A condo in Vancouver recently earned the title of the most expensive condominium purchase in Canada to date. The condo is located in the 5-star Pacific Rim hotel and was purchased for a whopping $40 million. The ocean view, recently upgraded condo is unlikely to disappoint the Middle-Eastern Royal who purchased it. The price of this coveted penthouse was $25 million, with a purchase of a unit on the floor below upping the price to the $40 million.
The Condo was last on sale in April of 2010, back then it sold for $17 million. This is good news for Canada as it shows the real estate market is continuing to grow. Economists there recently stated that the real estate market was cooling and growth would begin to contract, if this recent purchase does anything, it serves to disprove their remarks. It's also just the latest in a long line of foreign investment in the Vancouver area, with massive purchases coming from places such as China and India, as well as Russia.