WATCH: Christie’s International just named Victoria third in the world for luxury home sales and realtors say that’s largely due to hot home sales in the $1.5 to $2 million range. April Lawrence reports.
If you’re looking to get into the luxury market in Victoria a condominium might be your first stop.
Engels & Volker realtor Scott Piercy, who specializes in the luxury market, said high-end condo sales have doubled this year and luxury single family home sales are even stronger.
“We’re seeing about 250 per cent [increase], so 46 sales this year to date compared to the same time frame last year when there was only 19,” said Piercy.
Of those 46 sales this year, 40 were in Oak Bay.
A home on Lyn Crescent was recently listed at nearly $1.3 million and within five days it had four unconditional offers.
It sold for $1,450,000.
The 1550 square foot newly updated home sold to a Victoria buyer, although there was interest from Vancouver, Calgary, and the United States.
“We, in a lot of ways, are below a lot of parts of the world that offer as much as we do,” said Jack Petrie with Newport Realty.
“I would say Vancouver buyers are especially our igniters, they’re our feeder group who are coming over,” he said.
Petrie said at $1.5 million, the home represents the hottest segment of the local luxury market.
But there is no shortage of properties to impress.
At $7.5 million, a 6500 square foot home on Ten Mile Point in Saanich features water inside and out.
“It gives you the feeling of being on a ship, and one of the unique things about this property is it’s over 1.5 acres of extreme privacy surrounded by water,” said Piercy.
Listed just two days ago, Piercy said he’s already had four showings, which he calls remarkable for such a high-end property.
“[It] really reflects where the market is going,” he said.
Of course if you want to go big, the priciest home in the region is listed at $28. 8 million.
The waterfront property in Metchosin literally has a river running through it, and sits on 64 acres.
It’s a dream home likely out of reach for all but the world’s wealthiest one percent, and increasingly more of those people are turning their focus on Greater Victoria.
This is part three of a four-part series on real estate CHEK News is running this week called ‘Sur-Real Estate: Victoria’s Market Madness’. Part four will air Thursday, looking at affordable options in the Victoria market.