According to the listing, it is “one of the last remaining developeable riparian lakefront estates” in Oakville, which for the uninitiated is a pretty big deal.
The front of the house.
Riparian rights only come with the house if the property also includes the water shoreline.
The concrete docking pier.
“This means that you will have the right to access the water, the right to the undisturbed natural flow of the water, and the right to withdraw water for your own use. You can legally enforce these rights against any other persons or government entities,” explains Jason Lane in an blogpost about buying waterfront homes.
The back of the house.
And not only do you get 184 feet of lake frontage and boat access with this Oakville property, but the home boasts a whopping 3.63 acres of land.
The view of the lake from the dock.
The land is stunning. The views of Lake Ontario that capture everything from downtown Toronto to the Niagara Escarpment are breathtaking.
The foyer.
However, the house itself is quite modest given the price tag of the property.
The primary bedroom.
The home has five bedrooms each with a view of the lake, plus four bathrooms.
The family room.
The rest of the house is…dare we say basic?
The kitchen with luxury appliances.
It’s modern with light oak hardwood flooring, big windows and an all-white kitchen.
Another bedroom with views of the lake.
It’s not ugly, but it is definitely giving Pottery Barn catalogue vibes.
An aerial view of the house.
But the good news is even if you hate the house, the property has an RL1-0 zoning and the land can accommodate a 10,000-square-foot new build.
A home office.
So you can build the house of your dreams. You know, after you’ve already spent almost $19 million on the current house and land.
Another bedroom with built-in closets.
Now don’t get us wrong, this is a great investment opportunity as waterfront properties have incredible resale value, but $19 million might be just a bit inflated when it comes to the actual value of the property.
The back patio.
See, this house has been on the market a few times in the last four years.
The home was then renovated – including the addition of a rare concrete docking pier and a new seawall – and re-listed in June 2020 for $12 million, but failed to sell after two months on the market.
The balcony off the primary bedroom.
Currently, HouseSigma, which uses artificial intelligence technology to estimate home value, values the property at $16,337,556.
A sunset view from the backyard.
So yes, this is a outstanding investment opportunity in a prime location with some amazing views, but they may need to drop the price if they ever want this house to actually sell.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
