A homeowner in Vancouver recently purchases a condominium which has been regarded as the most expensive property in Canada to date. Located in the 5-star Pacific Rim hotel, the property went for $40 million on October 9th, 2013.
Why the Condo was a Worthy Purchase
One might argue that $40 million is way too much money to spend on one property; however, judging by the look of things, the condo was totally worth every dime.
First off, the fact that it is located in a 5-star hotel means that the owner will get nothing short of a royal experience.
Secondly, since the condo is overlooking the beach, the Middle-Eastern Royal can wake up to the ocean view each morning.
Breaking Down the Price
The property is divided in two; a penthouse whose price was $25 million, and a unit on the floor below it which brought the price to $40 million.
The penthouse had been coveted from April 2010 when it was first put up for sale, up until it found a new owner in 2013.
Back in 2010, the penthouse alone was going for only $17 million, but as it is the case with real estate, prices keep going up the longer a property is in the market. Especially if it is a hot cake like it was the case with this penthouse.
This purchase is a clear indication that the Canadian real estate market is experiencing exponential growth. Even though economists have been predicting a contraction in growth, this recent purchase speaks for itself. Besides, this is just one mention in a long list of foreign investors finding amazing properties in Vancouver. We hope to see more massive purchases in the real estate industry as the year progresses.