Engel & Völkers Victoria Oak Bay
888 Government St., No. 601, Victoria
Asking price: $3.5 million (June 6, 2023)
Selling price: $3.4 million (July 20, 2023)
Days on the market: 43
Monthly maintenance fee: $1,826
Taxes: $7,369 (2022)
Listing agents: Scott Piercy, Brendan Somers and Jim LeBlanc, Engel & Völkers Victoria Oak Bay
The 2,353-square-foot unit has high ceilings, high-end appliances, Italian cabinets, and waterfall stone counters.Engel & Völkers Victoria Oak Bay
The action
The developer had sold most of the units as presales but the market changed and once the building was completed, there remained seven units to sell, said listing agent Scott Piercy. This unit was the first of three that have sold so far, to buyers from Ontario.
“The building is probably the premium property in the city,” said Mr. Piercy.
The sale completed on Sept. 29.
The luxury unit has an open floor plan and features custom-built wine storage.Engel & Völkers Victoria Oak Bay
What they got
The two-bedroom, three-bathroom sub-penthouse unit is in the four-storey historic post office building, called the Customs House. The building underwent a conversion into luxury condo suites with a seven-storey addition, completed in 2022.
The 2,353-square-foot unit has high ceilings, an open floor plan, high-end appliances, Italian cabinets, custom-built wine storage, waterfall stone counters, a gas fireplace, a private balcony and 2,000-square-foot terrace with views of Victoria’s Inner Harbour.
The building has 24-hour concierge, underground parking, a car wash station, a sauna and a steam room. The building allows rentals and pets and is within walking distance of shops, transit and museums.
The unit boasts a private balcony and 2,000-square-foot terrace with views of Victoria’s Inner Harbour.Engel & Völkers Victoria Oak Bay
The agent’s take
The market has slowed due to the hikes in the interest rate, which dampened investor activity. And although international buyers only make up around 1 per cent of Victoria buyers, the federal government’s foreign buyer ban affected that share of the market, said Mr. Piercy.
“There are investors, but the rates don’t make sense now, with the cost to purchase and the rental rates. People are looking at Calgary and [elsewhere] for investor stuff now.”