First National Financial LP

Residential Market Commentary - Affordability? Forget about it

  • First National Financial LP

Concerns about affordability persist in the Canadian housing market, but there are places where money is no object.

The latest example is in Los Angeles County, California where a massive home in the Holmby Hills area has sold for just shy of $120 million, U.S.

The chateau style mansion is bigger than the White House, covering 56,500 square feet.  That is just a little smaller than an NFL football field.  There are 123 rooms including 14 bedrooms and 27 bathrooms.  The property is 4.7 acres with parking for 100 cars.  It has a staff of 30 people.

Known as “The Manor”, the home was built by Hollywood producer Aaron Spelling in 1991.  Spelling is best known for the TV hits Charlie’s Angels and Beverly Hills 90210.  Eight years ago Spelling’s widow, Candy, sold the home to Petra Ecclestone, daughter of Formula One billionaire Bernie Ecclestone, for $85 million in an all cash deal.

Holmby Hills is part of the “Platinum Triangle” that includes Bel-Air and Beverly Hills, and is noted for pricey properties.  This is the third record setting sale of $100 million, or more, in the area.  One of the others was the Playboy mansion in 2016.

By comparison, the most expensive homes in Canada seem like a relative bargain.  In Vancouver $73.12 million (CDN) will get you a 15,700 square foot, ocean-front mansion in Kitsilano.  In Toronto $35.9 million buys 35,000 square feet on the Bridle Path.  Just outside the city, in Oakville, a 9 acre, lakefront estate was on the market for $59 million at about this time last year.  Singer Celine Dion’s lavish mansion in Laval, just outside Montreal, reportedly sold for $25.5 million in 2016.

The most expensive home in the world is in London.  Buckingham Palace, has an estimated value of $1.55 billion (USD).