Greater Victoria real estates cratered by nearly 36 per cent in February but there are still some huge asks being made of buyers.
In Saanich, there is a “hotel-inspired” estate at 4823 Major Rd. that is on the market for nearly $7.9 million.
This estate boasts 8,000 square feet of home on a .85-acre lot that overlooks the ocean – including water views from the large swimming pool.
“This rare offering is tucked away on a quiet cul-de-sac, just off of Cordova Bay Rd. Built in 2020, this estate offers seven bedrooms, eight bathrooms,” reads the listing. “You’ll be enchanted by the grand marble entrance, oak herringbone floors with ocean views. Once you’ve caught your breath, the floor-to-ceiling windows will take it away again with the picturesque, amazing ocean and mountain views.”
The home’s features include a climate-controlled wine cellar, sauna, steam shower, home theatre, gym, Infinity pool, hot tub and an Onyx bar with built-in teppanyaki grill. There’s also an outdoor putting green.
The big price tag comes as a total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023.
Sales of condominiums were down 39.7 per cent from February 2022 with 161 units sold. Sales of single-family homes decreased 28.8 per cent from February 2022 with 220 sold.
There were 1,809 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of February 2023, an increase of 4 per cent compared to the previous month of January and a 113.1 per cent increase from the 849 active listings for sale at the end of February 2022.
The Multiple Listing Service Home Price Index benchmark value for a single-family home in the Victoria core in February 2022 was $1,321,400. The benchmark value for the same home in February 2023 decreased by 5.6 per cent to $1,247,200, down from January’s value of $1,251,100.
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