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B.C. real estate: Home, winery for sale in Abbotsford

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A mansion listed for just shy of $10 million in B.C.’s Fraser Valley comes with a small vineyard, a working boutique winery, horse stables, and a riding ring.

Described as an “equestrian estate and winery,” the property at 5290 Olund Rd. in Abbottsford is listed by Sotheby’s for $9,950,000. The 6,000 square foot home was built in 1992 and has five bedrooms, five bathrooms, vaulted ceilings, and views of Mount Baker.

“The interior of the home evokes an Italian winery estate house, with a renaissance-style mural decorating the ceiling of the entryway and classic ornamental columns throughout,” the listing says.

The property at 5290 Olund Rd. features a winery and equestrian facilities. (Image Credit: Sotheby’s International Realty)

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But listing agent Paul Hague says the home is only one part of the package. The property, he says, offers a unique opportunity for a would-be vintner to set up shop roughly an hour outside of Vancouver.

“There’s great wines out there, there’s beautiful wineries and it’s actually quite shocking for people when they happen across them,” he says, adding the winery has the capacity to generate additional revenue by hosting events in its tasting room.

The property at 5290 Olund Rd. features a winery and equestrian facilities. (Image Credit: Sotheby’s International Realty)

The family-owned and operated Seaside Pearl Farmgate Winery produces about 2,000 bottles a year, a combination of Fraser Valley VQA wines from the grapes grown on the propery and Okanagan Valley VQA wines from purchased Okanagan grapes. Hague has sampled the wine and describes it as “spectacular.”

Hague, who specializes in winery vineyard real estate, says the family’s decision to sell the property and the business is part of a wider trend he is seeing in the niche market.

“There’s a lot of people retiring out of the business. B.C. is 25 or 30 years into really big wine production, we’ve really perfected it. A lot of people, they’re just simply retiring,” he says.

“You’re going to see a lot of wineries change hands in the next few years, a lot will be happening this year.”

The property at 5290 Olund Rd. features a winery and equestrian facilities. (Image Credit: Sotheby’s International Realty)

The listing also describes the nine-acre property as ideal for an “avid equestrian” with a stable that can accommodate 13 horses, nine outdoor pens, a riding ring, and “serene” outdoor trails.

Hague says he’s received some inquiries from overseas investors, but none from local buyers.

“It’s a big number for a piece of real estate in B.C. right now, especially given the current climate — but it is a very unique property.”

The property at 5290 Olund Rd. features a winery and equestrian facilities. (Image Credit: Sotheby’s International Realty)

The price is nearly ten times the average for a single-family home in the City of Abbotsford, according to the latest information from BC Assessment. It’s roughly five times the price of the average single-family home in Vancouver.

The property at 5290 Olund Rd. features a winery and equestrian facilities. (Image Credit: Sotheby’s International Realty)

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'Echo chamber thinking': Real estate forum optimistic for Downtown rebound – Edmonton Journal

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‘Echo chamber thinking’: Real estate forum optimistic for Downtown rebound  Edmonton Journal

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Nanaimo Real Estate Market Report: January 2023

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NANAIMO – Calm start to the year indicates a great time to buy

In January, 46 single-family homes sold in Nanaimo, down 33 per cent from December and 26 per cent from the previous year.

Active listings of single-family homes on the Mid-Island rose 108 per cent year-over-year, but dropped by 4 per cent from December.

The average price for a single-family home in Nanaimo was $795,527 in January, a 23 per cent drop from last year.

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In a competitive market, it is key to obtain the advice of a REALTOR®, especially in a rapidly changing environment.

These are the benchmark numbers for Nanaimo in January 2022, as well as central and northern Vancouver Island:

  • Nanaimo’s benchmark price decreased to $755,300, a 7 per cent decrease from last year.
  • Campbell River’s benchmark price for single-family homes was $647,600, a 4 per cent decrease from the previous year.
  • Comox Valley’s benchmark price decreased by 4 per cent from last year to $784,700.
  • Cowichan Valley reported a benchmark price of $745,700, an decrease of 4 per cent compared to January 2022.
  • The Parksville-Qualicum area decreased 6 per cent from the last year to $856,100.
  • Port Alberni’s benchmark decreased to $518,300, a 8 per cent decrease from last year, the largest decrease on the island.

The monthly Nanaimo Real Estate report analyzes the Vancouver Island Real Estate market north of the Malahat and more precisely, the Nanaimo and greater area. The information included here does not reflect the actual value of any particular property. You can find out what your home is worth by contacting a RE/MAX of Nanaimo’s agents here.

Looking for listings? Start browsing Nanaimo’s Real Estate listings here

Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/nanaimo-real-estate-market-report

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Montreal home sales down 36% from January 2022: Quebec real estate association

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MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued.
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The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued. A woman walks by a house for sale in Montreal, Friday, March 4, 2022. THE CANADIAN PRESS/Graham Hughes

MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued.

The association says last month’s sales totalled 1,791, down 36 per cent from 2,816 in January 2022.

Charles Brant, the association’s market analysis director, says these numbers mean activity is approaching a historic low for the month of January and come as rising interest rates are weighing on homebuyers.

He says first-time homebuyers in particular are taking a cautious wait-and-see attitude despite recent drops in prices.

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The median price of a single-family home edged down seven per cent to $500,000 year over year, while condos dipped three per cent to $370,000 and plexes dropped six per cent to $675,000.

As median prices fell so did new listings, which hit 4,598 compared with 4,808 a year ago.

This report by The Canadian Press was first published Feb. 7, 2023.

The Canadian Press

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