$55 Million Sale in Vancouver Biggest in Canada

On Sept. 25, Global News reported on what is being called the “biggest residential real estate deal in Canadian history.”

The big deal

Back in June, someone purchased the penthouse unit at the top of the Fairmont Pacific Rim hotel in Vancouver for $25 million (the most expensive condo in Vancouver). That same buyer then went on to tour the three lower floors below the penthouse, purchasing property on each.

In total, the purchaser spent $55 million for just over 15,000 square feet. We’re not accustomed to dealing with numbers this insane, so we had to refer to the calculator to discover that the purchaser is paying about $3,600/square foot.

Oh, and did we mention that the purchaser paid in cash? According to Global News, there are reports that say a prince from the Middle East is the one behind Canada’s most expensive real estate deal.

Property manager, Cameron Fazli, commented on the deal, “They wanted the best of the best and the Fairmont suited them. It is 5-star, it is in a great location, amazing views, it is new, it is ultra luxury. It is exactly what they wanted, and it’s what they got.”

What does this mean for Vancouver real estate?

Over 400 properties have sold for over $3 million in Vancouver this year alone. Michael Ferreira of Urban Analytics told Global News, “It might have some influence, in a sense that it shows again that the city is appealing to some of the big money buyers, not only just outside the city, but outside the country.”

A recent report from Genworth Canada is predicting that Vancouver’s average resale price for a condo will only increase by 1.4% over the next year. If big deals like this keep popping up, and if this sale influences surrounding property, then Vancouver’s average price may rise even more!

All photography by Josh Dunford, as seen on the Contemporist