Historically low mortgage rates and busy real estate activity has sent Canadian house prices soaring over the past few years. Rivalling grandiose celebrity homes in Hollywood, the city of Vancouver and its scenic islands is not only the most expensive housing market in the country (nearly one-fifth of all homes sold in Vancouver last year went for a million dollars or more), it is the most expensive city in North America according The Economist Intelligence Unit.
So it comes as no surprise that the most expensive residential property in Canada is only three hours away from Vancouver. Located off the coast of Vancouver Island lies a 780-acre private island. Selling for just over $78-million this one-of-a-kind listing is owned by Craig McCaw, Seattle businessman and entrepreneur, and his wife, Susan Rasinski McCaw, the former U.S. Ambassador to Austria.
The house is built with custom interiors and finishes that reflect the island’s natural surroundings such as wood pillars throughout and vast stone walkways. The house is also energy-efficient and keeps itself cool with a 5,000 square-foot green roof. From the windows of the private master wing are majestic views of white sandy beaches, indigenous island greenery, wildlife, and breathtaking glimpses of the sunset.
If that isn’t enough, the house also comes with a western-themed village with a gym, library, kitchen, organic garden and general store. And for all you golf fanatics, the resort-like island also features a championship golf course designed by pro golf legend, Jack Niclaus. Perhaps it’s time to get that new driver. You’ll also find a pool house out back, complete with an outdoor fire pit for kumbaya-induced marshmallow-roasting nights. The property has no problem entertaining large families as kids can play in the activity centre located in the vintage reclaimed barn while older guests can play in the games room, made from a converted warehouse. Wondering where to house overnight visitors? The island comes equipped with six cottages for family and friends – what more could you want? Clearly, this property is more than just a home, it’s a private island resort!
Let’s break down what a mortgage payment for this island paradise would cost using our mortgage payment calculator. First, we’ll choose a 5-year fixed rate of 2.99% from the best mortgage rates in BC. Then, we’ll select a 25 year amortization period with a 20% down payment to avoid paying CMHC insurance.
After crunching the numbers, the costs of affording the private Gulf Island home are below:
Listed price: $78,135,000
Down payment: $15,627,000
Monthly mortgage payment: $295,496
Total mortgage required: $62,508,000
Land Transfer Tax in BC: $1,560,700
Interest paid: $31,895,735
So with a mortgage of just over $62 million, this island abode could be yours. Start saving now! And how would one get to this island paradise? The property is accessible by air and by water, not to mention the sale of the house includes a private air strip and all-weather boat harbour and dock. Once your feet are firmly planted on the white sandy beaches of the isle, a fleet of electric vehicles are available for you to explore your island abode at your leisure – all of which are included in the sale.
*images taken from Sotheby’s Realty