A historic BC home for sale in the Southern Gulf Islands is still seeking a new owner — and the deal is getting more attractive with a multi-million dollar drop from the original list price.
Waterlea is a 3.5-acre waterfront property on North Pender Island with a 114-year-old manor home and a private island.
The property at 1309 Mackinnon Road is currently listed for $5.8 million, which is much lower than what it was originally offered for.
In 2022, Waterlea came onto the market at $9.8 million. The price dropped in August 2024 to $7.48 million, and one month later, it was further reduced to $6.85 million.
The peninsula waterfront home still comes at a premium cost, as the current BC Assessment for 1309 Mackinnon Road is just over $2 million as of July 1, 2024.
Ian Brown Real Estate
“Low bank waterfront is exceedingly rare in the Gulf Islands,” explained listing agent Ian Brown to Daily Hive. “The peninsula nature of the property provides an immersive experience, with orcas routinely frolicking off the private island and are so close that they are usually heard before they are seen.
“Most islands associated with properties in the Gulf Islands are not deeded, so private ownership is unique.”
Ian Brown Real Estate
Ian Brown Real Estate
Waterlea’s private island measures approximately one acre in size with a natural land bridge forming daily at low tide to facilitate wildlife watching of deer, eagles, and otters.
The property also claims it’s home to Canada’s first olive grove, with over 80 olive trees still growing to this day.
Ian Brown Real Estate
Ian Brown Real Estate
“The property has an interesting history,” added Brown. “It was built by John Mackinnon in 1910 and has only traded owners a handful of times. It was actually a resort from the 1930s to 1952.
“The current owner planted the olive grove and it became known as ‘Canada’s first olive grove’ as there are very few microclimates in Canada that can support olives. While the owner has not proceeded, he intended to produce high-quality olive oil from these actively fruit-producing trees.”
Ian Brown Real Estate
Waterlea’s rustic farmhouse measures over 6,500 sq ft with seven bedrooms and three bathrooms and offers stunning water views from every main room. It is also just a few minutes walk from the ferry on North Pender Island.
Check out the full listing for 1309 Mackinnon Road here.