Victoria’s aging population of well-off downsizers, a severe shortage of rental homes and other market pressures are spurring developers to build hundreds of new rental apartment units, stakeholders and experts say.
Downtown Victoria’s Hudson District was abuzz with activity on Thursday evening as development firm Townline held a block party at the Victoria Public Market in celebration of the burgeoning community.
Victoria’s newest purpose-built rental housing officially launched on Wednesday, adding desperately needed units to a city grappling with a 0.5 per cent vacancy rate.
The leasing centre for Townline’s latest development in the Hudson District has been open only a few days, but the new 106-unit residential rental building is already 55 per cent leased.
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