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$13M Oak Bay waterfront estate sets new listing service record

Priciest sale in Greater Victoria hit $22M in 2021
This waterfront Oak Bay estate sold for $13,195,000. (Courtesy Sotheby’s International Realty Canada)

Sotheby’s International Realty Canada announced the highest recorded residential sale through the Multiple Listing Service (MLS) system in Vancouver Island history on Wednesday (June 8).

The waterfront Oak Bay estate sold for $13,195,000 and was represented by Lisa Williams of Sotheby’s International Realty Canada.

The 11,900-square-foot home sits on a 1.67-acre beachfront lot in the heart of Uplands. The custom home was completed in 2016 and designed for both large-scale entertaining and family living.

The property was purchased by a Canadian buyer despite generating considerable international interest through the Sotheby’s International Realty sales and marketing network, Williams said in a statement.

READ ALSO: Sale of Saanich Peninsula estate breaks Greater Victoria price record

“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,” she said.

While the sale breaks an MLS record, it’s far from the priciest purchase in Greater Victoria.

Last September, a waterfront estate on the Saanich Peninsula sold for its full asking price of $22.75-million, setting a record for the highest value residential sale in Greater Victoria.

At the end of 2020, Engel & Volkers flagged the Victoria real estate market as one to watch due to sales volume jumping more than 500 per cent for properties listed at $4 million or more.

Greater Victoria’s previous property record was set by the sale of Swanwick Ranch in Metchosin for $14.1-million in June 2021.

READ ALSO: Sale of oceanfront property in Metchosin yields new record for Greater Victoria

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Christine van Reeuwyk

About the Author: Christine van Reeuwyk

Longtime journalist with the Greater Victoria news team.
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