Real eState
In Canada, a Sprawling Seaside Estate Just Hit the Market for $14 Million
A sprawling estate perched atop a rocky bluff overlooking the Salish Sea has just popped up for sale on British Columbia’s secluded North Pender Island, between Vancouver Island and the mainland coast of British Columbia, asking nearly $14.6 million (C$19.8 million).
Designed by Bo Helliwell and Kim Smith of Blue Sky Architecture, and custom-built by Gulf Island Artisan Homes in 2022, the striking West Coast modern residence comes complete with a private dock, vineyard and sweeping views of the Gulf Islands, and that’s just for starters.
Sited amid a whopping 100-plus acres of land, the curving red cedar shake, stone and glass structure at the centerpiece of the secluded property is known as the “Point House,” and has five bedrooms and seven baths in nearly 7,000 square feet of living space boasting a mix of wide-plank European white oak and Pietra Piasentina stone tile floors, high post-and-beam ceilings and clerestory windows throughout.
Upon entry, a centrally placed foyer flows to social and family spaces on one side, and guest and service spaces on the other. Highlights include an open living and dining area spotlighted by a massive split granite fireplace and walls of glass offering picturesque views of Davidson Bay (or Clam Bay, as the locals call it), along with a cozy den that connects to a sleekly designed gourmet kitchen outfitted with an island and high-end stainless appliances.
A separate wing holds all of the en-suite bedrooms; and elsewhere is a lounge, wine cellar and an upper level hosting a private study. Outdoors, an expansive terrace is also ideal for entertaining with a built-in barbecue and fireplace.
As for the rest of the place, there’s something for every taste. Not only do the grounds include a commercial-grade, 50-foot dock at the end of a 260-foot pier—perfect for accessing the site via boat or seaplane—but they also host an organic farm dating back to the 1800s and its original homestead, a pond flanked by a gazebo set up as a gym and vineyard currently leased to a local winemaker, as well as a guesthouse, caretaker’s cabin, beach house and barn that’s been converted into an event space.
Topping off the listing, which is held by Nicole Eastman and Paul Hague of Sotheby’s International Realty Canada, are a generator and water-treatment plant that allow for a totally off-grid lifestyle.
Real eState
Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
The Canadian Press. All rights reserved.
Real eState
National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA
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.
The Canadian Press. All rights reserved.
Real eState
Two Quebec real estate brokers suspended for using fake bids to drive up prices
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.
The Canadian Press. All rights reserved.
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