Vancouver’s Record $39 Million Sale to Royal Signals Peak

A Middle Eastern royal’s purchase in May of the penthouse suite and unit below it at Vancouver’s five-star Fairmont Pacific Rim hotel for C$40 million ($39 million) was the most expensive condominium purchase in Canada.

The oceanfront apartment was also part of six consecutive months of monthly home sales gains, the most since January 2011 and defying the predictions of the Toronto Real Estate Board and the Bank of Montreal that the market is cooling. Analysts and investors including Bank of Nova Scotia and Sun Life Financial Inc. now say it represents the excesses of a market that may be peaking.