Quick Summary
Greater Victoria is quietly undergoing one of its biggest housing transformations in decades. Five large residential projects — Evergreen Terrace (Blanshard Courts), Harris Green Village, One Victoria Place, Bayview Place (Roundhouse Tower 4), and Dockside Green — are reshaping where people live, shop, and work.
That means opportunity (and choices) for homeowners, sellers, buyers, and investors. Below I explain what each project is, why it matters for property values and neighbourhood dynamics, and practical tips for homeowners and buyers in Victoria, BC.
Why these projects matter for you
- More people + more services = local demand. Large residential buildouts bring residents who use local retail, restaurants, transit, and services — a long-term tailwind for nearby home values.
- Densification changes neighbourhood character. Expect improved streetscapes, new retail, and stronger transit but also different traffic and parking dynamics.
- New supply can stabilise rents and add buyer choice. Rental-heavy projects help rental availability; condo and master-planned releases create fresh inventory for buyers.
- Location matters. Projects clustered near downtown, waterfront, or transit typically create faster value uplift than those further out.
1) Evergreen Terrace — the Blanshard Courts transformation
What it is: A multi-phase redevelopment of the old Blanshard Courts (Evergreen Terrace), proposed to deliver roughly 900 units across a 7.8-acre site along Blanshard/Hillside. The plan mixes market rental, low-income replacements, and non-market/supportive units and will be rolled out over several years.
Why it matters for homeowners & sellers:
- Repositioning a large parcel like this typically brings new retail, upgraded sidewalks, and transit improvements that can materially lift neighbourhood livability and desirability.
- For sellers in Hillside/Quadra and nearby areas, “new neighbourhood amenities” will become a selling feature over time.
- For investors and buyers, this is an early signal that the city is intentionally adding density here — smart long-term buyers will watch infrastructure and transit changes closely.
Practical takeaways:
- Sellers: emphasize future amenity uplift in marketing (e.g., “near upcoming Evergreen Terrace redevelopment”).
- Buyers: expect multi-year construction phasing; consider noise and traffic during construction but potential value upside after completion.
- Investors: evaluate rental demand, unit mix (studios vs. family units), and which phases include commercial/retail that support long-term neighbourhood health.
2) Harris Green Village — downtown’s largest residential project
What it is: Harris Green Village is a major multi-phase, mixed-use redevelopment in downtown Victoria that will add well over 1,500 units across multiple towers, plus significant retail/commercial space and public open space. Phase 1 alone adds hundreds of rental suites and ground-floor retail on the 1000 block of Yates Street.
Why it matters:
- This project will bring thousands more residents into the downtown core — supporting restaurants, cafes, grocery and retail, and helping stabilise the rental market.
- It signals municipal priorities: downtown densification, walkability, and mixed-use planning. That can redirect buyer interest toward newer, amenity-rich urban housing.
Practical takeaways:
- Sellers in downtown condo markets: expect renewed buyer interest for newer, high-amenity buildings; weighting pricing against new comparable stock is important.
- Buyers: if you prefer urban living, watch early tower releases and amenity packages; for investors look at rental yields once initial phases lease up.
3) One Victoria Place — a proposed 35-storey tower
What it is: A proposed 35-storey tower at 1520 Blanshard Street with roughly 321 homes — if built it would be among the tallest buildings on Vancouver Island and reshape the downtown skyline.
Why it matters:
- This is a clear shift toward taller, high-rise living in Victoria’s core. Towers like this pull demand toward modern, high-amenity units with views and can raise comps for newer condo stock.
- For sellers of older condos, new high-rise inventory may shift buyer expectations around finishes, concierge services, and shared amenities.
Practical takeaways:
- Sellers: stage and price with awareness that buyers may compare your unit to newer, amenity-rich offerings. Highlight unique advantages (location, floor plans, larger bedrooms, outdoor space).
- Buyers: consider long-term outlook — high-rise inventory increases choice but premium views and walkability retain appeal.
4) Bayview Place — Roundhouse (Tower 4)
What it is: Bayview Place is a long-running master-planned community in Vic West. Tower 4 (the Roundhouse component) is a 25-storey building with roughly 181 units and is part of a broader waterfront redevelopment including retail, heritage restoration, and public spaces.
Why it matters:
- Vic West is rapidly becoming a top lifestyle neighbourhood — walkability, waterfront trails, and quick ferries/transit to downtown add strong lifestyle value. Master-planned communities often hold value well because of cohesive design and long-term community investments.
Practical takeaways:
- Sellers in Vic West: market proximity to waterfront paths, new retail, and family-friendly design.
- Buyers: master-planned neighbourhoods are great for long-term lifestyle buyers and investors seeking steady appreciation.
5) Dockside Green — sustainability at scale
What it is: Dockside Green is an established, multi-phase waterfront community in Vic West that emphasizes sustainability — district energy, wastewater treatment, and a LEED-style neighbourhood approach. Additional phases continue to add homes and retail.
Why it matters:
- Dockside sets the bar for modern, sustainable neighbourhoods on the Island. For eco-minded buyers, Dockside remains a premier option; for surrounding areas, it’s proof of how industrial land can transform into high-value residential communities.
Practical takeaways:
- Sellers: emphasize Dockside’s sustainability features and local amenity access when marketing to green-minded buyers.
- Buyers: Dockside offers quality-of-life plus strong resale appeal among certain buyer segments (professionals, downsizers, environmentally conscious households).
How to use this intel (advice for buyers, sellers, and investors)
If you’re a seller:
- Update your listing copy and marketing to include nearby planned projects and infrastructure improvements — buyers respond to future amenity promises (transit upgrades, new retail, parks).
- Ask your agent for a comps analysis that includes new developments — new towers affect comparable pricing for 3–5 years after completion.
If you’re a buyer:
- Decide whether you want to be near growth (closer to amenities, potential appreciation but construction noise) or slightly outside (quieter, may still benefit indirectly).
- Watch phase timelines: some value uplift occurs during later construction and once retail/amenities are operating.
If you’re an investor:
- Rental-heavy developments (e.g., Harris Green phases, market rental in Evergreen Terrace) can ease market tightness and stabilise yields over time — analyze unit mix and expected rent levels.
- Master-planned and waterfront projects often outperform during normal markets but can be pricier to enter — look at cash flow vs. long-term appreciation.
What to watch next (timelines & signals)
- Rezoning and development permits — when permits are approved, timelines tend to firm up.
- Construction starts and phase completions — retail openings and new transit/street upgrades are the real catalysts for neighbourhood uplift.
- Occupancy and leasing data — early lease-up rates for rental towers are a strong indicator of near-term demand.
Final thoughts
Greater Victoria is entering a period of meaningful, city-directed growth. For homeowners and sellers this means both opportunities to highlight new local amenities and a need to remain market-aware when pricing. For buyers and investors, the projects above represent clear signals about where the city is prioritizing density, services, and transit — and those signals often translate into appreciation over time.
If you want a tailored analysis of how any of these projects could affect a specific property (neighbourhood comps, potential uplift, or how to position a listing), please reach out to our team, North Pacific Homes Group, eXp Realty, we monitor local development approvals and price trends so you don’t have to. Get in touch here.
Sources & further reading
Evergreen Terrace: https://letstalkhousingbc.ca/victoria-evergreen-terrace
Harris Green Village: https://www.harrisgreenvillage.com/
One Victoria Place: https://www.onevictoriaplace.ca/
Bayview Place: https://bayviewplace.com/
Dockside Green: https://www.docksidegreen.com/
Disclaimer: This video is for informational purposes only and is not affiliated with or endorsed by any developers. All details are based on publicly available information and may change.
Thanks for being here,
Alex Hughes, REALTOR®, Personal Real Estate Corporation — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
Ricki-Lee Jewell, REALTOR® — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
Steven Reilander, REALTOR® — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
