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.
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.
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