It’s been almost a year since one of Vancouver’s grandest homes has been on the market.
Rosemary Estate still awaits a new owner after it was listed on January 6, 2020.
The asking price remains the same at $26,988,000.
The 12-bedroom, 12-bath mansion has a rich heritage.
According to the Vancouver Heritage Foundation, the Shaughnessy property was built between 1912 and 1913.
“The first owner was lawyer and liquor magnate A.E. Tulk,” the foundation states online, referring to Ontario-born Albert Edward Tulk.
According to heritage organization, Tulk named the house after his only daughter, Rosemary.
A newspaper clipping from 1903 describes Tulk as the president and manager of Gold Seal Liquor Co.
Tulk’s company at the time was the distributor of, among others, Jos. E. Seagrams & Co. whiskeys.
Gold Seal Liquor Co. was also the B.C. agent of London brewer John Labatt.
It also represented California’s Napa and Sonoma Wine Co.
According to the 1903 clipping, Tulk made Vancouver his home in 1897.
In a report to the City of Vancouver about Shaughnessy, heritage consultant Donald Luxton recalled that Tulk was one of those who built three of the grandest homes in Shaughnessy.
One was businessman and politician Alexander Duncan McRae. He built the Hycroft mansion, now home of the University Women’s Club of Vancouver.
The other was newspaper publisher Walter Cameron Nichol, who became Lieutenant-Governor of B.C. His mansion was called Miramar.
Going back to Tulk, the Vancouver Heritage Foundation recalls online that the liquor magnate’s house was designed by architecture firm Maclure and Fox.
“Subsequent occupants were: Lieutenant Governor John William Fordham Johnson (1922-1931), Industrialist/horseman Austin Taylor (1931-1947) and the Order of the Convent of our Lady of the Cenacle (1947-1994),” according to the organization.
The heritage group went on to relate that the house was sold to Mingfei Zhao in 2014.
At the time the foundation made that update, the heritage home was being restored by architect Ken Wong and FairTradeWorks Construction.
CBC picked up the story in 2016, when renovation was going on, with a story titled ‘The new ‘Earl’ of Shaughnessy breathes life into historic home’.
The story described the new owner Zhao as a retired property developer from Beijing.
“Now 60, he admits to a net worth of over $1 billion Cdn and says he chose to retire to Vancouver for the ‘clean air’ and good education for his son,” CBC’s Chris Brown reported.
At the time, Zhao had already spent $6 million and counting for the restoration of the rundown estate.
The story stated that Zhao hopes that he can move in within the next year and half, becoming the “new Earl, as it were, of his restored Shaughnessy manor”.
Based on tracking by real-estate site Zealty.ca, the 3689 Selkirk Street property was listed on October 21, 2013 for $12,880,000.
Zhao purchased the heritage home on January 20, 2014 at $11,010,000.
According to Zealty.ca data, B.C. Assessment’s 2014 valuation of the property was $9,052,000.
The mansion’s 2020 valuation per B.C. Assessment as of July 1, 2019 is $15,370,000.
Zealty.ca notes that the estate’s asking price ($26,988,000) to assessed value ($15,370,000) is 1.76.
The listing by Sotheby’s International Realty Canada notes that the property includes a coachhouse with three bedrooms for staff.
In 1996, the City of Vancouver designated the estate as a protected heritage property.
The protection applies to the mansion, also formerly known as the Cenacle Convent, the south and west terraces, and the garden pergola.
What Is the Canada Mortgage and Housing Corporation (CMHC)
The Canada Mortgage and Housing Corporation (CMHC) is a Canadian Crown Corporation that serves as the national housing agency of Canada and provides mortgage loans to prospective buyers, particularly those in need.
Understanding the Canada Mortgage and Housing Corporation (CMHC)
The Canada Mortgage and Housing Corporation (CMHC) serves as the national housing agency of Canada. CMHC is a state-owned enterprise, or a Crown corporation, that provides a range of services for home buyers, the government, and the housing industry.
CMHC’s stated mission is to “promote housing affordability and choice; to facilitate access to, and competition and efficiency in the provision of, housing finance; to protect the availability of adequate funding for housing, and generally to contribute to the well-being of the housing sector.”1
A primary focus of CMHC is to provide federal funding for Canadian housing programs, particularly to buyers with demonstrated needs. CMHC, headquartered in Ottawa, provides many additional services to renters and home buyers, including mortgage insurance and financial assistance programs. CMHC acts as an information hub for consumers, providing information on renting, financial planning, home buying, and mortgage management.
CMHC also provides mortgage loan insurance for public and private housing organizations and facilitates affordable, accessible, and adaptable housing in Canada.2 Additionally, CMHC provides financial assistance and housing programs to First Nations and Indigenous communities in Canada.3
Professionals and Consumers
CMHC provides services to both professionals and consumers. For professionals, CMHC aims to work in collaboration with different groups to provide affordable housing. Services include project funding and mortgage financing, providing information to understand Canada’s housing market, innovation and leadership networks to access funding and talent to spur housing innovation and increase supply, and providing speakers and hosting events for the industry.4
For consumers, CMHC seeks to provide all the tools an individual would need to either buy a home or rent a home and a variety of information and assistance for current homeowners, such as managing a mortgage, services for seniors to age in place, and financial hardship assistance.56
For financial hardship and mortgage assistance, CMHC provides tools that include payment deferrals, extending the repayment period, adding missed payments to the mortgage balance, moving from a variable-rate to a fixed-rate mortgage, and other special payment arrangements.7
Canada Mortgage and Housing Corporation (CMHC) and the National Housing Strategy
In November 2017, the Canadian government announced the National Housing Strategy.8 Rooted in the idea that housing is a human right, this 10-year, $70 billion project will largely be administered by CMHC, although some services and deliverables will be provided by third-party contractors and other Canadian federal agencies.9
Strategic initiatives of the National Housing Strategy include:
- Building new affordable housing and renewing existing affordable housing stock
- Providing technical assistance, tools, and resources to build capacity in the community housing sector and funds to support local organizations
- Supporting research, capacity-building, excellence, and innovation in housing research10
History of the Canada Mortgage and Housing Corporation (CMHC)
CMHC was established in 1946 as the Central Mortgage and Housing Corporation by the federal government in Canada with the primary mission of administering the National Housing Act and the Home Improvement Loans Guarantee Act and facilitating discounts to mortgage companies. Initially, CMHC began by providing housing to returning Canadian war veterans, and toward the end of the 1940s, CMHC began to administer a program providing low-income housing across Canada.11
In 1947, CMHC was responsible for opening Regent Park, a large low-income housing project, and Toronto’s first urban renewal project. By the 1960s, CMHC introduced co-op housing and multi-unit apartment buildings throughout Canada.11
In 1979, the Central Mortgage and Housing Corporation changed its name to the Canada Mortgage and Housing Corporation
Canadian home price gains accelerate again in May
Canadian home prices accelerated again in May from the previous month, posting the largest monthly rise in the history of the Teranet-National Bank Composite House Price Index, data showed on Thursday.
The index, which tracks repeat sales of single-family homes in 11 major Canadian markets, rose 2.8% on the month in May, led by strong month-over-month gains in the Ottawa-Gatineau capital region, in Halifax, Nova Scotia, and in Hamilton, Ontario.
“It was a third consecutive month in which all 11 markets of the composite index were up from the month before,” said Daren King, an economist at National Bank of Canada, in a note.
On an annual basis, the Teranet index was up 13.7% from a year earlier, the 10th consecutive acceleration and the strongest 12-month gain since July 2017.
Halifax led the year-over-year gains, up 29.9%, followed by Hamilton at 25.5% and Ottawa-Gatineau at 22.8%.
Housing price gains in smaller cities outside Toronto and its immediate suburbs again outpaced the major urban centers, with Barrie, Ontario leading the pack, up 31.4%.
On a month-over-month basis, prices rose 4.9% in Ottawa-Gatineau, 4.3% in Halifax and 3.7% in Hamilton.
The Teranet index measures price gains based on the change between the two most recent sales of properties that have been sold at least twice.
Canada‘s average home selling price, meanwhile, fell 1.1% in May from April, Canadian Real Estate Association data showed on Tuesday, but jumped 38.4% from May 2020.
(Reporting by Julie Gordon in Ottawa; Editing by Christopher Cushing)
Bank of Canada seeing signs of cooling in hot housing market
The sector surged in late 2020 and early 2021, with home prices escalating sharply amid investor activity and fear of missing out. The national average selling price fell 1.1% in May from April but was still up 38.4% from May 2020.
“You are starting to see some early signs of some slowing in the housing market. We are expecting supply to improve and demand to slow down, so we are expecting the housing market to come into better balance,” Macklem said.
“But we do think it is going to take some time and it is something that we are watching closely,” he told the Canadian Senate’s banking committee.
Macklem reiterated that the central bank saw evidence people were buying houses with a view to selling them for a profit and said recent price jumps were not sustainable.
“Interest rates are unusually low, which means eventually there’s more scope for them to go up,” he said.
Last year, the central bank slashed its key interest rate to a record-low 0.25% and Macklem reiterated it would stay there at least until economic slack had been fully absorbed, which should be some time in the second half of 2022.
“The economic recovery is making good progress … (but) a complete recovery will still take some time. The third wave of the virus has been a setback,” he said.
The bank has seen some choppiness in growth in the second quarter of 2021 following a sharp economic recovery from the COVID-19 pandemic at the start of the year, he added.
(Reporting by David Ljunggren and Julie Gordon; Editing by Peter Cooney and Richard Pullin)