Canada has a relatively stable economy compared to the rest of the world, which can partly be attributed to our strong housing market. With mortgage rates at near all-time lows, home sales in Canada have been breaking records across various provinces. With this much real estate activity, home prices have been steadily rising over the past year. How high can it go? Here, at Ratehub.ca, we continue our series outlining the most expensive home in every province.
The housing market in British Columbia is booming, led by Vancouver, which has the third highest housing costs among English-speaking cities worldwide (trailing Hong Kong and Sydney)1. BC’s real estate industry is surging as they continue to increase new home construction versus the rest of the country which is in decline.
According to MLS®, the highest priced listing for a residential home in Canada can be found in West Vancouver. The property is built on land that could house a castle, so it’s no surprise it’s aptly nicknamed, “Camelot”. It shares the name of the famous castle that was protected by King Arthur and his Knights of the Round Table – surprisingly, this property may actually be to scale.
Let’s take a look at the property:
Features: 11 Bedrooms, 8 Bathrooms
To afford such a behemoth, it’d be wise to select the best mortgage rates in BC of 3.49% (using a 5-year term). Using our Ratehub.ca mortgage payment calculator, we’ll determine what it would cost to afford such a home. Having already selected the rate, we’ll choose a 25 year amortization period and put a 20% down payment to avoid CMHC insurance.
$159,199 – The monthly mortgage payment
$796,000 – Land Transfer Tax in BC
$6,305,093 – Interest paid over the 5-year term
With a sale price just under $40 million, this soon-to-be-built property ranks up there with some of Hollywood’s finest. The interest over the 5-year term alone is enough to pay a year’s worth of NHL salary for either Henrik or Daniel Sedin. The property sits on 5.44 acres of land that overlooks downtown Vancouver. Although nothing is built yet, zoning allows for three buildings that measure up to 70,000 square feet! Currently, the design in place calls for a 21,000 square foot main house, a 7,000 square foot guest house, and a generous 2,500 square foot maids’ house.
Downtown is a convenient 10-15 minute drive away in case you need to quickly riot after a playoff loss.
Do you park your cars in your driveway because your garage is full of stuff? Well, fear not, the main home is equipped with a fifteen car subterranean garage, à la the Batcave. At $40 million dollars, we think only Bruce Wayne can afford this home anyway. The list of features goes on: An Olympic-sized swimming pool, multiple waterfalls, tennis court, and putting green to name a few. Even the guest house features an infinity swimming pool.
Once this house palace is constructed, it will be a truly impressive sight.
1 According to the CAAMP 2011 report