A three-bedroom penthouse condominium on Bear Mountain, still more than two years from its availability, has sold for $ 3.65 million, a new record for condo prices on the west coast.
Selling to a local buyer in the One Bear Mountain development is both a new standard for Langford, once considered the destination for affordable homes, and an indication that the work being done at the top of Skirt Mountain by Ecoasis owners is starting to bear fruit. their fruits.
âIt has been a long time since an supply of multi-family condominiums has been available at Bear Mountain and there has been a demand for one,â said Ecoasis General Manager Dan Matthews.
One Bear Mountain, which entered the market in late October, sold 50 percent of its 209 units in the first weekend. Peter Gaby, partner of DFH Real Estate, predicts that they will have sold 60% of the building by the end of the year.
Matthews said the quick sale and high price is a reflection of Bear Mountain and a larger market that is lacking in inventory.
âI would say Bear Mountain is definitely in a class of its own on the West Coast,â he said.
“It’s a reflection of the quality of the project, the location and the work Ecoasis has done to make Bear Mountain one of the best resort communities of its kind in the country.”
Ecoasis purchased the Bear Mountain complex and development lands at the top of Skirt Mountain in the fall of 2013.
The company has since invested heavily in golf, tennis and outdoor amenities and has relaunched an ambitious residential construction program.
Over the past two years, the company has added four residential neighborhoods with plans for another 180 unit mountain top development to be called Victoria Peak.
The completion of the McKenzie Interchange and Bear Mountain Parkway, accessible via the Leigh Road / McCallum intersection from the Trans-Canada Highway, also brought the resort community closer to downtown Victoria by reducing trips by several minutes. .
Gaby said the Ecoasis works and improved transportation have made the area more attractive to home buyers.
Most of the buyers were local, although there was interest from across Canada and a bit from the United States, he said. “Ecoasis has improved the image of Bear Mountain, there is a lot more acceptance.”
Gaby said One Bear Mountain’s selling prices – from $ 700,000 to the $ 3.65 million penthouse – are an indication that the West Coast has grown rapidly as a real estate market.
According to the Victoria Real Estate Board, the benchmark selling price for a single-family home on the West Coast, which includes Langford, Metchosin, Highlands and Sooke, was $ 912,700 in November. This is approximately $ 200,000 more than in November 2020. The reference price for a condo in this same market was $ 432,300 last month, compared to $ 368,100 12 months earlier.
One Bear Mountain will be 18 stories tall when completed in 2024. It is built on the same footprint and some of the foundations that were laid for the Highlander condo project which was scrapped in 2008 amid the global financial crisis.
The developers behind this project are Terracap of Toronto and 360 Pacifica of Montreal, who called on Campbell Construction of Victoria to bring it to life.
Matthews said given the demands of the Greater Victoria real estate market, it is likely that there will be more condominium projects in Bear Mountain.
Gaby estimates that a crane will be in place for One Bear Mountain by February.
The penthouse selling price may be the highest in Langford, but it ranks ninth for the region among condo sales.
The most expensive condo ever sold in the area was the Customs House project on Government Street, a $ 10.8 million penthouse.