Canada’s most expensive home hits market at $38 million

The price tag for a Vancouver waterfront property has risen to $37.9 million from $30 million, taking the topic of housing affordability amid a downbeat real estate market in the West Coast city to a new level.

Stately and pricey, but apparently also in need of major renovations.

Re/Max Masters’ listing agent Laura McLaren says the 5,000-square-foot home itself is “very, very dated” any potential buyer would likely tear it down for upgrades, according to a report in the National Post, which also pegs the house as being the most expensive in Canada.

“It’s livable, 5,000 square feet, but for that kind of money you’re spending, it would be a tear-down,” George Tsavdaris, who is also handling the listing, said in a Global B.C. report. “There’s nothing wrong with it, but it’s in its original condition.”

It boasts four bedrooms, three bathrooms, two wood-burning fireplaces and a south-facing yard, as well as minarets and a picture window sized for an airport terminal.

"This amazing opportunity rarely becomes available for you to own Seaside Mansion on the Pointe. Featuring Spectacular 180 degree breathtaking views of the city, harbour, Point Grey and out along the mighty Georgia Strait to Vancouver Island," the listing reads.

Built into the price is the potential for a new buyer to redevelop the property to fit three 8,000-square-foot houses, with triple car garages, infinity pools and up to 32-foot boat garages.