The Vancouver housing market is heating up. That’s according to one real estate agent who shared to Facebook that one of her listings sold for $142,000 over asking, and with 16 “amazing offers” to boot.
This comes less than a month after it was reported that the province’s housing market was predicted to recover “much quicker than anticipated,” according to the BC Resale Market Housing Outlook by Central 1 deputy chief economist, Bryan Yu.
The report stated that 2019 had a 7% decline in province-wide resale transactions, whereas 2020 and 2021 are expected to see increases of 4% and 13%.
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In a phone interview with Daily Hive, Michelle Comens, with Re/Max Crest Westside, said the just-sold condo is at The Independent, located at Main Street and E. 10th Avenue.
The condo listing said that The Independent was built this year and describes the unit as a bright modern home with hardwood throughout, with a chef’s kitchen and Italian cabinetry, with a fabulous balcony overlooking a panoramic city and mountain views with total privacy — adding amenities, with a half-acre backyard and 3,300 sq. ft. indoor amenity space.
At Main and 10th, the new owner will be close to cool cafes, shops, and restaurants.
Comens said for a condo, she’s never had an offer that much larger than the asking price, “when the market was still heated up about two years ago, it was pretty common for places to go like a hundred, 150 over with that many offers, but we haven’t seen that kind of activity for quite some time.”
As to what made this condo so special to sell more than $140,000 over asking, Comens said she’s not sure if it’s the brand new building itself, “[there] hasn’t been almost any sales in the building yet,” explaining it was a pre-sale in 2015, and a lot of homeowners just got possession this past summer.
However, Comens said the condo in The Independent has an “amazing” and “rare” view of Vancouver, “the first time I went there I was actually quite shocked because where you’re situated on 10th, you’re kinda up the hill there and then you’re on the 15th floor.”
“I think people were really astounded by that view.”
In the big picture, Comens said she believes the market is about to turn, “the stats every month are showing, you know, increased buyer demand and less product on the market and when we have that, that’s when we see prices start going up again.”
According to the Real Estate Board Of Greater Vancouver, last month residential home-buyer activity returned to normal, historical levels with 2,498 units sold — a 55.3% jump compared to that time in 2018, reading online “sales were 4% above the 10-year November sales average.”
In November 2018, the REBGV reported residential home sales were down 42.5% with 1,608 units sold, compared to 2017 when 2,795 were sold.
“It can switch on a dime,” Comens said about the housing market and when realtors think it’s going to be slow, then “something like this happens and I think it’s a real wake up call because then you know, of all those 15 other buyers that are now still out there looking for the same type of product… the majority of those were subject-free offers with the deposit in hand — cash offers.”
With files from Kenneth Chan.