Victoria Real Estate prices has certainly increased over the last few years and the same goes for British Columbia in General. Cost of construction has a lot to do with this but also demand plays a big roll. We all know Victoria is rated as a world class city and this draws a lot of international buyers. The cost per square foot (sqft) is going up at a steady pace and being a World Class City we will have to expect to pay similar prices like other such cities around the world. We discussed this in one of our blogs back in May of 2007 , and if you compare us to many of these cities around the world we are very affordable.The Residence at Ritz-Carlton being built in Vancouver at 1133 West Georgia will boost a 7,400 sqft penthouse occupying the 59th and the 60th floors is priced at $28,000,000 (twenty eight million). This works out to approximately $3,800 per sqft.Let’s have a look at how Victoria Real Estate compare. The most expensive suite listed on the Victoria Real Estate Board MLS® system is priced at $2,195,000. The suite have 2,670 sqft and the cost per sqft is approximately $822. The highest priced suite per sqft is in the prestigiuos Bayview Project and is priced at $1,488 per sqft. The quality is superb, the views of the ocean, mountains and city is to die for. In my opinion this is a bargain if you compare to other cities at $3,000 – 5,000 per sqft.If a condominium is not your choice you can purchase a Ocean front home in Victoria with 14,000 sqft and priced at $15,5 million. Another Victoria ocean front home is listed for $28,5 million and that is probably the highest priced property in Canada. According to our assessment authorities there are now almost 3000 properties in Victoria valued over 1 million dollars.
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Anders Treiberg, Associate Broker, REALTOR®
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