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The tranquil community of Qualicum Beach in Vancouver Island’s central region is getting a five-storey development, providing 50 one- and two-bedroom rental suites.

This is the tallest residential development in the town and is expected to be complete in early 2025.

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The development has a similar-sized building alongside the rental units that will contain 18 larger, for-sale strata units.

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The wood framing for the buildings that run along Second Avenue East between Fir Street and Berwick Road is almost complete. Across the road from the development, on Berwick Road, is a brew pub and a boutique butchery.

According to the website for Qualicum East Village, the suites will be rented for three-years terms with an option to renew for a further three years. Each year, the rental price will go up, according to the rate of inflation as set by the B.C. government.

The first year’s rent for a suite will range from $2,500 to $3,200 a month.

Qualicum Beach is a short drive from Parksville and a 45-minutes drive north of the Port of Nanaimo.

The City of Parksville has the oldest population per capita of any city in Canada with 44 per cent of residents aged 65 and over, with the Town of Qualicum Beach having a similar age breakdown.

This is due in part to the weather in the region and lovely beaches that draw retirees from across Canada.

B.C. Assessment Authority data shows that the assessed value of a single family home in Qualicum Beach jumped 44 per cent between June 30, 2020 and July 1, 2022.

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