Jun 5 (edited) • General discussion
$999,900-Upper Suite $558,105- Lower Suite $441,960 in the Tillicum Area
3360 Rolston Crescent is a well-maintained 2,299 sq. ft. home in a central, connected location close to schools, trails, parks, shopping, recreation, and only about 10–15 minutes to downtown Victoria. The home offers excellent flexibility with a main floor living area and a lower-level suite-style setup.
The total list price is $999,900.... The MLS flyer and financial mortgage calculations for both the upper and lower suite are attached below.
Based on 2,299 finished sq. ft., that works out to approximately:
$999,900 ÷ 2,299 sq. ft. = $435 per sq. ft.
Using that same square-foot value, the home could be looked at this way for shared ownership purposes:
Upper/Main Floor
1,283 sq. ft. x $435 = approx. $558,105
The main floor includes 3 bedrooms, a 4-piece bathroom, a spacious living room with fireplace, dining area, kitchen, and access to a large patio and yard area. The floor plan shows the main level at 1,283 sq. ft. with 8-foot ceilings.
Lower Level
1,016 sq. ft. x $435 = approx. $441,960
The lower level includes a suite-style setup with a kitchen/laundry area, family room, 2 bedrooms plus den/bedroom, a 3-piece bathroom, storage, cold storage, and garage space.
The floor plan shows the lower level at 1,016 sq. ft., with the suite area noted as 752 sq. ft. This example assumes the downstairs occupant would also have use of the garage area, which is why the full lower-level square footage has been used for this calculation.
Why This Could Be Interesting
Instead of one buyer needing to purchase the entire home for nearly $1,000,000, two compatible parties could explore a shared ownership structure where each party owns a portion of the home based on the space they occupy.
This type of arrangement could work for:
- A first-time buyer who cannot quite afford a detached home alone
- A parent and adult child wanting separate living spaces
- Two friends or compatible buyers wanting to build equity
- A buyer who wants privacy but also wants to reduce the cost of ownership
- Someone looking for a flexible home with shared costs and separate spaces
The property also has some great lifestyle features, including a large patio, raised garden beds, mature landscaping, a custom shed, and a quiet cul-de-sac setting.
Important Note
This is not being presented as two legally separate strata units. It is simply an example of how a shared ownership arrangement could potentially be structured using square footage as a guide.
I would help any buyer verify zoning, suite status, and other important details. I would also help coordinate questions around inspections, financing, and insurance.
I also supply a Joint Venture Agreement that can be used as a starting point. Once we have filled it in to the best of our abilities, we would take it to a lawyer for review and approval.
If this type of home-sharing opportunity interests you, reach out and we can discuss how a proper Joint Venture Agreement could help set out ownership percentages, responsibilities, expenses, exit strategy, and long-term expectations.
David Hale PRECTeam 3000 Realty LtdShared Home Ownership [email protected]
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$999,900-Upper Suite $558,105- Lower Suite $441,960 in the Tillicum Area
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