4749 Belmont Avenue, Vancouver, British Columbia, Canada, V6T 1A8
In 2013 we compiled an interesting comparison of how far your money could go in France compared to here in Vancouver. The subject property was 4749 Belmont Avenue in the posh Point Grey neighourhood of Vancouver, BC. The 1.197-acre water-view lot included a 2,600 square foot teardown with 4 bedrooms & 3 bathrooms. The list price back in November 2013 was $22,800,000 CAD. We did a little research and found you could purchase 9 spectacular French Châteaux in the countryside of France for the same price as that tear down in Vancouver. Our research caught the eye of a major local news outlet which then turned into a top story on the 5 o’clock news.
Six months have passed since we released that mind-blowing comparison and that Vancouver teardown still hasn’t sold. In fact it just came back onto the market with a new agent. The new list price is $3,000,000 CAD more than what it was in 2013. At $25,800,000 CAD the ad now says, “The best opportunity, once in a life time!” It also mentions, “Dutch Colonial style house with 4 bedrooms up with comfortable layout,” and closes with “Don’t miss this best value land in Vancouver and celebrate your own slice of paradise by erecting ‘your own’ tailor made mansion.” For those of you not familiar with the area, this property is not waterfront. This is strictly a waterview lot for $25,800,000 CAD – $3,000,000 CAD more than what you could have gotten it for only 6 months ago. That means that lot increased in value $16,483 every day since November 2013. Welcome to Vancouver, the land of unaffordable real estate.