The name 'University Heights' might suggest student living – but many Vancouver Island students argue the prices say otherwise.
With some of its new residential units now hitting the market, the long-awaited redevelopment at 1520 McKenzie Ave. — near the University of Victoria — is beginning to reveal its true cost – and for many renters in Saanich, especially students, it’s a tough pill to swallow.
Studio apartments in the five-building complex start at $1,800 per month, climbing as high as $2,075. One-bedrooms range from $2,360 to $2,810. Two-bedroom units fall between $3,375 and $3,700, while a three-bedroom is listed at $4,175.
Those prices are above the current average for rentals in the region.
In June, , with one-bedrooms averaging $2,035 and two-bedrooms at $2,708 – meaning the new complex’s rates exceed those benchmarks by hundreds of dollars.
to voice their thoughts on the rental prices.
"No student I know is either willing, or even financially capable, of paying those prices. 1,800$ a month for a studio where the bed is legit right next to the stove? Give your head a shake," said Reddit user Downloaded-rice.
And while the location – at the corner of McKenzie and Shelbourne – makes for an easy commute to UVic, downtown, or up-Island via Highway 1, the prices are leaving many wondering how students will be able to afford the rent.
"I think the new businesses are really going to be great for student living," said Saanich resident Sean Stanley. "However, I think the costs are a little steep for the average university student."
Stanley, who moved to the area in 2012, has watched the transformation of the former University Heights shopping centre unfold over the last few years. For him, the shift has been both impressive and jarring.
"I remember going to the old Save-On-Foods there – it was a staple spot for us," he said. "It was due for a makeover, and we’ve really enjoyed watching the process of the new builds. But when I was going to university in 1987, I was penny-pinching. I really couldn’t imagine the difficulties now."
The five-building $230-million project, which will feature nearly 600 rental units, has dramatically altered the look and feel of the area.
Most of the old structures – originally built in the 1970s and ’80s – were dismantled in 2022, with only the Home Depot building from 2005 remaining. The updated commercial footprint now totals more than 196,000 square feet.
Greystar, the developer that took over after Wesbild Homes launched the initial application in 2017, partnered with Devon Properties and University Heights to complete the development. According to University Heights’ website, the first batch of units is ready for leasing.
On the retail side, University Heights will bring in a mix of grocery, banking, dining and wellness services.
Tenants expected to open starting fall 2025 include Save-On-Foods, Shoppers Drug Mart, Chipotle, Scotiabank, Kinton Ramen, Firehouse Subs, Supplement King, OPA! and Ono Poke.
The development has generated buzz in the neighbourhood for its modern design and density – but for those looking to live there, the buzz may be dampened by the bottom line.
Greystar, Devon Properties and University Heights were contacted for comment but did not respond.
