While many expected the market to fizzle, the exact opposite appears to be happening. Just take a look at this East Vancouver house sold above asking.
The property at 3285 Victoria Drive just sold for a whopping $872,134 over its original asking price.
That surplus amount alone could purchase a townhome or a large condo. However, with just 8 days on the market, the home was sold. The final sale price was $2,600,134.
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What Is The Vancouver House Worth?
Oakwyn Realty Ltd. listed the 5 bedroom, 4 bathroom home in the Kensington-Cedar Cottage area on February 16. The listing price was $1,728,000. Then on February 24 a buyer closed the deal on the Vancouver house above asking.
The home itself was actually assessed to be worth $1,741,000 as of July 1, 2020.
Kensington-Cedar Cottage makes up for about 1% of the homes listed in Vancouver. Homes in this area are listed for an average of $2,169,635. This area currently has 39 properties listed for sale.
Housing Market From Last Year to Now
The fact that homes are starting to sell above asking is a sign that there may be buyers out there that have FOMO (fear of missing out) if the market climbs.
We have recently seen this being the case with an unlivable Vancouver home selling for $2.5M, and an old two-storey home with store on the market for just under $2M.
Bank of Canada governor Tiff Macklem has observed “excess exuberance” in the country’s housing market. He said, “in the last week of February 2020, there were 1,109 sales, so we are up 82% over the same week last year.”
Experts are suggesting to proceed with caution, as the government tends to step in and put in restrictions to help Canadians from getting into unpayable debt.
For more interesting homes in Metro Vancouver, head to our Real Estate section.