4702 1011 West Cordova Street, Vancouver. Listed at $38 million. Image: www.malcolmhasman.com

The priciest home for sale in Canada: A $38M Vancouver penthouse

Canada’s luxury real estate: The top 10 most expensive properties for sale right now

While the hot Canadian real estate market is increasingly making home ownership an impossible dream for most millennials, the luxury real estate market is noticeably cooling down.

The top eleven priciest homes in Canada are all pegged at more than $25 million, with a 6,600 square-foot Vancouver penthouse coming in at the top of the list.

Although these staggering prices are prohibitive for most people, compared to last year’s figures, the values for the most expensive homes in 2018 have toned down significantly.

The highest-priced home for sale in 2017 was Vancouver’s Belmont Estate, listed for $63 million, whereas this year’s No. 1 listing is PH02 – 1011 W. Cordova Street in Vancouver for a “mere” $38 million.

It is a 6,652 sq.ft., four bedroom, four-and-a-half bath penthouse atop the Fairmont Pacific Rim hotel.

With a $38-million price tag and annual property taxes of nearly $50,000, this penthouse is clearly reserved for the elite.

“This brilliantly designed two-level residence encompasses approximately 6,700 square feet of expansive living with over 2,900 additional square feet of outdoor courtyard and terraces all enjoying one of the most prized city, mountain and water views in the city,” reads the real estate listing.

Related: ‘Just’ $20M for the most expensive home in the Okanagan

The list of luxury homes is put together each year by researchers at Point2 Homes.

“The hefty price tags, going from $25 million to $38 million provide everything from heated pools and Jacuzzis, climate-controlled wine cellars and stylish kitchens to bespoke furniture, landscaped terraces, and stunning water, mountain or city views. In other words, these are the homes everyone is craving, but only the uber-rich can afford,” writes Point2 Homes.

Likely no surprise to real estate investors, six of the top 11 homes are located in B.C., while three are found in Ontario and two can be located in Quebec.

This year, Vancouver boasts three properties on the market that scream luxury, all of them in the top five.

“From home theatres with tiered seating and outdoor pools all the way to sophisticated chandeliers and marble floors, the Vancouver luxury real estate market has it all. Three more B.C. homes join their ranks this year: one in Surrey and one in Bute Inlet, both going for $28,800,000 and another one in Whistler ($25 million),” adds Point2 Homes.

There are many new entries in the top 10 this year, but the spectacular 68 Bridle Path in Toronto is not one of them – this stunning piece of luxury real estate was the fourth most expensive in 2017 and this year it simply went up two places (the price tag is stuck at $35 million).

Interestingly, the luxury real estate market is losing momentum in the Greater Toronto Area.

Compared to 2017, the sales of luxury homes in the GTA fell by nearly 68 per cent and prices that used to be red hot are now beginning to cool off.

Quebec made the list this year with two properties with asking prices hovering around $26 million.

Exceptional by any standard, the grand stone mansion at 41 Avenue Forden, Westmount is surrounded by 30,000 sq.ft. of private land, boasting an impressive terrace overlooking the massive pool, a gated driveway, and a luxurious tennis court.

If you’ve got the money to spend, and you need a boat load of it, luxury homes in Canada are plentiful.

“No matter what your dream home looks like, the Canadian luxury real estate market offers access to everything from forested, perfectly sheltered rural estates to sprawling, exclusive penthouses located in vibrant neighbourhoods.”

If you’re curious about last year’s Top 10 Most Expensive Homes in Canada, click here.

To report a typo, email:
newstips@kelownacapnews.com
.


@carmenweld
carmen.weld@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Peace Arch Elementary playground upgrade a go

White Rock Rotary fundraising contributes last piece for completing project

Telethon promotes Surrey Memorial Hospital COVID response funding

Entrepreneur Manjit Lit gifts Surrey Hospital Foundation, challenges others to join him

Surrey’s Johnston Heights reporting COVID-19 exposure

Fraser Health has created a new webpage listing COVID-19 cases in schools

White Rock shoots down mandatory mask motion

Coun. Scott Kristjanson asked city to prepare report on mandatory masks on public spaces

Stanley Cup win for Surrey-based NHL scout who coached in North Delta

Grant Armstrong is among 11 WHL alumni currently with Tampa Bay Lightning

105 new COVID-19 cases, 1 death as health officials urge B.C. to remember safety protocols

There are currently 1268 active cases, with 3,337 people under public health monitoring

U.S. Presidential Debate Takeaways: An acrid tone from the opening minute

Here are key takeaways from the first of three scheduled presidential debates before Election Day on Nov. 3

‘Alien invasion’: Strange webbing creeps in overnight in Agassiz,Harrison

Eerie webbing might be the result of a growth in moth population

B.C. nurses report rise in depression, anxiety, exhaustion due to pandemic

A new UBC study looks into how the COVID-19 response has impacted frontline nurses

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

National child-care plan could help Canada rebound from COVID-induced economic crisis: prof

A $2 billion investment this year could help parents during second wave of pandemic

Search suspended for Indigenous elder last seen mushroom picking in northwest B.C.

Mushroom picker Thomas (Tommy) Dennis has been missing since Sept. 16

16 MLAs retiring from B.C. politics add up to $20M in pensions: Taxpayers Federation

Taxpayers pay $4 for every dollar MLAs contribute to their pensions

Most Read