Monterra Builders is building an 84 multi-family townhome project in Cumberland. Phase 1, consisting of 12 units is now occupied by the new owners. Phase 2, which includes 11 townhomes will be ready for occupancy in October. Construction is ongoing for Phase 3 through 5 for an additional 35 units. The project is expected to be completed in August of 2019. Prices of the units range from $381,900 to $399,900. Sales have been brisk, with 56 of the 84 units sold. Fifteen units are currently under construction.
“The Victoria Census Metropolitan Area (CMA) housing starts trended higher in August on elevated multi-family construction. A large majority of the starts were in Langford, concentrated in rental projects. Year-to-date starts were up 32% in 2018 from 2017,” said Braden Batch, CMHC’s senior analyst. “The increase in starts was not reflected in the single-detached numbers, which were down 5% year-to-date.”
Construction activity on Vancouver Island continued at a robust rate during the April to June 2018 period (second quarter) with the total value of building permits issued reaching $806.9 million — a 42 per cent gain over the first quarter of 2018.
Total spending on residential construction spiked 45 per cent Island-wide to $698.2 million while non-residential building construction increased 23 per cent to $108.6 million. Construction employment increased by 8.6 per cent Island- wide in the first half of 2018. Victoria led the way with 1,800 more workers on the job in the second quarter.
Compared to 2017, the 2018 second quarter construction values for the North-Central Vancouver Island communities of the Comox Valley and Campbell River have increased by 54% or $51 million. Construction of multi-family residential units and commercial builds have contributed to the majority of the increases.
Multi-family residential units, including duplexes and triplexes, surged ahead with 139 units for Courtenay (22 units last year second quarter), 109 units for Campbell River (49), and 23 units for Cumberland (the first multi-family builds since 2011).
Their clients choose the Comox Valley because of the West Coast lifestyle, the friendly community, the amenities, the activities, the scenery and more. They also come from many different places, including Metro Vancouver, other parts of BC, Alberta, Ontario and of course, some Comox Valley residents have relocated to The Ridge.
All 15 new townhomes in Phases 1 and 2 at Parkside Lifestyle Homes in Courtenay are now sold. Phase 3 of the Phase 4 project will consist of eight duplexes and townhouses, and these are now available at pre-construction pricing.
The new, two-storey homes in West Courtenay are approximately 1,220 sq. ft. in size and will include the following features: three bedrooms, 2.5 bathrooms, an open-style living room and kitchen, a gas furnace, gas BBQ hookup, six appliances, a window covering package, a garage, two outdoor patios, oversized crawl spaces, landscaping and more.