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

Murdered and missing honoured at Stolen Sisters Memorial March in Victoria

‘We come together to make change within the systems in our society’

Public packs Victoria mosque during B.C.’s Open Mosque Day

‘The best way to deal with fear is to educate. That’s what we are trying to do here’

A breakdown of Oak Bay candidates’ campaign spending

A look at expenses, contributions during the 2018 municipal election

Turning pro on the Island

Pacific FC’s Brad Norris-Jones talks about his journey to pro sports in Victoria

Vancouver Island First Nations Youth Ambassadors deliver message to the United Nations

The delegation appeared at an event celebrating ‘the rich tapestry of global cultural diversity’

B.C. students win Great Waters Challenge video contest

Video, mural and song about saving the salmon claims the top prize

B.C. VIEWS: Power politics wins over rational energy policy

B.C Hydro continues to face interference on rates

PR firm suspends contract with former B.C. premier amid groping accusation

Edelman says in a statement that Campbell has served as a special adviser to the firm since last July

James says B.C. budget puts priorities on NDP’s poverty, environment plans

She said she expected the government’s poverty reduction and climate change strategies to be priorities in the budget

PHOTOS: Day 1 of the 2019 Canada Winter Games in Red Deer

Games kicked off in Red Deer this week

Ammonia leak shuts down curling club in Nelson

It’s not yet clear when the leak was detected

Pavelski’s 31st goal helps Sharks top Canucks 3-2

Vancouver one point out of second NHL wild-card spot

Eight cases of measles confirmed in Vancouver outbreak

Coastal Health official say the cases stem from the French-language Ecole Jules Verne Secondary

Most Read