Our colleagues in our Vancouver office recently posted a piece on the Macdonald Realty Corporate Blog reviewing the luxury market sales in Vancouver in the first six months of 2010. 

In that time there were 169 sales over $3,000,000 in Greater Vancouver!  That number is greater than the all sales in 2008 (167) and is poised to break the record of 209 sales set last year.

The article points out that mostly foreign buyers are responsible for the activity in the luxury market, particularly those from Mainland China. 

We have seen a sharp increase in the number of buyers from China in our listings in the last three months as well.  In a 6 week period ending in June of 2010 we were receiving several showing requests from Chinese buyers and we did indeed sell two properties to buyers from China, one well over $2.5 million in price.

Traditionally, the bulk foreign investment or interest in our luxury property listings in Greater Victoria has come from Western Europe, the United States and to a lesser degree, the Pacific Rim countries in South East Asia.

According to one source, the increase in interest from buyers from Mainland China could be partially attributed to the Chinese government placing Victoria on their official approved list of travel destinations for their citizens.  I haven’t been able to verify this despite researching it for some time, although I continue to try and confirm that.  Regardless, we are seeing increased interest of late from China.

EDIT:  I have recently read in a few places that the Chinese government placed Canada (not just Victoria) on it’s approved list as a destination for its citizens earlier in 2010.  That actually surprised me a bit given the number of Chinese immigrants that have been in Greater Vancouver for decades, I have always thought of Vancouver as destination for Chinese citizens, I didn’t realize it wasn’t “official” for their tourists!  I have yet to be able to track down a source for that news, it has been difficult to find, however, I’ve seen it a few times in on-line media so I suspect it will turn out to be valid news.

The entire post can be read here.

Thanks for reading, please call us with all of your real estate needs in Victoria, BC.

Regards, Sean

Amazing waterfront view home with the added utility of a studio.

This executive west coast residence is situated on a quiet by way on a beautifully landscaped .8 acre waterfront lot in the heart of Ten Mile Point. Abundant use of rock walls and mature landscaping create a beautiful setting for the principal residence and studio, with separate garage and carport.

Incredible views are offered from almost every room toward Mt. Baker and San Juan Island. A most spacious view deck runs the complete length of the home on the water side, a perfect vantage point for the abundant marine life and ocean traffic.

Built in 1976, and completely renovated in 2004, the home is in move in condition. The open floor plan on the main, is very versatile for family living and entertaining. The 27′ living room and 16′ dining room adjoin to the gourmet kitchen with granite topped Center Island. A separate family/media room is also on the main allowing for separation of activities. The family room has feature fold back doors which lead to the west patio.

Upstairs the master suite has a spa like ensuite with the tub situated in the best view position in the house. Two more bedrooms are on the upper level with large bonus room that would be ideal for office, games room or fitness studio.

The lower level provides a fourth bedroom and large recreation room with small kitchen area, ideal for in law or teenager suite. The private hot tub is accessed from this level, as well as the ocean side garden and the boat house with boat ramp. Boat houses are a rare and special addition to waterfront properties, and this one has a viewing deck on top as well.

A true bonus is the separate studio or guest cottage, on two levels offering a total of 726 square feet. A cozy fireplace and mini kitchen with separate laundry also makes this a perfect guest or caretaker suite.         

Offered at $2,798,000, full details on our website by clicking here.

Thanks for reading!  As always, please call us for all of your real estate needs in Victoria, BC.

Sean