Joyce Anne Mmbando and fiancé Declan Midwood stand in front the building site that will eventually be their home at the Vivid at the Yates. The young couple, along with Midwood’s brother Caelan, have bought units in the development, which is targeted for completion sometime in early 2021. Don Descoteau/Victoria News

HOMEFINDER: Victoria condo project offers investment opportunity

Below market prices at Vivid at The Yates appealed to young Victoria couple

It’s true that for some buyers, the below-market prices on offer for units in the Vivid condominium project just getting started on Yates Street have provided a good incentive to get into home ownership in Victoria.

For brothers Declan and Caelan Midwood, current roommates in downtown Victoria whose family have bought units in other Chard Development buildings, the situation presented a medium-term investment opportunity. Not to mention a central, handy place to live.

Declan, 25, is an articling law student working for a nearby Victoria firm, looked at comparable builds and liked the combination of quality and value the project offered. While it isn’t projected to be completed until early 2021, he likes the potential for it to gain in value between now and then.

“[We found] that what they had assessed these units at was very conservative,” he said. He added that when the two-year covenant ends mandating that owners live in Vivid units for a minimum two years, it should provide a nice nest egg. “For that and a few other tax reasons, it was very attractive. It looked like a lovely place to live and a desirable place to be. It’s a very good investment where you’re almost guaranteed a high rate of return.”

He and fiancée Joyce Anne Mmbando plan to move into their second-floor suite together, unlike Caelan, who’ll be on a higher floor.

Currently an SFU engineering student doing a co-op term with a local engineering firm, Caelan says he’s been abroad for much of the last number of years with his family and is looking forward to creating a home for himself in Victoria, which he sees as a hub of activity in his line of study.

“After six years of schooling and not having a nice, consistent place to live – it’s going to be nice to know I don’t have to move every six months,” he said. “Nowadays it’s really good to lock down a position and be able to say to an employer, hey “I’m local, I’m not going anywhere.”

For more details on Vivid, visit charddevelopment.com.

editor@vicnews.com

Just Posted

10 bags of donated Christmas toys stolen from Salvation Army

Victoria location reported theft to VicPD on Dec. 11

More storms brewing for Greater Victoria

Police warn drivers and pedestrians to use precaution during expected rain and winds

Capital Regional District moves pipeline to save up to 50 trees

Move comes after short but intense lobbying efforts from Grange Road residents

Downtown Victoria Business Association believes in the value of Christmas lights

The general public have mixed feelings after city council motioned to reevaluate decoration costs

Former Peninsula hockey coach hit by car in Beijing

Both legs broken, friends set up GoFundMe to bring him home for Christmas

VIDEO: Ballet Victoria’s take on the The Nutcracker tours Vancouver Island and the Mainland

Performances in Revelstoke, Coquitlam, Chilliwack and Victoria

POLL: Are you dreaming of a white Christmas?

The rain Vancouver Island is famous for is coming down in buckets,… Continue reading

B.C. businesses evacuated due to emailed bomb threat, also received in U.S.

Penticton and Comox Valley businesses evacuated Friday morning

Police respond to alleged bear-spray threats in Vancouver Island park

A number of Comox dog owners have reported their off-leash dogs being threatened with bear spray

B.C. man linked to human remains probe gets absolute discharge on unrelated mischief count

Curtis Sagmoen was in Vernon Law Courts Dec. 13 for a mischief trial

Tilray names several former politicians to international advisory board

Many former politicians and political operatives have made a foray into the legal pot industry

Supreme Court upholds Canada’s right to reargue facts in assisted-dying case

Julia Lamb and the B.C. Civil Liberties Association are spearheading a challenge of the law

B.C. company facing several charges in 2017 chicken abuse case

CFIA investigation leads to 38 charges against Elite Farm Services and Ontario-based Sofina Foods

Woman forcibly confined, sexually assaulted between Creston and Cranbrook

The suspect forced the woman into her vehicle before driving along Highway 3

Most Read