Yaletown penthouse sale highlights cost of luxury Vancouver living

A Yaletown penthouse suite that recently sold, situated in a stunning downtown high-rise, highlights the high cost of living in luxury in Vancouver.

The unit sold for $6,150,000 and is located at 1111 Richards St., a two-level penthouse suite featuring three bedrooms and four bathrooms, with 3,374 sq. ft. of living space. The building is 8X On The Park, located right next to Emery Barnes Park, and the 8X website indicates that the building is sold out.

According to Zealty, the asking price was $6,480,000, and BC Assessment shows an assessed value of $5,450,100. Before this sale, the penthouse was listed for $7,988,000 in June 2024, but the listing expired in January 2025 before it was re-listed this May.

“This home is a testament to refined living in the heart of Vancouver,” the listing says.

Some of the standout features include up to 15-foot ceilings, an open-concept kitchen, windows throughout, allowing for tons of natural light to flow in, and views of some of Vancouver’s most beautiful areas, such as False Creek and the North Shore mountains.

The kitchen features top-of-the-line appliances, including a steam oven and an oversized island.

The condo was built in 2021, and other amenities include rooftop access with lounge seating and a gym located within the building.

The Yaletown penthouse listing states that the primary bedroom suite features a walk-in closet, along with an en-suite bathroom that includes a steam shower and a deep soaker tub. It also includes a separate dressing room.

The fact that this home sold at all bucks a bit of a downward trend for luxury condo sales.

“Two condominiums sold over $4 million between January 1– March 31, down from five units sold in the first quarter of 2024,” Sotheby’s International Canada said in a report in May of this year.

“There were no transactions recorded over $10 million, as was the case in the first quarter of last year. Overall, condominium sales over $1 million saw a significant 27% drop year-over-year to 236 units sold in the first quarter,” the report added.

Examining the condo market, Zealty’s sales history reveals that over the past 24 months, 29 condos have sold for over $5 million.

This penthouse also far exceeds the benchmark apartment price in the city, which Greater Vancouver Realtors pegged at $748,000 in June. In June, there were 7,456 active apartment listings and 1,040 apartment sales. June 2025 also marked a -9.8% decrease in sales compared to June 2024.

Based on what the home offers, do you think this luxury condo is worth the money it was sold for?

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