Greater Victoria home sells for record-breaking $13.2 million

A record-breaking home sale near Victoria has set a new benchmark for Vancouver Island's priciest single-family home ever sold through the real estate industry's multiple listing service (MLS).

The 1.67-acre waterfront estate in Oak Bay, B.C., sold for $13,195,000 to a Canadian buyer despite garnering international interest, according to Sotheby's International Realty Canada.

The record sale price was actually well below the property's asking price of $15.5 million.

The 11,900-square-foot mansion at 3155 Beach Dr. was built in 2016 and contains five bedrooms and eight bathrooms.

(Sotheby's)

Sotheby's says the home also features a wine cellar, three fireplaces and unobstructed views of the ocean and Mount Baker. There's also a pebble beach and two small private islands included in the sale.

"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," said Sotheby's agent Lisa Williams in a statement Wednesday.

The Oak Bay, B.C., property had an assessed value of $13.8 million in 2021, including $8.14 million for the land and $5.67 million for the building, according to BC Assessment. (Sotheby's)

The property had an assessed value of $13.8 million in 2021, including $8.14 million for the land and $5.67 million for the building, according to BC Assessment.

The previous record for highest house price in the region was set in June 2021, when a 67-acre Metchosin, B.C., property sold for $12 million, according to BC Assessment.

(Sotheby's)The new record could be short-lived, however, as two properties in the Greater Victoria region are currently listed at higher asking prices. A home at 8388 West Saanich Rd. in Central Saanich, B.C., is listed for $16.75 million, and a home at 1110 Lands End Rd. in Saanich, B.C., is listed for $16.5 million.

"In times of global uncertainty, Canadian real estate is regarded not only as a 'safe haven' financial investment, but as a literal 'safe harbour' offering personal safety and security," said Sotheby's Canada president and CEO Don Kottick.

"This record-breaking 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."