This Vancouver mansion just hit the market for $48M. Take a look inside.

This home in Point Grey has been listed for $48M. (Image credit: Stillhavn Real Estate Services)

One of Vancouver's "finest private estates" – perched on a Point Grey property with ocean views – has hit the market for the staggering asking price of $48 million.

Listed this week by Stilhavn Real Estate Services, the seven-bedroom, eight-bathroom, 12,048-square-foot mansion even boasts its own name – Casa Blanca.

"(It) offers unmatched seclusion, a palpable connection to nature, and magical coastal views. This modern beach house seamlessly intertwines grand scale with intimate design to create understated elegance and sophistication," the listing says, noting it has never been on the market before.

1450 Blanca Street was assessed as one of the 10 most expensive properties in the province by BC Assessment for 2024, coming in the number nine spot.

The total value was assessed at $38,044,000, with the land accounting for $20,631,000 of that figure and the buildings for $17,413,000.

The home itself has an indoor gym, a wine cellar, a spa and state-of-the-art security. Outdoors, it has a pool, a hot tub, three fireplaces, ponds with waterfalls, a sports court, a guest house and a four-car garage.

"This is an inspiring opportunity to call one of Vancouver’s most iconic properties home," the listing concludes.

Annual property taxes for 2023 are $232,919.

According to Sotheby's International Realty's latest report on luxury real estate, Vancouver sales of properties listed for over $4 million were down 17 per cent in the first quarter of 2024 compared to 2023 and zero properties listed for $10 million or more were sold.

Overall, the report says the market for ultra-expensive properties has softened in cities across the country over the past two years due to higher interest rates and other market forces.

"Persistent tension defined the interactions between home sellers holding onto lofty pricing expectations from previous peaks, and buyers seeking properties priced for the current market," the report says.

"This stand-off slowed transactional momentum in several of Canada’s major metropolitan luxury real estate markets in 2023, particularly in Vancouver and Toronto, where hyper-inflation of luxury housing prices was the previous norm."

However, the report also said buyers who have been holding back may start to make moves come spring, when prospective buyers are anticipating more inventory coming on the market, as well as a drop in interest rates.