Vancouver Island’s most expensive home sells for $13.2M: MLS

A new record has been set for the priciest single-family home ever sold on Vancouver Island through the real-estate industry’s Multiple Listing Service (MLS).

A 1.67-acre waterfront estate in Oak Bay, near Victoria, sold for nearly $13.2-million — $2.3-million under the asking price.

“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 U.S., and from around the world,” said Lisa Williams, listing agent with Sotheby’s International Realty Canada.

The 11,900-square-foot home was built in 2016 and has five bedrooms, eight bathrooms, and unobstructed views of the ocean. It’s located on a beach-front lot.

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While Sotheby’s International Realty says the property garnered global interest, it was sold to a Canadian.

The real estate company says there were only 1,365 active listings in the Victoria area as of the end of April, according to the Victoria Real Estate Board MLS. That represents about a six per cent decrease year over year.

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“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,” explained 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.”

Home sales expected to drop in year ahead: BCREA

According to the BC Real Estate Association’s latest quarterly forecast, MLS sales in the province are forecast to drop 22 per cent from 2021 this year.

“After a strong first quarter, B.C. markets are now adjusting to a much different interest rate environment,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates surpassing four per cent for the first time in over a decade, the housing market over the next two years may have very little resemblance to the housing market of the past year.”

The association notes housing market activity in the Vancouver Island-Coast region has remained “steady since the summer of 2021,” with home sales in the first part of this year slightly above average. Supply, however, remains a challenge.

In the Victoria area, the BCREA forecasts a decline in MLS home sales of about 18 per cent this year. In the Vancouver Island board region, the drop is expected to be about 17 per cent after a record-setting 2021.

-With files from The Canadian Press