Record-breaking sale of Oak Bay residence underscores growing demand for Canadian real estate, and Vancouver Island’s position as a desirable destination to live, work, and play
Breathtaking oceanfront estate sets new Victoria real estate record
VANCOUVER, British Columbia, June 08, 2022 (GLOBE NEWSWIRE) – Sotheby’s International Realty Canada has announced the sale of a breathtaking waterfront estate in Oak Bay, breaking a record for the highest recorded residential sale through the MLS® (Multiple Listing Service) system in Vancouver Island history. This sale surpasses the previous record sale of the award-winning 529 Swanwick Road residence, also set by Sotheby’s International Realty Canada.
The record-breaking home, listed by Lisa Williams of Sotheby’s International Realty Canada, sold for $ 13,195,000. The sale takes place as Victoria’s luxury real estate market continues to see diminishing inventory and strong demand, with only 1,365 active listings remaining according to the Victoria Real Estate Board Multiple Listing Service at the end of April 2022, a decrease of 6% year-over -year.
“At a time when the Victoria real estate market has seen solid demand and limited inventory, this breathtaking property garnered ample interest not only from local buyers, but those who came from other parts of Canada, the US and from around the world,” says Lisa Williams, listing agent with Sotheby’s International Realty Canada. “Situated on a prized 1.67-acre beachfront lot, the home sits along Victoria’s most coveted stretch of oceanfront in the heart of the Uplands. The property is a true landmark for Vancouver Island real estate, and will remain a timeless home and investment. ”
According to Williams, the property was purchased by a Canadian buyer despite generating considerable international interest through the Sotheby’s International Realty sales and marketing network.
Completed in 2016, the 11,900 square foot custom residence boasts beautiful hand-crafted finishings and appointments throughout, offering five oversized and luxurious bedroom suites with breathtaking ocean views, and eight generously proportioned bathrooms. Designed for both large-scale entertaining and relaxed, casual family living, the private, gated property offers unobstructed views of the ocean and Mount Baker. Elegantly designed and exquisitely presented, the home features gracious formal and casual living and dining areas, a walk-in glass wine cellar, two walk-in butler’s pantries and double islands in the kitchen ideal for catered entertaining, three fireplaces, and parking for six vehicles. The property also encompasses a pebble beach, two small private islands and easy waterfront access for paddleboards or kayaks.
“The momentum that we have seen in Victoria’s luxury real estate market has reflected its increasing visibility on the national and global stage as a fantastic place to live, work, and raise a family,” says Doug McGowan, Managing Broker of Sotheby’s International Realty Canada. for Victoria, Vancouver Island, and the Gulf Islands. “This significant sale marks a truly historic moment for Vancouver Island real estate and represents enduring consumer confidence in our region’s long-term market fundamentals.”
As a leading luxury real estate agent in the region, Williams has recently negotiated sales of other significant Vancouver Island residences, including several oceanfront properties in Oak Bay and Saanich. She also represented buyers and sellers for the recent record-setting sale of a non-waterfront Oak Bay home at $ 7,000,000, and a lakefront home in Saanich for $ 6,250,000.
“In times of global uncertainty, Canadian real estate is regarded not only as a ‘safe haven’ financial investment, but as a literal ‘safe harbor’ offering personal safety and security. Victoria is a thriving and safe community that offers natural beauty, urban conveniences and a high quality of life that will continue to be sought-after by locals, and by people from across the country and around the world, ”says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “This record-breaking sale is a very strong indicator that the region will continue to see strong local and global demand for its luxury suburban, recreational and vacation real estate.”
Details of the seller and buyer remain private.
About Sotheby’s International Realty Canada
Combining the world’s most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby’s International Realty Canada is the leading real estate sales and marketing company for the country’s most exceptional properties. With offices in over 32 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivalled local and international marketing solutions and a global affiliate sales network of approximately 1,000 offices in 78+ countries and territories to manage the real estate portfolios of discerning clients from around the world. For further information, visit www.sothebysrealty.ca.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b266da8a-b458-4f03-8598-e51fbd65f073