The British Columbia Real Estate Association (BCREA) had more bad news for sales Tuesday (Feb. 14), but that doesn’t mean there aren’t still some hefty prices being asked for in the Victoria market.
One of the priciest properties on sale right now in Victoria is a “piece of history” at 888 Government St. that features staggering views of the Inner Harbour.
The asking price is nearly $9.3 million to own a penthouse at Customs House. This comes as BCREA issued a report saying Victoria home sales dropped 41.2 per cent in January compared to the same month in 2022 – with prices dropping 10 per cent to an average of $895,000.
But this isn’t an average kind of property.
“Welcome to Penthouse 701,” reads the Realtor.ca listing. “Boasting over 3,500 square feet of sophisticated style and design, this exceptional residence delivers unobstructed views of the Inner Harbour and views all the way over to Sooke Hills. Step off the elevator into this three-bedroom, each with own en suite, and four-bathroom retreat and prepare to be amazed. Built for entertaining, enjoy a spacious open-concept living, dining and chef’s kitchen.”
The penthouse includes Italian cabinetry, Wolf and Sub-Zero appliances, and custom wine wall.
“A rooftop deck featuring over 1,500 square feet of living space is perfect for evening barbecues and enjoying the stunning downtown sunsets.”
The building also includes a concierge, full fitness gym, sauna/steam rooms and more.
This penthouse comes with two parking stalls and separate storage.
It also has air conditioning, but also includes a bill of nearly $2,800 a month in maintenance fees.
This comes as the BCREA reports a total of 3,047 residential unit sales were recorded in Multiple Listing Service (MLS) in January, a decrease of 50.3 per cent from January 2022 overall in B.C. The average MLS residential price in B.C. in 2023 has seen a dip to $872,934, down 16.1 per cent compared to the average price of over $1 million in January 2022, which was recorded near the peak of the market. The total sales dollar volume was $2.7 billion, representing a 58.3 per cent decrease from the same time in the previous year.
“Provincial sales are off to a slow start in 2023 as activity continues to be weighed down by high borrowing costs,” said BCREA chief economist Brendon Ogmundson. “While average prices have flattened out in many markets over the past few months, year-over-year measures reflect the decline that occurred from the peak in 2022, as well as a marked shift in the composition of sales away from more expensive homes.”
Do you have a story tip? Email: email@example.com.
Follow us on Twitter and Instagram, and like us on Facebook.