VANCOUVER —
A luxury real estate company says a Vancouver mansion is the most expensive home ever sold in the region, but representatives won’t say what the buyer paid for it.
According to Sotheby’s International Realty, a mansion known as Belmont Estate recently sold for the highest price on record in the Metro Vancouver area.
But realtor Christa Frosch refused to answer questions from CTV News Vancouver about how much it sold for – or even if the price was at, above or below the listing price – citing privacy as their reason.
A spokesperson said Sotheby’s wouldn’t even provide the listing price out of respect to their buyer and seller, but the current listing on the company’s website puts the asking price at $58 million.
That listing has since been taken down, but the photos were the same. It’s unclear whether the house sold, then was put back on the market or if the attempt to sell was unsuccessful at the time, as Sotheby’s said it would not provide an answer due to privacy reasons.
Also unclear is whether the seller had to drop the asking price from the $63 million it was listed at in 2017, as Sotheby’s would not answer this question either.
About four years ago, the same realtor involved in the 2021 sale issued a statement about Belmont Estate, saying the ornate mansion owned by a pair of long-time Vancouver philanthropists had broken a record for most expensive listing in the city.
Again, the photos are the same as used in the current listing, but it’s unclear how many people, if any, owned the home since the listing from owners Joseph and Rosalie Segal.
All that Sotheby’s would confirm was that the previous record for Metro Vancouver was $31.1 million, set in 2016, so Belmont Estates must have sold for more. The company said it confirmed the undisclosed sale price was a record based on data from MLS.
WHO BOUGHT THE MANSION?
Frosch wouldn’t provide many details on the buyers of the 21,977-square-foot home on a 1.28-acre lot in Vancouver’s tony Point Grey neighbourhood.
She said there was interest from international buyers as well as local residents, and that ultimately, the successful bidder was Canadian.
“This speaks to the strength of the domestic market,” she said in an email to CTV News.
“Despite COVID-19 curtailing travel, local demand for luxury properties is still prominent.”
Earlier this summer, Sotheby’s issued a report on the sale of luxury homes in Vancouver, which suggested a 300 per cent increase year-over-year when looking at those priced higher than $10 million.
She did not answer how long it typically takes to sell a home in this price category, saying only that it’s about finding the right buyer, and that sometimes this means a house stays on the market longer.
POTENTIAL IMPACT ON THE MARKET
Frosch said the “record-breaking” sale shows the strong interest both locally and globally in Vancouver real estate.
“Vancouver is a very sought-after city to live in due to the fantastic lifestyle the city offers, and we expect to see the interest in the city’s luxury market continue,” she said.
But many of Vancouver residents struggle to afford even a one-bedroom condo.
When CTV News asked about the impact on the market as a whole of sales of these types of homes, Frosch said the pandemic showed would-be buyers what really matters to them in terms of lifestyle, and working from home gave some people more options in terms of location.
“We have been witnessing people’s real estate decisions at all price points being driven by clarity over lifestyle choices,” she said.
She did not say answer whether she expected record-breaking sales in the luxury category to have a trickle-down impact, driving up prices of so-called affordable homes.
A MORTGAGE ON BELMONT ESTATE
Without the sale price, it’s hard to say what a mortgage on this type of home would cost, but hypothetically, CTV News crunched the numbers through RateHub.ca’s mortgage calculator.
Assuming the home sold for $31.2 million, slightly over the previous record of $31.1 million, and the buyer was able to put 20 per cent down ($10.92 million), the monthly mortgage at the best available rate (1.74 per cent) as of Thursday morning on a five-year fixed mortgage with a 25-year amortization period would be $102,588.
Assuming it sold for the list price of $58 million, and using the same calculations as above, the new buyer would be paying $109,709 a month.
And that’s in addition to paying the land transfer tax of between $914,000 and $1,718,000, depending on the sale price.
For would-be buyers still not deterred, here’s a quick look at what the anonymous seller is giving up.
The 20-year-old home has 21,977 square feet of living space, which includes a dozen bathrooms and five bedrooms.
Designed by Ernest Collins Architect Ltd., in collaboration with the owners, it took more than five years to build. The listing says every element of the home was carefully chosen.
It has six parking spaces, features a stone waterfall and includes a grand hall.
Amenities, as listed by Sotheby’s, include “3+ fireplaces,” heated floors, an exercise room, a library, a hot tub and indoor pool, steam room, underground sprinkler system, marble countertops, private elevator and wine cellar, among other things.
It has views of the ocean and North Shore mountains, a wraparound deck and a terrace.
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.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
