The best things come in small packages. But that’s certainly not the case with the most expensive mansions in Canada. They are luxurious, and they aren’t in the budget range of 90% of Canadians. You’ll be out of words the moment you read the price tags on the most expensive mansions in Canada. But then again, it may motivate you to work hard and buy one such mansion one day.
So, here’s a list of the six mansions known for their high prices and exemplary styles. Before going deep into the details below, let’s have a look to this table –
|
Mansion’s Name |
Price in Market |
|
Chelster Hall, Oakville, Ontario |
50 million CA$ |
|
Belmont Estate, Vancouver |
42 million CA$ |
|
1243 Chartwell Place, West Vancouver |
40 million CA$ |
|
House no. 68, The Bridle Path, Toronto |
25 million CA$ |
|
Timmins Estate, Montreal |
18.5 million CA$ |
|
489 Lakeshore Road East |
22 million CA$ |
Chelster Hall, Oakville, Ontario
Chelster Hall is a well-known property in Oakville and all of Canada. It is a 43,800 square foot mansion set on immaculate lawns and gardens of almost 10 acres.
This English-style mansion has 13 bathrooms and six bedrooms, multiple wine cellars, swimming pools and a tennis court. It was on the market for 60 million CA$ a few years ago, but somewhere around 2019 to 2022, the price is said to have dropped to 50 million CA$. However, the mansion remains the most expensive property in Canada.
Belmont Estate, Vancouver
Belmont Estate is one of the most iconic mansions in Vancouver. It’s a high-priced property that gets talked about a lot in the Canadian real estate market.
It all began in 2009 when new owners bought Belmont Estate for 7.1 million CA$. It belonged to them for 9-10 years, after which they decided to sell it at a whopping 63 million CA$. The amount was so huge that the deal could not be worked out. The owners then settled for 42 million CA$ in 2021.
It is more than 21,000 square feet, with five bedrooms and 12 bathrooms. Other property elements include an elevator, wine cellar, an indoor swimming pool, panoramic mountain and ocean views, along with six huge parking spaces.
1243 Chartwell Place, West Vancouver
This beautiful property in West Vancouver was sold as a posh property for a good 8 million CA$ in 2012. However, with time, the area went through enormous development, resulting in a surge in property prices.
Motivated by the same, the owners of 1243 Chartwell Place decided to renovate the property. They decided to chop off all the problematic features and transformed it into a mansion that anyone would be proud to call their palace.
It is spread across 20,279 square feet and boasts six master bedrooms and eight bathrooms. Other features include a winner cellar, indoor swimming pools, a tennis court, media room and a sauna. If the picture above seems enticing, let’s just make it clear that it costs around 40 million CA$.
House no. 68, The Bridle Path, Toronto
Everything is expensive in Toronto. So, it’s only apparent for a property as good as House No. 68, The Bridle Path to cost millions of Canadian dollars.
This 10-bedroom and 14-bathroom mansion belonged to Robert Campeau, a reputed real estate developer in Canada. It has a large-sized (as large as those we see in the Olympics) swimming pool with a retractable floor that transforms into a ballroom.
Fun Fact: It has been graced by notable celebrities like Pierre Elliot Trudeau (Former PM of Canada) and Jane Fonda (from Grace and Frankie on Netflix). It was also the home of one of the Olsen Twins in the 1995 movie It Takes Two.
It isn’t on the market for now and was sold at 25 million CA$ in 2014.
Timmins Estate, Montreal
Loved Downton Abbey? If yes, you’d know this mansion very well. Known as Timmins Estate, it is sold for 18.5 million CA $ in an off-market deal. An amount this huge is why it has made it to our list of most expensive homes in Canada.
Inspired by the Jacobethan-style architecture of the 1800s, it was constructed in 1910 for a military man, politician and entrepreneur known as Charles A. Smart. The mansion is one of the reasons why people make it a point to visit Westmount, Montreal, when they come to Canada for the first time.
489 Lakeshore Road East
Inspired by the 20th and 21st-century European style, Oakville’s Lakeshore Road East mansion is spread across one-acre land. It has five bedrooms, two powder rooms, six bathrooms, and three fully equipped kitchens. The property costs around 22 million CA$ and has been on the market for now. It’s a bungalow that offers the best combination of modern living and classic aesthetics.
Pros and Cons of Buying an Expensive Mansion in Canada
Buying a house is one of the most crucial decisions one makes in life. Many people dream of owning a luxurious mansion with all sorts of conveniences such as a big kitchen, a glamorous bathroom, an at-home bar and more.
However, owning a mansion isn’t a piece of cake. Along with a purchase price, many other costs to contemplate, including renovation, emergency repairs and property taxes. So, before you finalize your luxurious home and buy it, consider looking at the following positives and negatives.
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Pros
A lavish mansion comes with more advantages than you can imagine. They are:
Fewer or No Home Improvements
Buying one of the costliest mansions in Canada means investing in a well-maintained property. A plush house will most likely include all the facilities you were looking for. And when a mansion is in good condition, it automatically means that you won’t have to worry about home improvements. Even if the need comes up, it will be minimal – nothing grand.
Greater Resale Price
An obvious advantage of purchasing an expensive house is that you can charge big bucks when you decide to sell it. So, if you buy a spacious mansion in a family-friendly and safe neighbourhood, you won’t have to worry about finding a buyer for it. You’ll find plenty of potential buyers who’d pay anything to get a house with such features.
Higher Security
Security is one of the major reasons why people invest in an expensive house. Paying a massive cost for a mansion also means paying for the best possible security features. You get to reap the benefits of state-of-the-art security devices and trained security personnel.
These services are beneficial, especially in the case of medical emergencies or accidents. You receive an immediate response thanks to the availability of hospitals in proximity.
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Cons
An expensive mansion also comes with a set of disadvantages that you must know of. These include:
Property Taxes are a Hassle
Purchasing a grand mansion in Canada can also be complicated if you see it from a property tax perspective. These taxes are computed by multiplying the property’s assessed value to the applicable tax rate.
Property taxes tend to increase with time, allowing you to appeal by proving that your mansion is overpriced. The more practical way to do this is by giving them a list of similar homes in the area that cost less than your mansion. However, finding comparable properties can get tricky if you own the most expensive property in the neighborhood. Consequently, you are left with no other better choice but to pay higher taxes.
Improvements May Not Contribute to the Mansion’s Value
When you move to a new house, no matter how well-kept it is, you want to make some improvements. You make these changes to suit your taste and preferences. To you, these improvements might make a difference in how the mansion looks from the inside. Sadly, they may not contribute to the mansion’s value.
Expensive mansions are already high priced. Chances of their prices increasing too much are less. So, there is nothing wrong with making renovations, but if you’re doing them to get economic gains, you may be disappointed.
Resale Difficulties
Expensive mansions in Canada are not easy to sell, ask any real estate agent, and they’d say the same. As mentioned in the previous point, the value of a mansion may not appreciate by the time you sell it. The chances are that you’d have to compromise with the selling price and settle for less than what you paid. This is one risk that you must remember before you decide to spend your money on a ritzy mansion.
Conclusion
The COVID-19 lockdown allowed us to spend a lot of time at home. It led to many people pondering on what changes they’d like to make in their lives once things get back to normal. Many people realise they want to live in green areas or enjoy more living space. They planned to move immediately after the restrictions got lifted.
Those with a fortune to spend can understand what to expect with the list mentioned above of mansions. Do connect with us if you are looking for more options and have a specific neighbourhood in mind. We will provide you with some fantastic mansion choices with all the amenities you want.
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Frequently Asked Questions (FAQs)
Vancouver has the most high-priced mansions in Canada. The most expensive area in Vancouver is British Columbia.
Canada is home to many celebrities. Celebs with the most expensive mansions in Canada include Tom Hanks, Drake and Justin Bieber.
Haileybury House, also known as Peter Grant Mansion, is the largest mansion in Canada.
The houses in Canada are more expensive than in the USA because they are built better and provide excellent living conditions. A combination that isn’t easy to find in the USA.
