The Waterfront Market in Vancouver area is a bit crazy! Some great deals out there!
We also sold a waterfront home on Point Grey Road for $4 million (after several months and several price drops) which is pretty good for that location. In Deep Cove, the waterfront situation is a bit crazy right now- there is one listing at close to $18 million dollars-if that sells it will set a new record for Cove waterfront single family homes.
At the other end of the extreme, there are some very good waterfront values-homes with deep water moorage and docks- in the low $2 million range which, surprisingly, have not sold. I doubt it will be very long before we stop seeing any waterfront in that low a price range (especially when on the same street you can find a home listed for almost 9 times as much...what do they say about buying the worst home on the best street?).
One of our listings is an essentially new, very nicely done, 3 level waterfront home with an amazing dock, at under $2.5 million....and it has lots of parking (rare in the Cove). I think for anyone wanting to buy waterfront anywhere in the lower mainland, it would be hard to beat this timing-there are a lot of homes available and the prices are quite good...and of course interest rates are still very low. Waterfront seems to be a "best buy" right now and you can pop out and put the crab trap out for a fresh seafood dinner (something we have been enjoying lately-nothing like fresh crab and bar-b-qued accompaniements).
If you have any questions on the market and what its doing or how you could use it to your advantage, please let me know.