What may have been seen as a challenge for some builders became an opportunity for those involved in the construction of a mansion on a rocky property in West Vancouver.
A four-bedroom home for sale on Marine Drive appears almost as if it rose out of the cliff it was built on in 2014.
And the price tag seems to reflect the effort it must have taken. The 6,136-square-foot mansion is listed at just under $20 million.
Sotheby’s International Realty describes the oceanfront, south-facing home as “ultra-luxury,” and “of highest quality construction.”
The home was renovated in 2020-21, and includes open-plan kitchen, living and dining areas, six bathrooms, several walk-in closets, a media room, a recreation room and more.
The future owner will have their own temperature-controlled wine cellar, and can enjoy a glass while looking out at the ocean from their infinity pool and hot tub.
There are layers of decking built into the rock, and a hoist for a jet ski at the edge of the water.
It all sounds great, but most in Vancouver wouldn’t even be able to provide the property taxes.
At an estimated $54,472 a year, the taxes are comparable to entire salaries in the region.
The recently posted listing comes at a time when experts are monitoring the real estate market for the impact of rising mortgage rates.
In British Columbia, a monthly report released Monday showed a 35 per cent drop in sales in May, when compared to the same month in 2021.
In the area referred to as Greater Vancouver, which includes West Vancouver, that decrease in sales was 32.2 per cent.
But that doesn’t mean buyers should expect deals at this time, at least. The average sales price was up 8.5 per cent year over year in the Vancouver area, at $1,279,764.
In its quarterly report, Sotheby’s International Realty said the sale of luxury condominiums was up at least in Q1, but overall sales of homes priced at more than $1 million were down.
Ultra-luxury home sales were down even further. Sotheby’s said the number of homes sold for more than $10 million was half of what it was in the first three months of 2021.
Of course, homes in that category are only accessible to a small portion of buyers, so these properties often sit on the market for longer periods of time as agents search for someone who can afford what they’re selling.
In May, a Realtor told CTV News that those actively working in the market watch for shifts, and that softening being seen right now is expected to continue in the coming months.
She said properties have to be priced strategically, and that factors taken into account include inflation and interest rate hikes as well as the desire for buyers at all price points to negotiate and feel like they won.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
