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

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