8408 Lawrence Road sold for the record-breaking asking price of $22.75 million. Amenities include a full gym, tennis courts and a mechanical boat launch. (Engel & Volkers)

8408 Lawrence Road sold for the record-breaking asking price of $22.75 million. Amenities include a full gym, tennis courts and a mechanical boat launch. (Engel & Volkers)

Sale of Saanich Peninsula estate breaks Greater Victoria price record

Agent says sale of the $22.75 million estate shows an increased demand in luxury properties

A waterfront estate on the Saanich Peninsula sold for its full asking price of $22.75-million, setting a new record for the highest value residential sale in Greater Victoria.

The five-acre estate features a 13,000-square-foot home surrounded by magnolia, apple, fig and bamboo trees.

“There are thoughtful architectural integrations between the house and landscaping, leading to a private beach and boat launch with direct access to the Salish Sea,” said Scott Piercy, licensed partner with Engel & Volkers Vancouver Island who made the sale along with colleague James LeBlanc and Maggi Thornhill of Whistler, who brought in the buyer. “This spectacular family home drew interest from across Canada, the U.S. and Europe. It is a sanctuary boasting unparalleled craftsmanship, with ocean and garden views from every room.

The record-setting sale represents a growing interest in the Victoria community and demand for waterfront and recreational properties, Piercy said. Despite inventory levels being 33 per cent lower this August over last, 15 waterfront estates valued at over $4 million have been sold throughout 2021 thus far compared to the 18 sold throughout all of 2020.

At the end of 2020, Engel & Volkers flagged the Victoria real estate market as one to watch due to sales volume jumping more than 500 per cent for properties listed at $4 million or more.

Greater Victoria’s previous property record was set by the sale of Swanwick Ranch in Metchosin for $14.1-million in June this year.

READ ALSO: Sale of oceanfront property in Metchosin yields new record for Greater Victoria


 

Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

Real estateSaanich Peninsula