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Some markets cooled after the boom during the COVID-19 pandemic, but overall, prices have remained elevated since the start of the year.

The land is part of Bayview Place’s master plan for eight other residential towers and the commercial Roundhouse development on the 10 remaining acres of the former E&N Railway lands.

The three-storey, extended-stay hotel at Beacon Avenue and the Patricia Bay Highway would have 129 units, all with full kitchens, in studio and one- and two-bedroom suites.

"This means so much to our people," said Esquimalt Chief Robert Thomas, "to be able to share in the economic benefits of this land is going to be a beautiful thing for both nations."

The six-storey project was first submitted to the city last fall, but was overhauled in response to feedback from area residents, who raised concerns about parking in the neighbourhood and how the design of the building would block the sun.

WorkSafeBC puts out a warning as an incoming heat wave expected to bring peak temperatures to 40 C in some parts of the province this week.

Vancouver, Toronto and Victoria are the cities likely to suffer the most, according to the bank.