Tuesday, May 21, 2024

Oak Bay mansion sells for $13.1M making it Vancouver Island’s priciest home sale


Found along the shores of the capital region, an estate has broken the record for the highest recorded residential sale through the Multiple Listing Service (MLS) in Vancouver Island history.

Located on Oak Bay’s Beach Drive, Sotheby’s International Realty Canada on Wednesday said the 11,900 sq. ft gated mansion, listed at $15.5 million, sold for $13,195,000.

Completed in 2016, it boasts hand-crafted finishings throughout, offering five “bedroom suites” with ocean views, as well as eight bathrooms, a walk-in glass wine cellar and two butler’s pantries.

(Sotheby’s International Realty Canada)

Meanwhile, the property encompasses a pebble beach, two small private islands and easy waterfront access, according to Sotheby’s 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,” said listing agent Lisa Williams.

“The property is a true landmark for Vancouver Island real estate and will remain a timeless home and investment,” she said.

(Sotheby’s International Realty Canada)

The sale comes as local luxury real estate markets see diminishing inventory, with Victoria Real Estate Board statistics finding 1,365 active listings remained at the end of April 2022—a 6% drop year over year.

READ MORE: The benchmark price for a single-family home in Victoria hit nearly $1.3M last month

“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,” added Williams.

Despite international interest, a Canadian purchased the property with details of the buyer and seller remaining private.

Don Kottick, president of Sotheby’s Canada, echoes Williams and says the 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.”

(Sotheby’s International Realty Canada)

However, the Oak Bay estate may not hold the record for long—three other Vancouver Island homes, including in Central Saanich, North Saanich and Sooke, are listed on REALTOR.ca for $16.75 million, $16.5 million and $14 million, respectively.

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