metchosin house 1 Photo: Luxury BC Homes

One of the most expensive homes in Canada is currently up for sale in the Vancouver Island community of Metchosin. Last sold in November 2012 for $4.984 million, it’s now listed for a whopping $28.8 million.

Looking at some of the 10,700-square-foot home’s features, it’s not hard to see why it’s so expensive. Geared at a family that’s active as well as affluent, it sprawls across 68 acres and boasts an outdoor tennis court and an enclosed boathouse with direct access to the ocean. Inside, it’s got a pool, plus vaulted ceilings, skylights and elegant bridge pathways.

metchosin house 2

Photo: Luxury BC Homes

The massive home also has some street cred. Architect Marko Simcic has won two awards for its design: a Canadian Architect Award in 2003, when the home hadn’t even been completed, and a Lieutenant-Governor’s award after it was finished in 2006.

Interestingly, those awards were based less on the house’s luxurious features and more on the efforts that Simcic took to integrate it into the environment. Nestled in the Garry Oak savannah, one of Canada’s most endangered ecosystems, the home needed to be a cohesive part of the area, not just a pretty landmark.

Simcic’s work comes through most strikingly in the “river” that runs directly through the middle of the building. Drawn from the nearby Canyon River, the water is part of a hydrothermal radiant energy system that provides a green source of fuel for the home.

metchosin house 3

Photo: Luxury BC Homes

With features like that, the home is undoubtedly a catch. The real question is whether it’s a catch someone will pay $28.8 million for. While the home has been listed at high prices before — $24 million in 2007 and $13.25 million last year — as mentioned, it most recently sold for just under $5 million.

“List price and sale price are often two different prices,” Cameron Muir, chief economist at the BC Real Estate Association, recently explained to The Province, adding that selling prices can come in much higher — or much lower — than asking prices. This home in particular faces the added challenge of a small pool of potential buyers. After all, there simply aren’t that many people with tens of millions of dollars to spend on a home.

We’ll certainly be watching to see what happens.

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