Only 10% of Vancouver detached homes sold in past week fetched over asking price
Staff Reporter
The Vancouver Sun
Here’s a look at the four Vancouver detached homes that sold for more than 10 per cent under asking
File photo: A sold sign outside a home in Vancouver. Photo by Richard Lam /PNG files
Only three of the 30 detached homes that sold in the City of Vancouver over the past week got more than asking price — and even then only barely.
In what could be a sign of the times, those three properties fetched 0.3 per cent, 0.6 per cent and 1.5 per cent over asking price.
By contrast, four of the remaining 27 homes that sold for under asking price did so by more than 10 per cent.
This is based on information provided by real estate website Zealty.ca, which tracks original asking price and lists how much properties sold for and when.
Residential real estate values across B.C. have been falling since March 2022, when the Bank of Canada began interest rate hikes in a bid to stave off inflation.
These rates are adopted by commercial lenders so the monthly cost of servicing a mortgage goes up so buyers can afford less house. This also comes as potential buyers face other increased costs, like food and gasoline.
Here’s a look at the four Vancouver detached homes that sold for more than 10 per cent under asking:
6561 Heather Street — 13.9 per cent under at $5.15 million
Brand new Oakridge home on a large lot was listed for just shy of $6 million ($5.98 million) and sat on the market for 157 days before selling. The owners of this expensive home will have to pay more than $16,000 a year in property tax alone. This 4,700 square foot home had an assessed value of $4.85 million on July 1, 2021.
4763 West 2nd Avenue — 12.4 per cent under at $20 million
An 11,000 square foot house that almost no one in Vancouver could afford sits on a 32,000 square foot lot and has a pool and tennis court and is beautiful in every way. It was listed on May 1, 2022 for $22.8 million and was on the market for 165 days before selling. It is assessed at $14.6 million.
4357 West 16th Avenue — 11.3 per cent under at $1.86 million
This old small home on a full-sized lot on a busy street in Point Grey was listed for $2.098 million and sold after 32 days. The asking price was slightly higher than its $2.044 million assessed value. The owner had purchased the home in December 2020, at the start of the short-lived pandemic boom, for $1.5 million so made a couple of hundred thousand dollars.
6535 Maple Street — 10.5 per cent under at $3.4 million
This renovated 3,700 square foot home in Kerrisdale was listed for $3.798 million on Aug. 24, 2022 and sold 52 days later. The home was most recently assessed at $3.6 million so sold under that value.
According to the Real Estate Board of Greater Vancouver’s monthly market report for October, home sale activity across Metro Vancouver for all classes of homes was well below historical averages.
More news, fewer ads: Our in-depth journalism is possible thanks to the support of our subscribers. For just $3.50 per week, you can get unlimited, ad-lite access to The Vancouver Sun, The Province, National Post and 13 other Canadian news sites. Support us by subscribing today: The Vancouver Sun | The Province.
© 2022 Vancouver Sun