List of Short Term (Transient Zoned) Rentals in Victoria 2018

As of 2018 the City of Victoria has banned any new Transient Zoned (30 days or less) buildings in Victoria. The only ones still allowed are buildings that had existing transient zoned status and have been grandfathered in.

Here is a list of buildings in Victoria that allow short term (Airbnb, VRBO, Homeaway, etc) rentals:

  • 751 Fairfield (Astoria)
  • 728 Yates (Era)
  • 562 Yates (The Oriental)
  • 595 Pandora
  • 528 Pandora (Union)
  • 409 Swift (Mermaid Wharf)
  • 456 Pandora (Janion)
  • 599 Pandora (above Mtn E Co-op)
  • 610 Johnson (Monaco)
  • 1602 Quadra (Palladian)
  • 770 Fisgard (Hudson – 30 day min)
  • 732 Cormorant  (Corazon)
  • 760 Johnson (Juliet)
  • 620 Toronto (Roberts  House)
  • 707 Courtney (The Falls)
  • 608 Broughton (Sovereign)
  • 601 Herald
  • 524 Yates (The Leiser)
  • 29 Songhees Rd

Please consult the City of Victoria for more information regarding short term rentals. If you are considering buying a Short Term Rental, our experts can show you available inventory. Contact Us Today.

Concrete vs Woodframe

When it comes to choosing a concrete vs woodframe building for your next condo investment there are some important things to consider.

  • Concrete has better soundproofing and insulation qualities
  • Concrete performs better in the event of fire or water damage
  • Concrete can be built taller, past 6 stories
  • Concrete is more expensive per square foot and takes longer to build.

Woodframe on the other hand is cheaper to build per square foot and woodframe buildings are much faster to construct. Concrete is the clear winner, however modern building technology has made woodframe much better than what we saw in the 1970s and earlier. If you find a great location and reputable builder, than woodframe is a sound investment. Generally however you will find concrete performing better both as a material and an investment.

 

Risks of Buying Presale

Although there are many advantages of buying a presale condo, like any investment, it is not without risk. Here are some disadvantages or potential risks of buying a presale condo or home:

  • GST/Taxes. On all new developments GST is due and can be a hefty bill come closing.
  • No guarantee of a mortgage. Typically lenders will only secure rates for 90 or 120 days, and it could be years before your presale is complete.
  • The view may not be exactly what you imagine. The showroom may sparkle and may even have a “fake” view backdrop in the window. Your unit could face a parking lot or another building if you aren’t careful.
  • The size may be smaller. Finished square footage allows for a margin of error. It’s important to manage your expectations here and also visualize how big or small your unit may be.
  • It takes time. A condo tower can take years especially if it includes excavation which is the longest and most uncertain process.
  • You can’t back out. If the market changes or your life circumstances change, you are committed to purchase.
  • Assignment rules. It can be hard to sell a presale condo depending on the assignment structure the developer has.

Buying a presale condo an be lucrative and a wonderful way to secure a brand new dream condo. However it is important to understand all the potential risks and consult with a licensed REALTOR® before the purchase.