We take a look at Western Canada today at the 5 most expensive homes for sale in Vancouver BC Canada.
5 Most Expensive Houses For Sale in Vancouver
Vancouver has remained one of the top ten cities in the world based on criteria such as livability and the quality of life. This city has a population of about 640,000, according to the census that was done in 2016. It’s a multicultural city, that is also linguistically diverse. According to studies, more than half of the inhabitants of this city have a first language other than the English language. This city is the dream city for a lot of people, and this is why people migrate to the city in droves.
As a result of this, the cost of Vancouver real estate has been on a massive increase over the years. The purpose of this piece is to give you information on how to purchase condos and houses in Vancouver as a foreigner, especially when it’s your first time, and to show you some of the most expensive homes money can afford in Vancouver. Owning an expensive house in Vancouver isn’t just for show off, but a smart and wise investment.
According to a Vancouver’s CREA, “a typical home for sale in Vancouver is seen mostly as an investment. In Vancouver, you don’t grow your wealth by working, you do that by buying a house and doing precisely nothing.” Vancouver Realtor Richard Morrison mentions, “an average, anyone that owns single-family homes in Vancouver since 2014, made over 1 million dollars until now in 2018.” That’s equivalent to a $250,000 per year investment. Of course, the more expensive your home is, the more money you make off it.
Now if you are keen on buying Vancouver real estate there are a few things you would be aware. This is especially true if you are not a resident of Canada.
The Five Most Expensive Residences for Sale in Vancouver
With that said, the Vancouver real estate market is in full speed. With that comes some high priced Vancouver properties. Here are just a few examples of the lavish real estate available in the area:
1. Fairmont Pacific Rim
PENTHOUSE-2-RESIDENCE: This Vancouver penthouse is one of the most expensive condos in Vancouver. And that’s a lot to say given that Vancouver condominiums are one of the most expensive in the world! It’s located in PH02 1011 W Cordova Street, Vancouver, in the Coal Harbour area. It has a total of 4 beds and 5 bathrooms. This apartment was built in the year 2010, and it a penthouse style property. This house cost a sum of 38 million dollars. However, this house is worth every dollar it cost.
2. 3490 Pine Crescent, Vancouver
This house cost a sum of 35 million dollars. This house was built in 2016. It’s a two-storey building foyer. It’s residential detached house.
3. 4552 192 Street, Cloverdale
This house cost a sum of 28 million dollars. This house was built in 2014 and cost about 28 million dollars. It has a total of 8 bathrooms. The house is a Rancher/Bungalow with Basement. This property has facilities such as a Helipad, amphitheatre and at a close proximity to the airport, schools, and a beach.
4. 1 Fawn Bluff Cove, Islands-Vanand Gulf
This property is also referred to as the crown jewel of the rainforest. The property overlooks a deep water harbour. The house has 5 bathrooms in total. It’s a 2-storey building. The property is made from timber and stones.
5. 4838 Belmont Avenue, Vancouver
This house was built in 1917. It cost about 28 million dollars. Has about 8 bathrooms. It’s a 2-storey building with a basement.
Tips On Buying A Home In Vancouver
If buying a condo or house in Vancouver already seems like a daunting endeavour with these prices, it gets worse. It’s much complex than it appears, especially if you are a foreigner. When it comes to real estate, you get whatever you buy, so the onus is on the buyer to aware and cautious of whatever he/she is doing. However real estate agents can facilitate, and make this process simpler and less complicated. Below are some of the things you should take note of before buying houses for sale in Vancouver;
1. Cost of maintaining the property:
The REBGV has a full list of costs involved with the purchase of a property in Vancouver. A lot fall into the trap of buying a property to end up realizing that the house cost a lot to maintain. You have to consider the cost of maintaining the house, and also the ongoing cost of the property. Realtors can also help you with this estimation.
2. Type of neighbourhood:
This factor is as important as the house you want to buy. Living in a house in a bad neighbourhood is one of the worst things to happen to anyone. This can range from crime rates, robbery and so on. However, if you choose to get a house in an environment that has prospects for future development, low crime rate and so on. Then the worth and value of your Vancouver house would steadily appreciate over the years, and you’d have peace of mind living in the house.
This is also another point to take note of when buying a house. Living in an environment that has facilities such as hospitals, schools, grocery stores and so on, makes life easier. This is important, especially when the buyer plans to have kids or have children already. Life is made easy when you have a school, hospital just around you.
4. Oil Tanks:
There is an oil tank trend in Vancouver that is common in houses built before 1970. These houses tend to have oil tanks beneath them. Removing these tanks can cost from $15,000 to $150,000. You should know if your property has this tank or not, and be clear on whose responsibility it is to remove the tank. Vancouver Realtors can help you decide if this would be a problem or not. However, a good lawyer that has experience with oil tanks is also important.
5. Property tax:
In Vancouver, home buyers have to pay a property transfer tax. This is usually 1% on the first $200,000, and 2% on the balance of the property. You should factor this in when planning for the purchase of your property.
6. Property inspection:
Homes tend to have some deficiencies after some years. This is normal, however, it’s crucial to know the true state of your property before buying it. This is important because there are some issues that can affect your insurance coverage. Some of them include plumbing, roofing, poor drainage, or facilities that are approved by the CSA. Examples of unapproved facilities might include fireplaces and insulation. It’s best to seek the help of a professional, such as an inspector, whose job is to inspect and identify any potential risks or problems that might be in the property, before you buy the house.
7. Immigration issues & Foreign Buyer Tax applied to all homes for sale Vancouver:
This is particularly important to non-residents of Canada. Immigrants in Canada, that wants to buy a property in Vancouver might have difficulties in securing a mortgage. They might be asked to show that they have a certain amount of liquid assets. There are mortgage brokers in Canada that deal with this kind of situation. You should contact one if you envisage this kind of problem.
The Foreign Buyer Tax of 20% is applied to any non-resident when buying homes for sale in Vancouver. The tax is applied to the value of Vancouver condos and houses.
8. The real cost involved in purchasing a home:
It’s important to know how much it’d really cost you to buy a house. This cost is different from the actual price of the house, but other needed expenses. Some of these expenses include insurance fees, legal fees, property taxes, cost of maintenance, and so on. If you are looking for luxury vancouver homes for sale, then certainly your costs may differ.