Five bedrooms, 10 bathrooms and more than 12,000 square feet of living space.
Indoor pools, views of Mount Baker, a putting green on the waterfront and your own vineyard.
Or even just your own private island with an expansive main dwelling, plus guest house.
For most, these amenities are the stuff of delusional dreams of someday. But for others in Greater Victoria, they’re a reality. And it’s big business.
Properties priced in the multimillion- dollar range bring skilled workers to the region, said David Scoones, the University of Victoria’s chair of economics.
Greater Victoria’s high-end properties and the people who own them help contribute to the local economy, he added.
“There’s no doubt that many wealthy people are able to do things because they have a lot of money,” Scoones said, pointing out restaurants, shopping destinations and golf courses as places that benefit from a wealthy population.
Yet, it seems the region’s wealthy don’t spend much money locally.
“It’s a little surprising to me that there’s not more wealth on display,” Scoones said.
High-end real estate can contribute to the economy when demand drives construction and renovations, he added. “Are rich people good for the economy? That question is the fundamental question behind all revolutions in history.”
Transactions in Greater Victoria’s real estate market have slowed recently, affecting both average-priced and extreme-priced properties, real estate agents have noticed.
“Well, I think definitely everybody’s certainly now spending more frugally than (they did) at the peak of the market,” said real estate agent Lisa Williams.
She currently has two listings at more than $8 million and recently sold two others for more than $7 million.
“From the peak of the market (about two years ago) when things increased so quickly and so much, people were feeling an urgency to buy because they knew prices would go up,” Williams said. “Now, I think prices are going down and there’s an uncertainty with what will happen (to the market).”
Realtor Peter Nash said he’s not so certain the market has slowed. He’s sold two multimillion-dollar Gulf Islands properties this year, plus a private island.
“If somebody has got the money, they’re going to (make an offer),” Nash said, adding however, that some people still hesistate.
Both Nash and Williams said the days of American buyers ogling Greater Victoria luxury real estate are all but over.
“There are not as many Americans anymore, although I did sell an island to an American recently,” Nash said.
Williams has noticed a surge in Alberta property seekers gazing to the South Island. They’re mostly interested in modern construction, rather than character estates.
Victoria’s reputation as an idyllic place to relax and get away is well-known across the country, said Victoria Real Estate Board president Randi Masters, the seller of a few multimillion-dollar homes herself.
“A lot of (buyers) are local, a lot of them are from other parts of Canada,” she said.
“Victoria is known across Canada as what it is – we are a little haven here. Our own Canadian population is the biggest demand for these properties.”
Buyers, wherever they’re from, have increasingly put home buying on hold with the economy’s slump, Masters said.
“These are people who are well-versed in purchasing housing. They can go to the sidelines and be observers in economic downturns. When we see $5-million properties (selling), there definitely is confidence in our market.”
ecardone@vicnews.com
Want to buy in Oak Bay?
High-end properties currently for sale in the municipality:
• 249 King George Terr. – $11.5 million
• 1069 Beach Dr. – $11.5 million
• 3285 Beach Dr. – $5.4 million
