Located in beautiful Langford, BC- a short drive to downtown Victoria, Langford Tower will be the newest addition to BC’s fastest growing community and offers affordable homes for homeowners and an exceptional turn-key investment opportunity for investors.
Langford Tower is being developed by an experienced Georgie Award winning development team. A variety of floorplans are being offered with spacious layouts. The condominiums in Langford Tower boast a beautiful landscaped courtyard and excellent views.
Western Canadian Properties Group Ltd. is pleased to offer all Langford Tower suite owners the opportunity to participate in a full turn-key optional rental management program at a discounted bulk fee – a 60% savings.
Western Canadian Properties Group Ltd. has partnered with Pemberton Holmes Ltd. – a property management company serving the Vancouver Island area since 1887. Pemberton Holmes specializes in both strata management and rental management – an experienced management partner. Their experience is all about protecting the value of the property and the financial return derived from that property.
1. Fastest Growing Municipality in British Columbia
Langford, in Greater Victoria, is British Columbia's fastest growing municipality with population growth of 30% from 2011–2016. Population is projected to increase 123% from 2001–2026: a leap of 18,840 (2001) to an estimated 42,100 (2026).
(Source: City of Langford, 2017).
2. High Median Household Income
Median household income in Langford was $79,185 in 2011 compared to the Victoria Capital Region's median of $58,648.
(Source: Statistics Canada NHS 2011).
High household income and a growing young population make this the ideal community to capitalize on a large number of tenants.
3. Low Vacancy Rate
According to CMHC Rental Market Survey dated October 2017, the vacancy rate for 1 bedroom was 2.5%; and 1% for 2 bedrooms, with an average 1.5% vacancy rate.
4. Strong Real Estate Market
Condo apartment prices are up 10.91% from July 2017. Condominium units spent the least amount of time on the market before selling in the price range of $275K - $350K during the second quarter. The median number of days was 14 in Q2 2018 up from 12 days in Q2 2017. Months of inventory of condominium units were 1.9 at the end of the second quarter of 2018. This was up from the 0.9 months recorded at the same time a year earlier.
(Source: Canadian Real Estate Assoc, Market Conditions, June 2018)
5. Strong Rental Demand
The average rent for 2-bedroom rentals built in 2000 or later is $1,300.
(Source: CMHC Rental Market Survey October 2017)