More than 200 properties sold for more than $1 million in the capital region last year.
But the bulk of the 5,266 sales through the Greater Victoria Real Estate Board's multiple listing service were for more modest prices, with the average single-family home going for $613,839.
"Anything over $1 million actually does take longer to sell partly because the buyer pool is that much smaller," said Carol Crabb, president of the real estate board.
Among the 204 million-dollar-plus sales last year, 139 were between $1 million and $1.49 million, board data shows. The $1.5 million to $1.9 million category had 47 sales, tapering down to 13 in the $2 million to $2.9 million group. Just three sold in the $3 million to $3.9 million category, and two in the $6 million to $6.9 million range.
A total of 166 waterfront single-family houses were among the properties that sold for more than $1 million, illustrating the importance of being close to the ocean.
An Oak Bay waterfront house at 3155 Beach Dr., which changed hands for $6.5 million, fetched the year's top price.
On Wednesday, there were 235 residential properties listed for $1 million or more on the MLS. Of those, 13 were priced at $5 million and over.
Buyers willing to be further from the core to the west can typically buy a larger property than in town, Crabb said.
Waterfront has become more popular in the past two decades, she said.
Other factors, such as views from an area like Cordova Ridge, also make homes desirable and can command higher prices, Crabb said.
Every Greater Victoria municipality has homes topping the $1-million mark.
ÎÚÑ»´«Ã½ Assessment released its annual assessment on its website this week and notices are going out in the mail to owners of all 144,000 capital region properties.
The average assessment is between $500,000 and $600,000 in most areas. Oak Bay has the highest average at $887,000, followed by North Saanich at $777,000.
The majority of the region's top 10 residential properties with the highest 2012 assessments are in Oak Bay. A few years ago, North Saanich would have featured more prominently, said Jack Barker, who has several $1-million-plus listings with Re/Max Camosun.
"I think people are wanting to be closer to downtown. I think that's reflective of the market generally," Barker said.
The capital region's core area is becoming more vibrant, attracting those who enjoy its entertainment, events and the higher-end retail stores arriving here as the population increases, Barker said.
Buyers of high-end homes, typically business people, want a larger house, quality finishings and products and good design, Barker said. Media rooms do not seem as important as they were a few years ago.
Crabb said buyers are seeking either a new home or one which has been updated. Open-concept homes are popular.
While pools are often seen in luxury homes, they are not always wanted by buyers, who may see them as requiring too much maintenance, she said.
Other popular features include in-floor heating in bathrooms and kitchens, security systems, outdoor entertainment areas, and top-notch appliances. [email protected]
