A Langford penthouse has set a new record for condo sale prices on the West Shore, selling for $3.65 million.
The sale of penthouse 1804 in the yet-to-be-built One Bear Mountain development was confirmed in an email Friday by Joseph Valentino, executive director for project sales and marketing with 360 Pacifica. The building is expected to be complete by spring 2024.
Beyond the record-setting penthouse sale, Valentino said the entire project has been a success so far, with the building’s average condo selling price exceeding the West Shore average since sales started in October.
“The project amenities, coupled with the overall recreational lifestyle offered by the Bear Mountain resort, sets this project apart from all other current developments in the West Shore and buyers are excited to be a part of it,” he said.
According to the Victoria Real Estate Board, the benchmark selling price for a condo on the West Shore currently sits at $432,300, while the typical single-family home on the West Shore has a benchmark price of $912,700. Taking Greater Victoria as a whole, those benchmark prices climb to $555,400 and $1,040,700, respectively.
Board past-president Sandi-Jo Ayers said the condo’s high selling price reaffirms the Island and the West Shore specifically, as desirable places for people to move to.
“One Bear Mountain has really attracted more buyers,” she said. “On the West Shore we have a lot of amenities where you can live, work and play.”
Despite this condo’s eye-catching price, Ayers doesn’t expect the sale to greatly impact the region’s real estate market. At the same time, she said it is hard to say whether it will prove to be a one-off, either.
Demand for housing is high, supply is low and interest rates are generous, so she can see people deciding to sell their large homes on the mainland or elsewhere, and moving into the West Shore’s growing luxury condo market. Such moves often allow those who can afford it an opportunity to pocket some extra cash while not having to give up much in the way of comfort.
“In March, Langford was named one of the top 10 places in Canada to live, and that says a lot about the West Shore.”
Dan Matthews, CEO of Ecoasis – which owns Bear Mountain Resort and development lands, said more condos, townhomes, single family homes and a destination village retail centre are all part of the area’s future plans.