Saanich Peninsula home near Victoria sells for $22.75M

Waterfront property sits on five acres of land

VICTORIA — An unknown buyer has paid $22.75 million, the full asking price, for a six-bedroom waterfront home that sits on just over five acres on the Saanich Peninsula.

Real estate firm Engel & Völkers' Scott Piercy, a listing adviser on the property, said the site drew interest from across the country, the U.S. and Europe. Piercy called the sale record-setting, and said it indicates growing interest in the Victoria area and demand for waterfront and recreational property.

The 13,000 square foot home at 8408 Lawrence Rd. features a private beach and boat launch, eight bathrooms, a two-storey study, a detached yoga studio, an infinity pool, a tennis court, a gym, a number of outdoor patio seating areas, an underground wine cellar and a detached two-bedroom guest cottage.

In a statement, Piercy called the home a “sanctuary boasting unparalleled craftsmanship, with ocean and garden views from every room.”

The previous record for a residential sale through the listings service is a $12-million waterfront home on 67 acres in Metchosin that sold earlier this year.

The recent sale was conducted through the Engel & Völkers private office network rather than the Victoria Real Estate Board's Multiple Listings Service. Sales outside the board's listings service or in other categories of property, such as farmland or islands, aren't included in establishing the board's record.

David Langlois, president of the board, said Victoria's luxury market has remained steady despite a lack of inventory, though local real estate agents may be considering changing the definition of luxury. A luxury home used to be one priced at $2 million and up, he said, but there have been 245 sales of homes in that category so far in 2021, compared with just 94 in the same period in 2020.

As of this week, there are just 1,190 active listings in the region, down from 2,389 at the same time last year. Langlois said while 75 to 80 per cent of sales involve local buyers, that drops to about 65 per cent when sale prices hit $3 million and above.

“The high end of the market does tend to be more mobile,” Langlois said, noting homes like the one on Lawrence Road have “global appeal.”

The most expensive residential listing currently on the board's listings service is at 1850 Lands End Rd., with a price tag of $18.8 million.

The high end of the market does tend to be more mobile.” David Langlois