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261 King George Terr

$5,745,000

Gonzales

Detached5 bd · 5 ba · 6,061 sqftBuilt 1933$948/sqft21 days on market

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About this home

Experience timeless elegance at 261 King George Terrace, a remarkable south-facing waterfront estate in Oak Bay's prestigious Gonzales neighbourhood. Built in 1933 and set on over 0.8 acres, this exquisite home boasts panoramic views of the ocean, Trial Islands, and Olympic Mountains from nearly every room. Watch whales from your beautifully landscaped backyard, framed by incredible natural rockwork. Inside, the home offers the flexibility of one-level living on the main floor featuring a spacious kitchen, formal dining and living room, principal suite, and more—making everyday living exceptionally convenient. Downstairs, a full-height walk-out basement expands your options with additional living space that opens into pristine grounds. Dual driveways each lead to their own detached double garage. With its historic charm, thoughtful layout, and spectacular setting, this is a rare opportunity to own one of Victoria’s most iconic seaside estates. (id:65179)

Property details

From the listing's public record.

Lot size

0.84 acres

Year built

1933

Taxes

$39,256/yr

Zoning

Residential

View

Mountain viewOcean view

Waterfront

Waterfront on ocean

Appliances

WasherRefrigeratorDishwasherStoveRangeDryerMicrowaveFreezerOven - Built-In

Heating

Natural gasHot Water

Parking

Detached GarageGarageStreet

Lot

Level lotSouthern exposureRectangularMarine Oriented

Price history

6 records

Every recorded listing event for this property — sales, relists, expired or withdrawn listings.

Oct 8, 2026
Listed $5,745,000
Active21 days on marketMLS 1051725
Apr 8, 2026
Listed $5,745,000
Expired181 days on marketMLS 1030570
Oct 10, 2025
Listed $6,500,000
Cancelled180 days on marketMLS 1017278
May 7, 2025
Listed $6,500,000
Cancelled156 days on marketMLS 997827
Jul 1, 2006
$3,900,000
Sold30 days on marketMLS 389784
Aug 7, 2001
$1,425,000
Sold97 days on marketMLS 257614

How this listing compares

Based on 222 sales in Oak Bay

Median sold

$1,722,500

Avg days on market

41 days

Avg sale-to-list

97.3%

Avg $/sqft

$651

Price per square foot

This home: $948/sqft·Area average: $651/sqft

Above area average

Current market in Oak Bay

Active (same type)

Pending

All active listings

118

Months of supply

3.6

Seller's market — 3.6 months of supply at the current sales pace.

Assessment

From publicly available property records.

Assessed value

$5,619,000

Homes in Oak Bay sell at 157.1% of assessed value on average.

Based on 218 recent sales.

Local price trend

How Gonzales has moved over the last decade.

Local price index (normalized) · 116 months

Recent nearby sales

12 sales

578 Island Rd
$2,075,000
4 bd · 4 ba · 5,706 sqft · $364/sqft · 92 days on market
Sold Oct 26, 2026 · 90.2% of list
1391 Victoria Ave
$2,080,000
4 bd · 3 ba · 3,064 sqft · $679/sqft · 22 days on market
Sold Oct 22, 2026 · 99% of list
3400 Upper Terrace Rd
$2,360,000
4 bd · 4 ba · 3,854 sqft · $612/sqft · 57 days on market
Sold Oct 22, 2026 · 94.8% of list
3512 Henderson Rd
$1,250,000
3 bd · 1 ba · 2,611 sqft · $479/sqft · 45 days on market
Sold Oct 21, 2026 · 96.2% of list
535 Island Rd
$2,480,000
4 bd · 3 ba · 3,239 sqft · $766/sqft · 30 days on market
Sold Oct 16, 2026 · 95.4% of list
2353 Windsor Rd
$1,750,000
4 bd · 3 ba · 3,454 sqft · $507/sqft · 14 days on market
Sold Oct 15, 2026 · 100% of list
2409 Currie Rd
$1,275,000
2 bd · 1 ba · 1,363 sqft · $935/sqft · 187 days on market
Sold Oct 15, 2026 · 87.9% of list
1566 Hampshire Rd
$3,175,000
5 bd · 4 ba · 6,568 sqft · $483/sqft · 12 days on market
Sold Oct 15, 2026 · 99.2% of list
2090 Mcneill Ave
$1,775,000
5 bd · 3 ba · 2,920 sqft · $608/sqft · 126 days on market
Sold Oct 15, 2026 · 98.6% of list
2399 Dalhousie St
$1,712,500
4 bd · 3 ba · 3,297 sqft · $519/sqft · 9 days on market
Sold Oct 5, 2026 · 95.7% of list
3558 Redwood Ave
$1,400,888
4 bd · 3 ba · 3,391 sqft · $413/sqft · 8 days on market
Sold Oct 1, 2026 · 107.9% of list
2471 Dryfe St
$1,270,000
2 bd · 1 ba · 2,356 sqft · $539/sqft · 25 days on market
Sold Oct 1, 2026 · 94.1% of list

What would this home cost?

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Purchase price

Down payment

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Amortization (years)

Newly built / new constructionAdds 5% GST. Eligible for the Newly Built PTT exemption (≤ $1.1M full, partial to $1.15M).First-time home buyerEligible for the First-Time PTT exemption (≤ $835K full, partial to $860K). Only one exemption can apply per purchase.

Estimate

Monthly mortgage

—

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Loan amount

$5,745,000 − $1,149,000

$4,596,000

Down payment

20.0%

$1,149,000

Property Transfer Tax

$205,250

Legal / closing (est.)

$1,500

Cash to close

$1,355,750

Down payment + PTT + GST + legal estimate.

Estimates only, based on current BC rates and thresholds. Not tax, legal, or financial advice. Property transfer tax exemptions have eligibility requirements — confirm with a lawyer or notary. GST rebates on new construction are not modelled here. Mortgage payment uses Canadian semi-annual compounding and excludes property tax, home insurance, and CMHC mortgage insurance.

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261 King George Terr

Interested in this home?

About this home

Property details

Price history

How this listing compares

Current market in Oak Bay

Assessment

Local price trend

Recent nearby sales

What would this home cost?

Want a real rate?

More on this listing

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