Saanich Ridge Estates breaks ground in Central Saanich

Homebuilders with an idea about what families are looking for, appear to have been right on the mark with a new residential neighbourhood called Saanich Ridge Estates.

Already, the first phase of 16 three-bedroom homes have been spoken for and the builders have broken ground, preparing the foundations for this unique development on the Saanich Peninsula.

Saanich Ridge Development Ltd. and Rayn Properties are working with Skyire Home Financing to build these new homes — and help families pay for them. With plans for up to 120 new homes in Central Saanich, they’re anticipating brisk demand from people wanting to buy a house, not just a condo or townhome.

Saanich Ridge Development Ltd. President George Lawton is heading up the project.

Saanich Ridge came about as a result of the companies looking for new options for families in the region, especially after witnessing the success at the Tsawwassen Shores project in the lower mainland.

The company said market studies revealed the people are typically looking for three-bedroom houses at an affordable price point. So, they have come up with three main designs — homes at 2,686, 2,505 and 2,387 square feet (with a five bedroom option in the works) — that include one bedroom suites as mortgage helpers. Each home is designed and its components built off site. They are being designed with plenty of features and for the idea of a peaceful community. Once the foundations and other services are in, the parts are brought to the development and built in place.

The entire process — from purchase to construction and then move-in, could take as little as three months.

The quick sell-out of their first phase is good news for the builders. They are able to break ground and then focus on the next phase — another 24 units — followed by future expansion.

The entire project is being built on land at the Tsawout First Nation. The company and the First Native have agreed to a 999-year lease of the property — with occupation extensions scheduled every 20 years.

The developers are calling it a ‘Millennium Lease’, allowing a family to potentially hold onto a property for those full 999 years.

They also describe their agreement with the Tsawout as pre-paid leaseholder ownership, with title insurance in place and each property acting essentially as fee simple land.

Homeowners are free to buy and sell their home, are are subject to the normal real estate market ups and downs.

The site they are building on has been earmarked for further commercial development. The Tsawout First Nation has been looking to develop the area for years, however that last commercial shopping area proposal fell through for a variety of reasons, including the need for an expensive highway overpass.

Access to Saanich Ridge Estates, which sits east of the Pat Bay Highway between Mount Newton Cross Road and Island View Road, will be via a north-bound turnoff, north of Island View Road.

Access is also made along Mount Newton Cross Road as it enters the Tsawout First Nation. The builders are currently working on repaving and servicing plans for the site.

The builders say there are few opportunities to own a new home like this on the Saanich Peninsula, but they feel their price point and financing options, present a good start for families looking for a house.

New homes at Saanich Ridge Estates start at $619,900. Skyire is also offering two financing options. One is HomePlan, which that allows people to put one per cent of the asking price down, in a three-to-five-year right-to-purchase option. This helps people save money for a full deposit on a home. The second option is for people who can afford to put 10 to 20 per cent towards a down payment.

More details on these plans, as well as information on the project itself, are available at saanichridge.ca.

 

Just Posted

Foot found near Victoria belonged to missing Washington man

No foul play suspected in death of Stanley Okumoto, 79

Snow cancels, alters transit routes across Greater Victoria

Buses will not be stopping on steep hills, says BC Transit

Man surprises trial, claims responsibility for Saanich sex assault

Fellow inmate of accused David Hope claims responsibility

WATCH: Do you recognize this sexual assault suspect?

Victoria police release new footage suspect in Bay Centre attack on young girl

‘Where the hell are the environmental monitors?’ says Colquitz activist

McKenzie construction continues to pollute Colquitz

VIDEO: Top 10 B.C. budget highlights

The NDP is focusing on childcare, affordable housing and speeding up the elimination of MSP premiums

Two Haida men detained for crossing U.S.-Canada border

Edenshaw and Frisby travelled from Alaska to Prince Rupert for the All Native Basketball Tournament

Alberta takes out full-page ads in B.C. over strained relationship

It’s the latest move between the two provinces over progress on Trans Mountain pipeline expansion

B.C. teacher suspended over allegedly using N-word in worksheets

Trafalgar Elementary teacher under investigation by Vancouver School Board

Toddler swept away in Ontario floods

Toddler missing as flooding forces thousands from their homes in Ontario

Inside the Olympic performance of the Island’s Teal Harle

Islander finishes fifth in Olympic Men’s Slopestyle final in Pyeong Chang

BC BUDGET: New money helps seniors’ care shortage

Job stability for care aides key to recruitment, union leader says

Mixed messages on B.C.’s efforts to cool hot housing market

Economist says undersupply of homes in Metro Vancouver, Victoria and Kelowna will keep prices high

Questions raised over B.C. NDP’s childcare budget plan

Advocates concerned how to fill 22,000 new spaces for early childhood educators

Most Read