Sale of award-winning Vancouver Island residence underscores mounting demand for Canadian real estate. Sotheby’s International Realty Canada has announced the sale of an iconic 67-acre oceanfront residential estate, breaking a record for the highest recorded residential sale through the MLS® (Multiple Listing Service) system in Victoria, British Columbia’s history.
Listed at $14.1 million, the sale takes place as Victoria’s luxury real estate market continues to flourish, reaching a near record-setting pace for sales in May 2021. This coincides with record-low inventory levels, with 43% fewer properties listed on the Victoria Real Estate Board MLS® than in May 2020.
“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,” explains 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.”
In the past 12 months, Wilson has also represented the sale of several significant luxury listings that have signaled increasing local and international demand for the region’s high-end real estate. This included two North Saanich sales: an oceanfront custom home on 0.72 acres listed at $7.9 million, the sale of a 2.15 acre oceanfront estate comprised of two legal titles, three fully furnished homes, and a fully furnished suite listed at $9 million, as well as a nine-bedroom home on 37 acres in Central Saanich, listed at $7,999,000.
Punctuated by grand contemporary lines, the main residence was designed to be sustainably entwined in the heart of one of Canada’s most endangered natural ecosystems—the Garry Oak savannah. Designed by acclaimed architect Marko Simcic, the property has received critical acclaim and awards, including the Canadian Architect Award in 2003 and a Lieutenant-Governor’s Award in 2008. The sprawling 10,700 square foot main residence is cantilevered atop a concrete armature, rooting the structure clear of the critical tree root zones and effectively blurring the boundaries of nature and shelter.
“Victoria’s conventional and luxury real estate markets have reflected strengthening consumer confidence and activity in the first half of 2021,” says Doug McGowan, Managing Broker of Sotheby’s International Realty Canada for Victoria, Vancouver Island, and the Gulf Islands. “According to the latest statistics released by the Victoria Real Estate Board, sales this May were up a significant 130% over the number of properties sold at the same time last year.”
“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,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada. “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.”
Details of the sale remain private.
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