Lavish Vancouver home still on market months after $2 million+ price cut | Daily Hive

6615 Balsam St./REW

A Kerrisdale home with some eye-popping features remains on the market months after its listing received a multimillion-dollar drop in asking price.

The 7,282-square-foot home, located at 6615 Balsam St., has seven bedrooms and eight bathrooms and sits on a nearly 12,000-square-foot lot.

The European Italian-style residence has amenities like an outdoor swimming pool and a private elevator, but even with a sizable price cut, the home is still looking for the right potential buyer.

6615 Balsam St./REW

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The Arbutus Residence is currently listed for $15.7 million, which is down 11.8 per cent from the original asking price of $17.8 million.

This is still vastly higher than the current 2025 assessed value of $6.74 million, which is itself down slightly from its assessment value from the year before.

According to The Canadian Real Estate Association’s realtor.ca, the home was last listed for sale in October 2015 at a price of only $3.9 million. REW shows that 6615 Balsam was last sold in January 2016.

6615 Balsam St./REW

There are plenty of features for the right buyer to enjoy at the three-level home, starting with the 20-foot high foyer with “soaring ceilings” and lavish interior design.

You’ll have plenty of room to roam through the open living areas, which include a state-of-the-art kitchen, a smart home system and a private elevator. There is also a huge recreation room and a home theatre to play all of your favourites.

6615 Balsam St./REW

Those ready to work up a sweat can hit up the private sauna and gym and then cool off with a dip in the outdoor pool at the single-family residence.

Rishard Rameez, CEO and co-founder of Zown, told Daily Hive that he’s seeing properties sit on the market far longer than in previous years. A home that may have once sold in a week is now taking a month or more to sell.

6615 Balsam St./REW

“This has kind of created an opportunity for buyers to bargain,” he said. “There are no bidding wars like we usually have… As a first-time buyer, you can say ‘hey, I’m not going beyond this price. Either you take my offer or leave it.’ And more often than not, sellers are actually taking it.”

While the residence at 6615 Balsam St. may be out of the budget for many homebuyers in Vancouver, the average asking rent in the city has dropped to nearly a three-year low. However, Vancouver continues to be the most expensive place to rent in Canada.