The Five Million Dollar View
Yesterday, I took the family to check out the homes at Whitby Estates in West Vancouver. Whitby Estates is one of the most prestigious neighborhoods in all of Canada. The Estates offers dramatic ocean and city views from Mount Baker to Vancouver Island. Once you check out the views, you’ll understand why the average home at Whitby Estates cost $5 million.
While $5 million can buy you a huge 10,000+ square foot home on many acres of land anywhere else in Vancouver, at Whitby Estates it will buy you a 6,000 square feet three-level home on a 13,000 square feet lot. You are definitely paying for the view. And what a view it is!
What Kind Home Does $5 Million Buy?
We viewed several homes at the Estates, plus one at the British Properties, and my favorite was this three level unit at 2372 Constantine Place.
Offered at $4.8 million, the home features 6,309 square feet of luxurious living. The views from the rooms are absolutely spectacular. A bright open floorplan perfect for entertaining, this home features five ensuited bedrooms including a huge master suite and seven bathrooms.
The Dream Kitchen
Every builder knows that the kitchen sells the home and this home spared no expense with its custom made Snaidero kitchen featuring top-of-the-line appliances from Miele and Sub-Zero and slam-proof cabinets and draws that close automatically with just a light push. The $20,000 Sub-Zero fridge is located between the two Miele ovens. The fridge doors uses the same wood as the rest of the kitchen. On the left of the kitchen is a $10,000 Sub-Zero wine cooler. The floor is made of limestone.
How Much Does One Have To Make To Afford A House Like This?
The home feature sheet included some sample mortgage calculations. I found that unusual because many people buying homes at this price range generally pay cash. However, the information makes for a great blog post.
According to the mortgage sheet, if you were to put 35% down ($1.68 million) and finance the remaining $3.12 million over 25 years at 5.55% interest, your mortgage payments would be $19,955 per month. To qualify for that big a mortgage you would need an annual income of $779,061. If you can put 50% down and increase the amortization period to 35 years, the income requirements goes down to only $544,036. 
The above photos were supplied by hotshot Realtor, Jason Soprovich. It was too wet and rainy for me to take any good photos yesterday. Click here to view a video of the above home.
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i don’t know how it is in canada. but in the states luxury homes are still going up in price. the market is in trouble cause of the subprime loans but the high end homes are still a good bet. john i didn’t realize that you were that rich?
Nor did I… Is this in the ballpark for you?
Who votes for a blog reader’s open house? You invite is round to trash the…
I mean, to welcome you graciously into your new home.
Eeeeek. Typo. AGAIN! Should be “us” not “is”. Gotta get used to the new MacBook layout. Ugh.
Well so you’d have to be pulling in a million a year, not bad. Nice place though great place to watch over the city, best of luck if you buy such an awesome pad.
Click for Nick - Why not?
It’s really a dream house, I’m sure someday you’ll be able to afford one
Business is good then John?
Sounds like a pocket change to you John! When are you moving in so I can bring a house warming present?
Great home! I just love it! It’s nice that you can afford to look at a house like this, and not just dream like many of us.
John can afford it in no time!
Good to see you doing well John. In the second picture the view of the house look awesome. Especially with the ocean right behind it.
wooow
Well John, have u bought that? If not I am going to buy it
The price of that home is almost pocket change to me. Are you moving in, John?
People who buy houses like that don’t need mortgages
I have to agree! I work in real estate and alot of the high end buyers are cash buyers.
So John, are you going to put down an offer?
Hey John, the green bar shows your blog at 5… Congratulation
So is this the next Chow family home?
If I had $5 million to spend on a house it certainly wouldn’t be in Canada. You can live on the beach in Hawaii for that money.
Then living in Hawaii must be super expensive, if all you get is to live ‘on the beach’. Gee! Does that include a cardboard box?
I was like Whitby? And thought of Whitby Island in Washington thinking that the first imaged couldn’t work. Then I relized that it was the Lions Gate Bridge connecting the North Shore to Stanley Park! lol
So John, are you moving?
Actually, Whitby is the original home of Dracula, set on the beaches of England, UK.
Aren’t these the exact same pictures from that home the was featured in a contest - some sort of Win This Home raffle contest that was running up in Canada two months ago? I remember you posting about it on the blog back in early August I think?
That was a house in White Rock.
Thats a one heck of a dream house (especially the kitchen and the view) but thats a really really expensive one. Are you thinking to move John?
Did you buy two?
I had always assumed that the rich pay cash for luxury homes as well but found out that that’s not always the case. Foreign buyers, yes. But the “legacy” wealthy tend to prefer investing their money and primary residences aren’t a great investment.
Better to put 2 million down on the house and 3 million into the market. Done right and the growth / interest on your investments can pay off the mortgage without lifting a finger.
Goergeous little cottege on the lake, I’d say.
Not really something I would be interested in. For $5 million I’d expect a lot more.
[...] Chow takes a look at 5-million-dollar houses with a view to kill for in Whitby [...]
Where did you get the logic that most people buy these houses with cash? lol
C’mon JC, get your facts straight.
If you’re from the US, I can understand why you think that. Since mortgage interest is tax deductible most would elect to do a mortgage to help reduce their income tax. However, mortgage interest is not tax deductible on a principle residence in Canada so it makes sense to pay cash. My Realtor tells me it’s easier to sell a $10 million house than a $1 million house. On the $1 million house, you have to worry about the buyer getting approved for the mortgage. On a $10 million house, the buyer pays cash.
There are ways around this
Yes and I have written about it before.
do you use it as your office? or are there other things that Canada allows your to write off? seems like c.r.e.a.m.
That’s an interesting concept that the more expensive houses are easier to sell.
i think he means it is harder to close. cash sales are easier for everyone, considering you can come up with the cash. the mortgage/banks are hard to deal with as opposed to not having to deal with them.
Take the exchange rates into account and £2.5 million where I live would probably only get you a quarter of that house. I still can’t get over how much further your money goes elsewhere in the world. You wouldn’t bother with a mortgage would you John, like throwing money down the drain?
What? You have a family? I thought you were hatched in a sinister underground laboratory!
beautiful home.But,my favorite is this one in Lake Tahoe. Though the price is pretty steep at $100,000,000. However, there are plenty of other homes that are more affordable in the area closer to $35,000,000.
http://www.luxuryportfolio.com/property/lake_tahoe/the_prestigious_tranquility_estate.cfm
great, nice place
it’s really nice place to gather with the family
Huge Kitchen with granite tops. Nice.
nice home..
Wow… I like the view… View is everything in homes and life.
$5M for a house in Constantine Place is a pipedream. When those house were built 3-4 years ago they were priced at $2M but never sold. Today the same houses are $5M, but they still have never sold. They billed as “1 year old” - that really means “1 year since final construction completed” but really 3-4 years of sitting around waiting for an over-optimistic buyer. Yeah the views are nice up there, but the 1,000ft vertical drive up and down the hill is looong. Worse, the houses back onto very steep hills with very soft soil that get lots more rains than sea-level - can you say mud slides? British Properties, Altamont, or Ambleside are all more practical - but you still have to deal with the insane traffic on the Lion’s Gate bridge. Kits is the place for me
The one property I saw on the British Properties was 7,043 square foot on a 22,550 square foot lot. Only $5.7 million but the view didn’t compared to Whitby Estate. At this price, I want it all! Also, I never have to deal with traffic since I work from home.
Are you thinking about buying it or did you do it just for fun? I don’t think you mentioned it in your post.
I mean you make what about $100,000/year, you should be looking at a million dollar home if t hat.
Where did you came up with the idea that I make about $100K a year? This blog isn’t even my main income source it it makes over $20K a month.
So are you thinking of buying one in that Hood? Didn’t look like it had enough garage space for all those fancy cars you want.
Was that $5 million US or Canadian? Oh wait I guess there isn’t much difference these days
Nice house. Someday I will be buying one of those kinds.
I think i like the bathroom best. Imagine taking a soak with that view on offer, what a great stress buster…
Wow! What a nice piece of estate.
I love it!
nice house here
Ok, fast back to work…. now I know what I want to buy….