The calm community of Qualicum Beach in the central area of Vancouver Island will have a five-story building with 50 one- and two-bedroom rental apartments.
This is the highest residential building in the town and is projected to be finished in early 2025.
The building includes an additional structure with 18 larger strata units that will be for sale.
The wooden framework for the buildings near Second Avenue East, between Fir Street and Berwick Road, is nearly finished. Across the street, there is a brew pub and a boutique butchery on Berwick Road near the development.
According to the website for Qualicum East Village, the apartments will be available for three-year leases and can be renewed for another three years. The rental price will increase each year based on the inflation rate set by the B.C. government.
The initial rent for a unit will range from $2,500 to $3,200 per month.
A five-story building solely for rentals is being constructed in Qualicum Beach, Vancouver Island, as of March 31, 2024.
Qualicum Beach is a short drive from Parksville and a 45-minute drive north of the Port of Nanaimo.
Parksville has the highest proportion of elderly residents in Canada, with 44 percent of the population aged 65 and above, and Qualicum Beach has a similar age distribution.
The pleasant weather and beautiful beaches in the area attract retirees from all over Canada.
Data from the B.C. Assessment Authority indicates that the assessed value of a single-family home in Qualicum Beach increased by 44 percent from June 30, 2020 to July 1, 2022.
This was partly due to people relocating from larger communities during the COVID-19 pandemic and the historically low interest rates.
As of March 2024, the benchmark price of a single-family home in the Parksville-Qualicum Beach region was $845,000, a three percent rise from February 2023, according to the Vancouver Island Real Estate Board.
Property taxes in the Town of Qualicum Beach are set to increase by 30 percent between 2024 and 2028.
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- Ten bungalows in Port Moody have been rescued from demolition and will be relocated to the Shishalh Nation.
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