Chard Development announces first-of-its-kind, 8% below market opportunity to Victoria homebuyers

Chard Development Ltd. is pleased to announce a first-of-its-kind real estate development for the City of Victoria. Vivid at the Yates, a 20-storey, mixed-use residential tower will offer one and two bedroom condominiums at a discount of 8% below current market value, exclusively to end users. All purchasers must commit to living in the suite for a minimum of two years and must demonstrate a household income of less than $150,000.

A significant contributor to Victoria’s residential growth, Chard Development has a long-standing history of creating homes for a diverse group of people. From 36 luxury condominiums at The Sovereign, to 209 rental suites now under construction at Yello on Yates, Chard award-winning development projects have spanned the housing continuum. The introduction of Vivid at the Yates, Chard demonstrates its ongoing commitment to building a diverse, vibrant and sustainable downtown community.

In an effort to create an obtainable offering exclusive to end users, purchasers at Vivid at the Yates must commit to living in the suite for a minimum of two years. Purchasers must also provide proof of household income below $150,000 per year, put down a 10% deposit, and must demonstrate sufficient financing.

“At Chard Development, we have always been committed to buiding Victoria in a sustainable and economically viable way through a range of housing types,” said David Chard, President, and CEO of Chard Developments. “With the introduction of Vivid at the Yates, we are clearing the way for new homebuyers who may otherwise be priced out of the market, to gain a foothold within the thriving Victoria real estate market.”

Chard Development and it’s partners will be able to offer units to the qualified homebuyers at an 8% discount below current market value.

Vivid at the Yates will include 135 one and two bedroom condominium homes priced from approximately $275,000 to $550,000 and will be available for purchase by qualified buyers beginning in October.