanich	1,000,000	2020-06-19	BED & BREAKFAST OPERATION LESS THAN 4 UNITS	43,124	967,000	R-3	-	-
2020	2832 MILLSTREAM RD	Langford	1,380,000	2020-06-03	STORE(S) AND OFFICES	11,326	1,433,000	CS1	City CentreTown Centre	-
2020	2840 MILLSTREAM RD	Langford	1,656,000	2020-06-03	VACANT IC&I	32,076	1,744,700	CS1	City CentreTown Centre	-
2020	1971 OAK BAY AVE	Victoria	1,414,285	2020-04-15	COMMERCIAL STRATA-LOT	-	814,000	CR-4-OB	Small Urban Village	Neighbourhood Plan: Gonzales
2020	1070 FOUL BAY RD	Victoria	1,141,505	2020-04-15	COMMERCIAL STRATA-LOT	-	657,000	CR-4-OB	Small Urban Village	Neighbourhood Plan: Gonzales
2020	32 TRUEWORTHY RD	Saturna Island	2,670,000	2020-08-12	WINERY	3,334,954	698,432	F1	-	-
2020	3020 BLANSHARD ST	Victoria	18,500,000	2020-05-15	HOTEL	120,721	14,175,000	C1-H	General Employment	Neighbourhood Plan: Burnside
2020	48-1000 SOOKEPOINT PL	Sooke	1,500,000	2020-04-30	INDIVIDUAL STRATA LOT (HOTEL/MOTEL)	-	1,413,000	CD3	CD - COMPREHENSIVE DEVELOPMENT	-
2020	562 HILLSIDE AVE	Victoria	2,000,000	2020-09-01	STORAGE & WAREHOUSING (CLOSED)	14,400	2,744,000	M-2	Industrial Employment	Neighbourhood Plan: Burnside
2020	356 BAY ST	Victoria	2,700,000	2020-03-10	STORAGE & WAREHOUSING (CLOSED)	14,400	2,737,000	M3-1	Industrial Employment	Neighbourhood Plan: Burnside
2020	3102 DOUGLAS ST	Victoria	7,500,000	2020-08-17	RESTAURANT ONLY	29,503	4,844,100	C1-N	Town Centre	Neighbourhood Plan: Burnside
2020	650 SPEED AVE	Saanich	3,750,000	2020-03-31	MOTEL & AUTO COURT	11,065	1,759,700	T-1	Town Centre	Neighbourhood Plan: Burnside
2020	418 ALPHA TERR	Saanich	1,068,000	2020-08-27	STORAGE & WAREHOUSING (CLOSED)	7,428	771,600	M-2	Industrial Employment	Neighbourhood Plan: Burnside
2020	608 ESQUIMALT RD	Esquimalt	1,100,000	2020-08-17	STORAGE & WAREHOUSING (CLOSED)	5,640	976,000	M-2C	General Employment	Neighbourhood Plan: Victoria West
2020	Willis Point	Sooke	1,250,000	2020-02-06	VACANT	1,838,668	56,800	RC	-	-
2020	Willis Point	Sooke	1,150,000	2020-02-06	VACANT	1,324,224	40,700	RC	-	-
2020	19-7450 BUTLER RD	Sooke	1,030,000	2020-04-01	STORAGE & WAREHOUSING (CLOSED)	15,177	1,218,000	M-SBP	-	-
2020	2251 CADBORO BAY RD	Oak Bay	30,736,000	2020-08-14	SENIORS LICENSED CARE	170,113	30,736,000	P2	Community Institutional	-
2020	101-9724 FOURTH ST	SIdney	1,100,000	2020-08-17	COMMERCIAL STRATA-LOT	-	1,160,000	C1	COM-1	-
2020	10045 MCDONALD PARK RD	Sidney	2,050,000	2020-08-17	STORAGE & WAREHOUSING (CLOSED)	21,774	1,879,000	M1	IND	-
2020	4212 GLANFORD AVE	Saanich	1,843,750	2020-06-05	OFFICE BUILDING (PRIMARY USE)	21,500	1,417,000	M-3	-	-
2020	4201 TYNDALL AVE	Saanich	2,452,900	2020-07-28	CHURCHES & BIBLE SCHOOLS	56,628	2,452,900	P-1	-	-
2020	2625 ARBUTUS RD	Saanich	2,289,600	2020-07-28	CHURCHES & BIBLE SCHOOLS	69,260	2,289,600	P-1	-	-
Year
			∑ = 1,097,020,862				∑ = 507,470,032
							Avg = 2,079,795.21

Commercial Real Estate in Victoria 2021

MULTIFAMILY

The main recipient of investment dollars was the multifamily asset class. Rental apartment buildings accounted for nearly $500M worth of sales. Of that 30% of it occurred in Langford, a rising star in the province for population and job growth. This development friendly municipality will continue to lead the way in construction and delivery of new housing units in 2021. Victoria is recognized as one of the strongest rental markets in the country, as apartment buildings trade at significant discount to its Vancouver counterparts. View our dedicated page to Multifamily Asset Class.

Retail

The COVID-19 pandemic has caused unimaginable damage to businesses, large and small. The drastic reduction in activity in March, April, and May has hurt many tenants. The initial Government of Canada Emergency Commercial Rent Assistance (CECRA) needed to be initiated by the landlord. Many tenants and landlords struggled with the documentation and red-tape needed to apply for rental subsidies. Subsidies often weren’t obtained until September.

The CERS is a new rent subsidy program replacing the Canada Emergency Commercial Rent Assistance (CECRA) effective Sept 27th, providing rent subsidies directly to businesses, rather than landlords. It will support businesses, charities, and non-profits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65% of eligible expenses until December 19, 2020. Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020. A top-up subsidy of 25% for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority will also be available in addition to the 65% subsidy.

In Victoria, the retail and foodservice industry has suffered reprehensible and long-term damage. Restaurants are having a tough go at keeping open. Oftentimes a business will run at a loss if it opens for business at reduced capacities. Each month, more and more vacancies are appearing. While brick & mortar retail has been on a downward trend for the past decade, the acute and sustained nature of COVID-19 serves as a major blow. Going into Spring 2021 we will see a very different retail landscape. Perhaps an opportunity for some businesses to secure prime retail spaces at reduced prices.

Investment activity remains low in Victoria. The most recent landmark sale remains Tillicum Center by Anthem Properties of Vancouver for $110M in 2019. In addition, the sale of First Capital Realty’s portfolio included Langford Centre.

In the downtown core, new office and multi-family developments continue to provide upgraded retail options as well as an ongoing expansion of the traditional retail core. For example, 1515 Douglas and 989 Johnson providing prime retail opportunities. In terms of new development, Langford leads the way with the completion of Crombie REIT’s Belmont market which added 160,000 SF of regional retail space for Thrifty foods, Anytime Fitness, and Scotia Bank.

Industrial

Industrial remains resilient despite the COVID-19 pandemic. Warehousing, construction, and technology continue to operate in the COVID-19 world. This asset class has felt the least impact. Long term leases, ultra-low vacancy, and ultra-low inventory.

Industrial sales volume was up 23% year over year to over $75M in 2019. The vacancy rate is at near 0% as existing industrial zoned land and business parks are at capacity. Tenants who are experiencing growth cannot expand or find relocations.

Once again, the Westshore is the Capital Regions growth centre with approx 225,000 SF of new industrial product for sale and lease at the Allandale business park which is located in Colwood. The 20 acre project is being undertaken by Omicron and Lotus Capital Corp.

Going into 2021 we will see continued demand and upward pressure on the $15 avg base lease rate. Sale transactions will be hard to come by as landlords enjoy their stable income producing properties.

Office

Office has experience some headwinds globally for the past decade. The COVID-19 pandemic further pushed organizations and employees to work remotely, from co-working spaces, or from home. The vacancy rate of 6% is in-line with long term averages. The stability of Victoria’s office market can be largely attributed to the public sector.

Telus announced that it will construct 117,000 sqft of office space for itself at the Apex site in Downtown Victoria, 767 Douglas Street. The City of Victoria opted to proceed with a development planning process and a land sale that ultimately saw partners Aryze Developments and TELUS co-operate on the TELUS Ocean concept.

Merchant House Capital is underway with the Victoria Press Building (old Times Colonist building). This will see approx 75,000 sqft of new office space.

The Victoria office Market has historically been dominated by the province and JAWL properties in Victoria. 2021, like 2020, will likely see no new office developments in the downtown core. The completion of Capital Park by JAWL/Concert has added 107,000SF of new supply for the province. The technology sector is also a main driver of office leasing, accounting for 25% of activity in 2019. The suburban markets of Saanich, Langford, Colwood are seeing some modest construction with approx. 140 thousand SF of space to be delivered in 2021/22.

Notable sales for 2019 were the 180K SF Gateway Technology Park acquired by Headwater. Downtown transactions included the 56K SF international house for $23.6M and 39K SF 780 Blanshard St was purchase for $14.6M by Reliance Properties of Vancouver.

Victoria Development Tracker Map

Knowledge is power. Get the latest information on active applications for development permits, rezoning, heritage alterations and more in an easy to use map and list.

Explore Applications