Based on the recent Canada Mortgage and Housing Corporation’s annual report on the state of Canada’s rental market, CBC reports that a surge in demand pushed Canada’s rental market to its tightest level in two decades last year, with the vacancy rate in purpose-built apartments dipping below 2% and rent for new tenants going up by 18%.
Another city report indicated that there was a huge need for more rental housing options across the Capital Regional district. Despite the growth in the stock of purpose-built rental housing, the proportion of rental households in Colwood was growing. As of 2018, the rental vacancy rate was zero, meaning there were virtually no vacant units available for rent.
This is why Monarch Apartments, Skyline Living’s newest development in Colwood, BC, is attracting a lot of attention from apartment searchers on both the mainland and across Vancouver Island.
Built by District Group and managed by Skyline Living, this five-storey property is located at 3554 Ryder Hesjedal Way, home to The Seascape amenity space and a wide variety of bachelor, one-bedroom, and two-bedroom suites.
Offering eight exceptional open-concept floor plans, these units feature in-suite laundry, large bright windows, and a full stainless steel appliance package. Designed to be the social heart of the complex, The Seascape amenity space includes a social lounge with TV, outdoor patio, and secure indoor bicycle storage for tenants’ adventures nearby multiple nature trails, parks, and beaches.
“We aren’t surprised by the far-reaching interest in these brand-new rental apartments,” said BJ Santavy, Vice President, Skyline Living. “The location is perfectly situated just far enough away from urban sprawl to capture all the friendly connections and social potential of a coveted coastal town in British Columbia, while still offering all the modern-day necessities like groceries, restaurants, parks, schools, and services just minutes from their front door and a quick commute into Victoria.”
Prospective tenants will be able to enjoy the new-home experience of selecting their view and floor plan that is seldom available in the rental housing industry.
Monarch Apartments’ model suite is now open. Pre-leasing has begun, and the projected occupancy date is Spring 2023. Those looking for a peaceful, yet active lifestyle in Colwood within commuting distance to Victoria are encouraged to learn more at Monarch Apartments or by calling at (778)
About Skyline Living
As one of Canada’s most prominent apartment rental providers, Skyline Living exists to provide safe, clean, and comfortable places for its residents to call home.
Providing homes in over 50 communities across Canada, Skyline Living is an industry leader in customer service, environmental stewardship, and community giving. It works to create and maintain thriving, vibrant communities for its valued tenants, employees, and the neighbourhoods in which they live and work.
To learn more about Skyline Living, or for rental inquiries, please visit skylineliving.ca.
Skyline Living is a part of Skyline Group of Companies.