As home prices continue to rise, Vancouver mansion goes on sale for C$63m
Home on Vancouver’s Billionaires’ Row listed at C$63 million seeks respectful buyer for 21,000 sq ft property as 92-year-old owner looks to downsize
A waterfront mansion on a Vancouver street known as Billionaires’ Row is on the market for C$63 million (US$48 million) – a record listing in a market where rapid home-price gains are seemingly unstoppable.
Perched above a popular beach, the manor features expansive views of downtown Vancouver and snow-capped mountains across the bay. It is owned by local businessman and philanthropist Joseph Segal and his wife, Rosalie.
The asking price is the highest ever for a residential single-family home listed in Greater Vancouver, according to Sotheby’s International Realty Canada, which represents the sellers.
“Why do people sell? Because they have a change of life,” Segal said. “Life is a runway. I’m finished cruising and now I’m descending.”
The 92-year-old president of Kingswood Capital Corp, who has four children, adds with a chuckle: “They can’t afford it. Besides, how do you divide a house in four?”
The lofty price tag underscores the ever-rising home values in Canada’s most expensive city, which has defied a succession of government efforts to cool gains, as well as concerns about the near-collapse of alternative-mortgage lender Home Capital Group.
The price of the average detached house in Vancouver climbed 5 per cent to a record C$1.8 million in May, while the number of properties sold was the third-highest ever for that month.
