If you're considering a purchase at Regents Park (1010 & 1020 View Street in Victoria), there's one crucial piece of information you need to factor into your decision. The strata is currently reviewing options for a major building envelope renewal — and it comes with a significant special levy, pending owner approval.
This article is intended to provide transparency and help all parties make informed decisions.
The project under consideration includes:
The goal is to address aging components, improve energy efficiency, and protect the building’s long-term structural integrity.
There are multiple options on the table — with some engineers estimates in the $20M+ range for the full scope, pending the owners vote. That could translate for the potential of individual levies between $95,000 and $200,000 per unit, depending on the floor plan and financing method.
The current estimate is $22.5M and will soon be proposed to owners, to proceed with a contractor tendering and bid. The project requires a 3/4 majority vote to proceed. If it doesn’t pass, repairs may be deferred or alternative approaches considered.
Despite the current Contingency Reserve Fund (CRF) having over $3M, this is not enough to cover the scale and scope of this project. Furthermore, the strata council will always want to maintain at lease $1M in cash reserves at all times.
As part of the proposed Building Envelope Project (BEP) at 1010 and 1020 View Street, owners should anticipate a significant special levy. Based on the preliminary engineering reports the estimate is $22.5 million, here’s a breakdown of expected contributions per unit type:
These figures are estimates only and may change based on the final scope, tendering process, and inflation.
For buyers, major building renewals can be an opportunity. Once complete, these upgrades typically improve comfort, energy efficiency, and long-term property value. This is especially relevant for those planning to own long-term.
If you’re considering a purchase in Regents Park, this is relevant for your budgeting and decision-making.
Many buyers view major renewals as an opportunity to purchase before improvements are complete, potentially benefiting from the upgrades without paying the full market premium afterward.
If you're planning to sell at 1010 or 1020 View Street, be prepared: the upcoming special levy will likely impact your sale price. Buyers are factoring in estimated costs, and offers may reflect that. Transparency is key — sellers are required to disclose known assessments and upcoming projects. While market values may soften in the short term, there’s still opportunity for smart, well-timed sales with the right pricing and strategy.
As of now, no final decision has been made, but the vote and levy issuance are expected in the near future (as early as 2026). Buyers should review Form B documents, AGM minutes, and engineering reports (depreication and building envelope condition assessment) closely.
Dustin Miller is the managing broker of 8X Real Estate. When he's not on the road, he is on his computer looking at real estate. You can often find Dustin at his office enjoying a bowl of won-ton soup.
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