A new listing for a spectacular waterfront Saanich estate is shooting for the moon even while Greater Victoria real estate sales have slumped.
Victoria Real Estate Board said in a statement that a total of 329 properties sold in December, which is a steep 16.5-per-cent drop from November, although also a 2.5-per-cent increase from December 2022.
Entering this market, however, is a stunner of a property on 1.32 acres on the ocean in Gordon Head in Saanich. The house is at 4585 Leyns Rd. and has five bedrooms and seven baths with more than 7,000 square feet of living space. It has jaw-dropping views of the ocean and an outdoor pool.
“Exquisite custom-built estate in the desirable Gordon Head community,” reads the listing through Engel & Völkers Vancouver Island. “Perched on the ocean’s edge, this architecturally stunning home was masterfully designed to capitalize on the world-class ocean and mountain views. With dramatic vaulted ceilings, gleaming hardwood floors, spacious open concept design and a gorgeous custom kitchen, this 5 bedroom, 7 bathroom property captivates at every glance. Off the main level, the Great Room earns its namesake with a 21-foot European lift, slide patio doors to a large deck, showcasing incredible panoramic views.”
The listing has only been on the market for a few weeks and was built in 2022. Several houses in the range of $7 million and higher have languished on the market.
Sales of condominiums were up 14.9 per cent from December 2022 with 108 units sold. Sales of single-family homes increased 1.3 per cent from December 2022 with 158 sold, according to the Victoria Real Estate Board report.
A grand total of 6,207 properties sold over the course of 2023, 8.77-per-cent fewer than the 6,804 sold in 2022.
READ MORE: North Saanich home with stunning views is Greater Victoria’s most valuable
“I’ve spoken a lot this year about our market’s return to traditional seasonal patterns,” said 2023 Victoria Real Estate Board chair Graden Sol. “And at the conclusion of 2023, we can see that this trend continues. This is a welcome relief for sellers and buyers after an extraordinary five years of real estate market disruption. Everyone benefits from a more predictable real estate market, so it is encouraging to see the rhythm of seasonal trends re-established. If this continues into 2024, we should see more inventory added in January and February and an increase in sales as consumers prepare for the spring market. True to seasonal form, December met expectations and was a slow month, both for sales and for new listings.”
There were 2,132 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of December 2023, a decrease of 19.4 per cent compared to the previous month of November but a 26.3-per-cent increase from the 1,688 active listings for sale at the end of December 2022.
READ MORE: ‘Ban them’: Victoria residents fed up with ginormous trucks in downtown core
“The single biggest impact on the housing market this year was interest rates,” added Sol. “The increased cost of borrowing money meant that consumers had less purchasing power, which resulted in a drop in transactions. There is however still huge demand for housing in our market and as we move forward into 2024 and beyond, we need to continue to put focus on the creation of new supply so that as market activity increases prices don’t increase as quickly. The only way to moderate housing prices is to bring supply closer to meeting demand. As always, our market is subject to many influences and the purchase and sale process is complex. If you are contemplating buying or selling in 2024, call your favourite local Realtor who can create the best strategy for you and for your property.”
The Multiple Listing Service Home Price Index benchmark value for a single-family home in the Victoria core in December 2022 was $1,236,500. The benchmark value for the same home in December 2023 increased by 2.5 per cent to $1,268,000, down from November’s value of $1,286,400. The MLS HPI benchmark value for a condominium in the Victoria Core area in December 2022 was $565,800 while the benchmark value for the same condominium in December 2023 decreased by 0.7 per cent to $562,000, down from the November value of $577,400.
