Burnaby real estate is pretty hot right now, but is it hot enough for someone to spend $14 million on a single house?
That will be the test for this listing at 7629 Burris St.
So, what does $14 million get you these days? According to the listing, it’s a 14,600-square-foot house with five bedrooms, seven bathrooms on a 1.36-acre lot.
The lot has extensive landscaping, a huge pool and a tennis court.
Inside, the house has – wait for it – racquetball court – perfect to keep fit on those rainy days.
“This renowned home is simply a masterpiece as it is built to the highest standards: handcrafted hardwood, silk wall coverings and natural-material flooring, and the finest quality materials from around the world,” reads the listing. “Indulge in this 14,600 square feet residence with five bed & seven bath that features cherry-wood ceilings, mahogany bookcases, oak mouldings & trim, and a gourmet kitchen with a circular portion. Set on a dramatic 1.36 acre lot, the estate resembles a private resort that offers exhilarating views of mountains and manicured gardens, indoor racquetball court with viewing lounge, an outdoor swimming pool with hot tub, a pristine private tennis court, a luxurious viewing gallery, and games room. This home is prepared to offer the ideal lifestyle for the most distinguished buyer.”
If you’re looking for modern design, this house isn’t for you. If you’re looking for old-style luxury, then this will fit the bill.
According to the latest numbers released by the Real Estate Board of Greater Vancouver (REBGV), April saw home sales total 4,908 throughout the region, marking a 342.6% rise compared to just 1,109 sales during the same month in 2020.
When it comes to Burnaby, the city saw 337 detached houses listed, 183 attached listed and 491 apartment listings. The REGBV says 160 detached dwellings sold in Burnaby in April, while attached housing recorded 124 sales. There were also 371 apartment listings bought.
Aside from that data are numbers that show many Burnaby residents own more than one property.
More than 17% of property owners in Burnaby own multiple properties, according to SFU City Program’s Andy Yan, who analyzed data from the Canadian Housing Statistics Program.
Out of that 17%, 13.1% own two properties, 2.9% own three properties and 1.4% own four or more properties.
“It’s also a story of wealth and really how residential property is a part of people's wealth,” Yan told Glacier Media. “It follows the geography of wealth in metropolitan Vancouver.”
The statistics don’t show where those multiple properties are, said Yan, or whether those properties are vacation homes or investments.
But it does raise interesting questions, he said.
“It does go into the idea of what does it mean to own residential property,” he said. “Knowing the kind of struggles we know many, many people have looking to buy their first home when we have a proportion of the population that has two or three or four homes or more.”
In Metro Vancouver as a whole, 16.4% of owners owned multiple properties.
- With additional reporting by Jane Seyd