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$1.1 million Sooke condo purchase sets real-estate record for Victoria's westernmost suburb

The sale of a condominium in Sooke for $1.1 million, or just shy of $1,160 per square foot, has set a new valuation record for the western-most suburb of Victoria.  MacDonald Realty Victoria

$1.1 million Sooke condo purchase sets real-estate record for Victoria's westernmost suburb
MIKE KOZAKOWSKI, CITIFIED.CA
Victoria’s western-most suburb of Sooke has set a new real-estate record with the sale of a luxury condominium suite valued at rates commonly seen in downtown Victoria.
 
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The Residences on Sooke Harbour, a 27-unit condominium project completed last spring at the foot of Maple Avenue South west of Sooke’s commercial core, has secured a re-sale of a fourth floor penthouse for $1.1 million, or $1,158 per foot for its 950 square foot layout.
 
At $1.1 million, the home is the highest-priced condominium suite ever sold in Sooke, and at nearly $1,200 per square foot, it is one of the highest-priced condominiums sold in Greater Victoria, not only among the region’s western communities. Sooke's former real-estate price record for a condominium was in the range of $800,000.
 
Developed by Victoria-based Fitzpatrick Enterprises, the four-storey Residences is perched above Sooke Harbour’s federal wharf, with unimpeded views across the water towards East Sooke, the Salish Sea, and Washington State’s Olympic Mountain Range. The project sold-out earlier in 2021.
 
Demand for Sooke’s real-estate has surged in recent years given the community’s west coast oceanfront atmosphere and small town, semi-rural setting. With fast growth on the horizon, the provincial and federal governments have invested nearly $100 million into Highway 14 improvements east of the town centre, plus the widening of an 11-kilometre section of highway between French Beach and Otter Point Road’s Gordon Beach entrance. Highway 14 connects Sooke with Langford eastbound, and stretches to Port Renfrew via the community of Shirley and Jordan River westbound.
 
Condominium sales on Victoria’s West Shore in 2020 and 2021 have experienced one of their strongest demand scenarios in many years as purchasers seek larger homes at lower price points. The pre-sale industry, in particular, has experienced significant up-take from purchasers with project sell-outs across the market spectrum. C
 
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