Only 1% of Vancouver single-family homes sold in the past week exceeded the asking price
Take a look at four single-family homes in Vancouver that sold at bids of 10% or more.
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Only 3 out of 30 single-family homes sold in the City of Vancouver were above asking price in the past week.
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In what may be a sign of the times, these three properties beat their asking price by 0.3%, 0.6%, and 1.5%, respectively.
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In contrast, 4 of the remaining 27 units sold below their asking price.
It is based on information provided by the real estate website Zealty.ca, which tracks the original asking price and lists when and for what price the property was sold.
Residential property values across British Columbia have been declining since March 2022 when the Bank of Canada launched a rate hike to stem inflation.
These rates are adopted by commercial lenders, resulting in higher monthly service costs for mortgages and allowing buyers to afford less homes. This also happens when potential buyers face increased costs of other things such as food and gasoline.
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Here’s a look at four Vancouver single-family homes that sold for 10% or more of the asking price.
6561 Heather Street – 13.9% under $5.15 million
The brand new Oak Ridge home on a sprawling lot went public for just under $6 million ($5.98 million) and was on the market for 157 days to sell. The owner of this expensive home has to pay over $16,000 a year in property taxes alone. This her 4,700-square-foot home was valued at $4.85 million by him on July 1, 2021.
4763 West 2nd Avenue – <$20 million at 12.4%
The 11,000-square-foot home that almost no one in Vancouver can afford, sits on a 32,000-square-foot lot, has a pool and tennis court, and is beautiful in every way. On May 1, 2022, he went public for $22.8 million and had been on the market for 165 days before selling. It is valued at $14.6 million.
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4357 West 16th Avenue – 11.3% below $1.86 million
This old tiny home on a full size lot on a busy street in Point Gray was listed for $2.098 million and sold 32 days later. The asking price was slightly higher than the $2,044,000 valuation. The owner made hundreds of thousands of dollars as he bought the house for $1.5 million in December 2020, when the short-lived pandemic boom began.
6535 Maple Street – $3.4 million at 10.5% under
This renovated 3,700-square-foot home in Kerrisdale went public for $3,798,000 on August 24, 2022 and sold 52 days later. The house was recently valued at $3.6 million and sold at that value.
According to the Greater Vancouver Real Estate Commission’s October Monthly Market Report, home sales activity across all classes of homes across Metro Vancouver was well below its historical average.
Only 1% of Vancouver single-family homes sold in the past week exceeded the asking price
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