A Saanich Peninsula estate has sold for the full asking price of $22.75 million, setting a new record in Victoria for the highest value residential sale. Listing advisors Scott Piercy and James LeBlanc of Engel & Völkers Vancouver Island collaborated with Maggi Thornhill of Engel & Völkers Whistler, who brought in the buyer.
Sitting on five acres of parklike property, the 13,000-sq.-ft. custom home “represents an elite standard of property within the Canadian real estate landscape,” says Engel & Völkers in a news release. Details of the sale remain private.
The company says the sale represents a growing interest in Canadian luxury real estate. August saw 33 per cent less inventory in the marketplace compared to August 2020, it says. Despite lower inventory levels, waterfront sales are on track to meet 2020’s numbers. To date, there are 15 waterfront sales over $4 million in 2021 compared to 18 for all of 2020.
“This spectacular family home drew interest from across Canada, the U.S. and Europe,” says Piercy. “It is a sanctuary boasting unparalleled craftsmanship, with ocean and garden views from every room. It includes a stunning variety of trees, including magnolia, apple, fig and bamboo with meandering trails throughout the property. 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.”
At the end of 2020, Engel & Völkers flagged the Victoria real estate market as a market to watch due to sales volume jumping more than 500 per cent for properties listed at $4 million or more.