A Vancouver home that was formerly Canada’s most expensive has been sold for $17.5 million – a price tag that could be a new record in Vancouver, according to the home’s builder.
The 19,000-square-foot residence at 3489 Osler Street in Shaughnessy was built in 1998 by G Wilson Construction and designed by architect Ernest Collins.
The home was originally built for $10 million on a $7 million property.
Gordon Wilson, principal of G Wilson, said the home had a $22 million price tag and was purchased by a non-English speaking citizen from Hong Kong or Mainland China.
“Most of the wealthy clients coming over usually use the homes to educate their children here,” he said.
By with an assessed value of $15.6 million, the home is the sixth-most expensive home in Vancouver, according to greatestates.ca
A house at 4803 Belmont Avenue in Point Grey is listed at $25 million, but has not sold.
Greatestates.ca lists the Point Grey home’s assessed value as $10,587,000, which would make it the 24th most expensive home in Vancouver.
The Osler Street home, which has underground parking and an indoor pool, was reportedly on the market briefly in 2007 for $25 million.
Wilson said this month’s sale is the first time possession of the home has changed hands.
“I don’t know what land value is today compared to what the client paid for, but having knowledge of the construction costs, it looks like my client made an investment there, had used the home for twelve years … and walked away with money in their pocket, “ said Wilson.
Many of G Wilson’s clients are from Asia. Two decades ago, nearly all of them were from Asia.
“There was a time in the late 1980s and 1900s when Hong Kong clients came to town and set the standard. They were international people, they demanded expensive, well-built places and those of us local businesses that took them on had to rise to the occasion.”