Last Updated on October 24, 2023 by Neil Sharma
A 67-acre oceanfront residential property in Victoria was just sold for $14.1 million, marking the highest sale price in the British Columbian city’s history.
The property, which sold in May, was in part driven by a 43-year low in inventory levels, according to the Victoria Real Estate Board’s MLS.
“Unsurprisingly, this property drew steady interest from prospective Canadian and international buyers alike. It’s an innovative retreat and a stunning backdrop for some of Vancouver Island’s most distinctive highlights, including the panoramic shoreline and Olympic Mountain range views. With multiple private beaches and an attached boathouse with a mechanical launch providing direct access to the Salish Sea, the property is an expertly designed beachfront escape,” said Logan Wilson, listing agent with Sotheby’s International Realty Canada. “Victoria’s luxury real estate market has experienced a surge in interest and activity in recent months. The diversity of interest we saw in this property reflects the fact that Victoria is not only increasingly desirable amongst Canadian home and recreational property buyers, but also a coveted destination on the global real estate stage.”
Wilson, who has been involved with several luxury listings in Victoria ranging from $7.9 million to $9 million, represented the seller while Sotheby’s International Realty Canada agent Philip DuMoulin represented the buyer.
The record-sale estate, which includes the 10,700 sq ft main residence, is defined by its contemporary lines and sustainable building components, and it’s cantilevered on top of a concrete armature, which averted critical tree root zones. From an optical perspective, the property designed by acclaimed architect Marko Simcic looks like it’s incorporated its natural surroundings. In fact, it even received the Canadian Architect Award in 2003 and a Lieutenant-Governor’s Award in 2008.
Victoria’s real estate market, including the luxury segment, has become popular both domestically and internationally. According to Sotheby’s President and CEO Don Kottick, the city is gaining world-class status.
“This landmark sale reflects strong local and global demand for luxury suburban, recreational and vacation real estate in B.C., and Victoria’s growing world-class reputation as a safe, beautiful, and welcoming island community,” said Kottick. “Canadian real estate is one of the most desirable assets on the global market right now, and consumer demand has revealed the lifestyle and investment benefits of regions like Greater Victoria, Vancouver Island, and the Gulf Islands to a new audience of Canadian and international buyers. With its vast natural beauty, access to the great outdoors, urban conveniences, and security being sought-after by luxury buyers, there is no doubt that the region’s real estate is uniquely positioned to continue to appeal to this demand.”
Neil Sharma is the Editor-In-Chief of Canadian Real Estate Wealth and Real Estate Professional. As a journalist, he has covered Canada’s housing market for the Toronto Star, Toronto Sun, National Post, and other publications, specializing in everything from market trends to mortgage and investment advice. He can be reached at neil@crewmedia.ca.
