HousingCondosCanada's most expensive condo gets $8 million price cut

Canada’s most expensive condo gets $8 million price cut

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Penthouse at Fairmont Pacific Rim in Vancouver for sale for nearly a year

The most expensive condo for sale in Canada has just had an $8 million price cut, bringing its listing price down to a cool $29,998,000.

The luxury penthouse sits atop the Fairmont Pacific Rim hotel in downtown Vancouver, and is the home of billionaire Daryl Katz — best-known as the owner of the Edmonton Oilers hockey team and former owner of Rexall Drugs.

It has been listed since January 2018, when its price was $38 million.

The four bedroom, five bathroom penthouse measures 6,652 sq ft., and has a large terrace of 2,900 sq ft. with spectacular views.

Penthouse at the Fairmont Pacific Rim, re-listed for just under $30 million.
Penthouse at the Fairmont Pacific Rim, re-listed for just under $30 million. Credit: MLS
The home features spectacular views from its double height windows.
The home features spectacular views from its double height windows. Credit: MLS
A staircase leads to the second floor of the penthouse.
A staircase leads to the second floor of the penthouse. Credit: MLS

Three underground parking stalls are included and maintenance fees run $4,762.79 per month. Property taxes are $49,759.00 annually.

Now that the listing price is under $30 million, it will be interesting to see if the property moves.

Vancouver’s real estate market has slowed considerably, with November 2018 statistics from the Real Estate Board of Greater Vancouver showing condo sales down 46 per cent over the same time last year. Meanwhile, the number of listings was up 84 per cent.

Luxury properties have been hit especially hard by the foreign buyers’ tax, plus increased school and property transfer taxes on homes over $3 million.

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Peter Meiszner
Peter Meisznerhttps://www.peterforvancouver.com/
📢 I am running for Vancouver City Council with A Better City (ABC) and Ken Sim! Visit peterforvancouver.com for more information.
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