Luxury condos top Victoria and Esquimalt home values

Value of Bayview tower penthouse in Victoria West set at more than $4 million

A penthouse suite in Bayview One

The latest B.C. Assessment valuations reveal a minor market correction in the Capital Region, but property values in Victoria remain stubborn.

The average home assessment in the city is $542,000, down 0.9 per cent from the 2011 average.

The drop represents the first time in a decade that property values have contracted, said Reuben Danakody, B.C. Assessment lead for the Greater Victoria region.

“During 2011, we started to see some stabilizing of pricing. This year, in 2012, we start to see the market taking a bit of a breather,” he said.

The property with the highest potential price tag crowns Bayview Residences at 100 Sagalie Rd. in Vic West.

Assessed at $4.092 million, the penthouse suite’s value dwarfs that of most single-family residential dwellings in Victoria.

Esquimalt’s most expensive property value is also a penthouse condo, situated in the Swallows Landing development on Dunsmuir Road, worth about $2.6 million.

The fact that condos trump single-family homes makes sense when looking at the market share, said Leslee Farrell, a real estate agent who deals primarily with luxury homes.

“It isn’t illogical when you think of the fact that the land that the developer has to purchase is limited for rezoning,” Farrell said.

Because official community plans tend to restrict the placement of high-density housing, luxury condos are more rare than luxury single family homes, she said.

Owners and buyers are in a holding pattern, waiting for a market correction that has yet to play itself out after nearly five years, Farrell added.

Those sellers who are at the top end of the real estate market have been “shocked” by the lack of sales activity recently, she said.

“The sale prices that were achieved in 2006 to 2008 just cannot be achieved today,” Farrell said.

“If you purchased then and you want to sell now, you will have to allow for some drop. Most of these people are just holding.”

Victoria’s most affordable property value is on Princess Avenue, a single-family home valued at $142,000, said Gerry Marolla, deputy assessor with B.C. Assessment.

Esquimalt assessments follow regional trend

The average valuation in Esquimalt, meanwhile, dropped to $512,000, down 1.5 per cent from $520,000 in 2011.

Reasons for the Swallow’s Landing suite’s assessment include its commanding waterfront views and the quality of the building, said Farrell, who has sold the property in the past.

“I think the stigma about Esquimalt is going away, because at the end of the day, (in determining) value in real estate, south exposure is considered one of the highest points of valuation,” she said.

Of the two penthouse owners, one hails from eastern Canada, while the other is a foreign buyer from the U.S., Farrell said.

The lowest assessed residential dwelling in Esquimalt is an old cabin on a sliver of township land at Work Point, ringing in at $11,000, according to Danakody.

To compare assessments or to find out how to contest your home’s valuation, visit bcassessment.ca.

dpalmer@vicnews.com

Just Posted

SD61 to install new water fountains over lead concerns

They’re installing 350 new water fountains in local schools due to concerns over elevated levels of lead in the water system

West Shore firefighters band together to support men’s health

More than $8,200 raised for Movember campaign

Holiday gift wrapping tips and tricks

Streamline your process to avoid the hassle

Omnibus zoning bylaw sent for revisions to prevent blanket upzoning in downtown Victoria

More than 10 downtown properties identified by Downtown Residents Association

UPDATE: Four vehicle crash on Sooke Road snarls traffic in Colwood

Sooke Road reopens to traffic in both direction

VIDEO: That’s a wrap: Be a Santa to a Senior packages ready to go out

Program hands out more than 600 gifts to Greater Victoria seniors

Owl found dead after eating rat poison leaves B.C. woman concerned

After finding the owl on her Surrey property, Christine Trozzo says the poison is a concern for kids

Change to CPP death benefit panned as insufficient to cover funeral costs

Funeral Services Association of Canada lobbied governments to raise the value to $3,580

Shelbourne Community Kitchen vies for $20,000 prize

Epicure Foundation, based in North Saanich, will give five groups $20,000 each

Woman in Nanaimo accidentally hands over diamond ring with spare change

Incident happened Wednesday at about 7 p.m. at parking lot near Nanaimo’s boardwalk

B.C. woman brain injured in crash as a baby gets $1.1 million in damages

Trial heard the woman was 16 months old, being carried by her mother when they were both hit

Optimistic Victoria whale watching company invests in new vessel

Banner 2017 tourist season helps Prince of Whales decide to boost service

Victoria cycling advocate makes pitch lor lower speeds on local roads

Group points to evidence suggesting 30 km/h speed limit would save money, lives

Most Read