The sale of a multi-million dollar listing in North Saanich is shattering any previous record for highest house price on Vancouver Island.
For $22.75 million, the Lawrence Road property includes a 13,000-square-foot home with eight bathrooms, six bedrooms, a two-storey study, a detached yoga studio, an infinity pool, tennis court, gym — even an underground wine cellar.
The president of the Victoria Real Estate Board, David Langlois, said the property is unique.
“You are looking at a very high-end, very interesting property that is going to offer features that you simply can’t find anywhere else,” he said.
It also comes with its own detached two-bedroom guest cottage.
“It’s significant in that it’s certainly the largest recorded sale that we’ve seen in our marketplace,” Langlois said.
“We do have a lot of really valuable real estate throughout the Greater Victoria area. We’ve got lots of private islands, and lots of estate-like settings. It’s not surprising.”
In June, a property in Metchosin sold for $12 million. It sits on 67 acres and a stream runs under parts of the 10,000-square-foot home.
At the time, it was the highest price ever paid through the Victoria Real Estate Board listings.
Tina Ireland, a regional assessor with BC Assessment, said there are fewer homes in the luxury market available right now.
“The luxury home market is more unique though of course, because the properties are more unique.”
With demand up for properties worth $4 million and more, so are prices.
“Last year’s assessment, we had seen a 10 per cent increase,” Ireland said. “This year I think we’ll see at least that in our assessed values.”
There have been 245 sales of homes in the $2 million category so far in 2021, compared with just 94 in the same period in 2020.