3800 Finnerty Road

A 240-unit, 18-storey student housing project at 3800 Finnerty Road on the University of Victoria campus has received an extended development variance permit from Saanich council. The DVP— which was required for height, parking, and bicycle parking variances—was approved unanimously, accompanied by a condition allowing up to 48 months to begin construction. The 510-bed residence is designed to address UVic’s student housing shortfall, but the project was stalled after provincial funding was withdrawn. The extended permit keeps the approvals alive while UVic pursues reinstatement of that funding. The project sits entirely within the Saanich portion of the bisected campus, subject to that municipality’s land-use regulations. The funding uncertainty is the critical path variable: without provincial capital dollars, construction will not proceed regardless of the DVP’s extended life. Council’s unanimous support and the highly constrained nature of institutional development on campus reduce political risk, but the 48-month window—while generous—is effectively a holding pattern. The Council also resolved to urge the province to reinstate the funding, a motion that carries no legal force but signals municipal buy-in. Nearby, Greystar’s 600-unit University Heights rental and retail redevelopment is nearing mid-2026 completion, adding significant purpose-built rental supply to the immediate area. That project and the UVic residence are distinct markets, but the University Heights delivery demonstrates the corridor’s capacity to absorb large-scale residential construction. For the UVic project, the timeline remains contingent on a single funding decision; the DVP provides a breathing space, but no start date is forthcoming until the province re-engages. The Times Colonist (https://www.timescolonist.com/local-news/saanich-votes-to-keep-240-unit-uvic-housing-project-alive-12241599) and CHEK News (https://cheknews.ca/saanich-calls-on-province-to-reinstate-funding-for-510-bed-uvic-student-housing-building-1322966/) both reported the unanimous vote and the funding impasse.

A 240-unit, 18-storey student housing project at 3800 Finnerty Road on the University of Victoria campus has received…