Vancouver’s housing market may have softened, but sometimes it’s hard to tell. Earlier this month a modest Vancouver bungalow made headlines when it sold for $1.325 million.
“It’s not what you’d expect in a market where many of the stories seem to focus on caution and speculation,” says Vancouver Townhouse realtor Ariane Benjamin. “Still, it’s good news for homeowners who may be concerned about their property values.”
The house sat on the market for 67 days, which was a longer duration than normal for Vancouver. In that time, more than 25 parties viewed the property.
The house was listed at $1.388 million, a considerable increase from its previous listing price of $266,000 back in 2001. After negotiating the price down to $1.325 million, the new owner reported that they plan to spend some time renovating before moving in.
The house (as it stands) is 2,272 square feet and sits on a 33-by-122 foot lot on Knight Street. Originally built in 1947, it has many renovated features, such as 10-year-old windows, a brand new water tank, refurbished hardwood floors, and a 5-year-old roof. It’s also walking distance to Kensington Park and is easily accessible to public transit.
As expected, there was a variety of buyers that showed interest in the property. From contractors and long-term investors to first-time homebuyers—there were many people interested in this modest detached home.
“It’s an interesting time in Vancouver,” says Ariane. “New mortgage requirements and tax proposals have triggered greater interest in the Vancouver townhouse and condo market. However, many buyers and sellers in the detached market seem to be biding their time. At least part of the reason for this is that the million-plus price tag of the detached market is still out of the reach of many homebuyers.”
Townhouses in Vancouver can be a good option for first-time buyers and young families hoping to enter the market.
“It’s a relatively affordable entry point that allows people to establish a foothold in the market,” says Ariane. “Vancouver has a good selection of townhouses in all kinds of neighbourhoods. There are both budget and luxury options available. And part of my expertise is helping people find a property that fits their lifestyle and budget.”
For a consultation or to see what’s available on the market, contact Ariane today.