The Market Update

• The 2 bed, 1 bath condo that was listed for $669,000 and received 5 offers last week: the accepted offer collapsed during the buyers’ due diligence period.

• The 1/2 Duplex in North Vancouver from last week is still under contract, though the Buyers initial due diligence period has been extended now.

• 3.5 weeks ago, a 2 bed, 1 bath co-op unit on 918sf near Oakridge was listed for $468,000. After a week of showings, 7 potential buyers submitted offers and the seller accepted one and accepted another in a backup position. The Board of the Co-op turned down both of those buyers and the home became available again yesterday. Within a period of a hours after the collapse of the second offer, the seller received an offer from another of the original buyers and chose to accept that quickly - so the home is now back under contract.

We haven’t published an update since before Christmas and so we thought we’d get you a bit more information today.  The month of January has seen a noticeable increase in buyer activity and a seemingly slightly higher level of willingness to purchase real estate.  This email has never been about delivering stats (we do that in other forums) and so we’ll provide the usual anecdotal stories to provide a sense of what that’s looking like.

This week in the market we saw:

• A 2 bed, 2 bath condo on 870sf in a 6 year old building in Port Moody was listed for $748,800 with instructions to delay offers for a week.  After a week of showing availability, the seller received only one offer - the terms of which were not acceptable and the home remains on the market.

• A 5 bed, 4 bath 1/2 duplex on 2270sf in a 7 year old building in North Vancouver was listed for $2,398,000.  After 2.5 weeks on the market, an offer was presented, negotiated back and forth and the seller ultimately accepted the offer.  The home is under contract subject to the usual due diligence for 7 days and then subject to the sale of the buyers’ property.
• A 2 bed, 1 bath condo on 940sf in a 35 year old building in Burnaby was listed for $669,000.  After the first open house, the seller received offers from 5 different buyers and accepted an offer subject to the usual due diligence for a 7 day period. 

By way of commentary, it is clear that buyers are generally feeling enough confidence in the market to wade back in and start to make offers but, importantly, it seems like a far more appropriately cautious approach with an appropriate amount of due diligence being the norm.  

• A 1 bedroom condo on 614sf in a 50 year old building in Mount Pleasant was listed for $575,000. After just over a week on the market, the seller received a series of offers over a few days (but never at the same time!). Ultimately, the 3rd such offer was negotiated back and forth and was accepted by all parties, and the buyers are now in a 6 day due diligence period.

• A 2 bedroom, 1 bath condo on 828sf in a 16 year old building in Mount Pleasant was re-listed for $799,000. It had previously been listed for approximately 2 months at $850,000 but was tenanted. In this listing, an offer was presented after 5 days on the market which the sellers agreed to accept and the home sold (after a 4 day due diligence period) for $792,000.

This week in the market we saw:

• A 2 bed, 2 bath townhouse on 1240 sf in a 34 year old building in Kits was listed for $1,349,000.  After a busy week of showings and activity, 2 offers were received and the seller chose to accept one of those offers.  After a 5 day due diligence period, the buyer did not remove subjects and the home became available again.

• A 2 bed, 2 bath condo on 776sf in a 19 year old building in Marpole was listed for $679,000.  No showings of the unit were available for the first 3 weeks of the listing.  Despite that, an offer was presented though no deal was entered into at the time.  Once showings were available, a series of showings were booked and resulted in the presentation of an offer which, after a negotiation, was ultimately accepted. 

 Ultimately, the general theme of this update is that buyers were mostly buoyed by the recent Bank of Canada rate hold and so are still certainly in (or have returned to) the market, but the market pressures are such that they mostly have the upper hand in the power differential.

• In our last update, we discussed the 2 bed, 2 bath townhouse on 1160sf in a 3 year old building in Kits listed for $1,499,000. After the 8 day subject removal period, the prospective buyer did not remove their subjects and the home became available again. The sellers have now adjusted their list price to $1,450,000.

• A 1 bedroom, 1 bath condo on 575sf in a 24 year old building Downtown Vancouver was listed for $550,000 approximately a month ago. While there continue to be regular showings of the property, no potential buyer has submitted an offer for the seller’s consideration at this time.

• A 1 bed, 1 bath condo on 588sf in a 71 year old building in Fairview was listed for $549,000. After a week on the market, the seller received offers from 8 prospective buyers and chose to accept a subject free offer. The home sold for $576,500.

If these cases prove nothing else, I hope it is obvious that the market clearly currently favours buyers.  It is also interesting to note that even in a buyer’s market, the Vancouver real estate market can still find multiple buyers for some properties.  

•  A 2 bed, 2 bath townhouse on 1160sf in a 3 year old building in Kits was listed for $1,499,000. After 6 days on the market, a buyer brought an offer which, after some negotiation was accepted. The buyer is currently conducting their due diligence during their 8 day subject removal period.

• A 2 bedroom, 1 bath condo on 945sf in a 35 year old building in New West was listed 4 weeks ago for $615,000. After a short time on the market, an offer was accepted with a subject to sale clause. The potential buyer’s home failed to sell in the agreed upon timeframe and the deal fell through. The seller re-listed the home for $599,000 and within 3 days received offers from 2 potential buyers. An offer was accepted and this home is under contract for a fairly typical 6 days subject period.

• A large townhouse (2044sf) was listed in mid-August. After a handful of showings, a buyer presented an offer subject to the sale of their home. A negotiation ensued and a deal was struck. This home is under contract with a subject to sale for just over 3 weeks.

• A 2 bed, 2 bath condo on 849sf in a 5 year old building in East Vancouver was listed for $849,000. After a week on the market, a buyer presented an offer which, after a few rounds of negotiation was ultimately accepted. The buyer is currently doing their week of due diligence.

• A 2 bed, 2 bath condo on 1104sf in a 35 year old building in Ladner was listed for $689,000. After a week on the market, 7 buyers presented offers. The seller chose to accept a subject free offer for $775,000.

• A 2,396sf 115 year old house in Grandview Woodlands with extensive renovations on a 2,592sf lot was listed for $2,290,000. After 7 days on the market, the seller received 3 offers and chose to accept a subject free offer. The rescission period has since passed and the sale price was published at $2,393,000.

• A well-renovated 688sf 1 bed condo in Hastings Sunrise in a 48 year old building was listed for $599,000. After 8 days on the market, the seller received 2 offers and chose to accept a subject free offer. Following that rescission period, a sale price of $670,000 was published

• A 2 bed, 2 bath condo on 1,080sf near Brentwood in a 12 year old building was listed for $898,000. After 9 days on the market, the seller received 3 offers and chose to accept a subject free offer. Following the rescission period, a sale price of $925,000 was published. 

This week in the market:

• A 2429sf house on a 2000sf lot in Grandview Woodland was listed for $1,789,000. Within 5 days of being on the market, the sellers received an offer and negotiated on the terms - ultimately, it was accepted. After a typical due diligence period, the buyers removed their subjects and the home sold for $1,760,000.

• A 1 bed 613sf condo in a 12 year old building in Grandview Woodland was listed for $599,800. After a week on the market, the sellers received 5 offers and chose to accept a subject free offer. After the rescission period, a sale price of $665,000 was published.

• A 2 bed, 2 bath 955sf condo in a 7 year old building in Hastings Sunrise was listed for $998,000. After a week on the market, the sellers received 4 offers and chose to accept a subject free offer. The rescission period for this home ends Friday night.

• A 1 bed condo on 545sf in a 48 year old building in the West End was listed for $525,000. After a week on the market, the seller received 7 offers. They chose to accept a subject free offer of $570,000.

• A 1 and den condo on 752sf in a 23 year old building in South Burnaby was originally listed for $575,000. After a few weeks at that price, an acceptable offer was entered into but the buyer failed to remove their subjects. The seller re-listed the home at $569,800 and after just over a week, an acceptable offer was entered into. After a typical subject period, the buyer removed their subjects and the home sold for $560,000.

• A 3 bed, 2 bath townhouse on 1065sf in Mount Pleasant was listed for $1,098,000. After a week on the market, the seller received 5 offers. They chose to accept a subject free offer of $1,227,500.

• A 1 bed condo on 670sf in a 28 year old building downtown was listed for $639,000. Importantly this home had been listed for $639,000 for the previous 3 weeks and for $649,000 for the 3 weeks before that. Within 24 hours of being on MLS this time, a buyer entered into negotiations with the seller and a deal was struck. After a week of due diligence, the buyer removed subjects and the sale price was confirmed at $635,000.

• A 1 bed condo on 639sf in a 26 year old building at UBC was listed for $625,000. After a week of marketing the home, the seller was presented with multiple offers and chose to accept the subject free offer of $680,000.
• A 7 bed, 6 bath 6 year old home on 4702sf in North Vancouver was listed for $3,398,000. During the first week, the sellers received offers from a handful of different buyers. After attempting negotiations with several of those parties, an acceptable contract was found and the buyers commenced their due diligence period. Subject removal on this home is scheduled for just over a week from now.
• A 3 bed, 4 bath 1872 townhouse in a 52 year old complex in Port Moody was listed for $899,000. After a week on the market, the seller was faced with 10 offers (including a subject free offer). They chose to accept an offer with a short subject period - should that buyer remove subjects, the price will be available Saturday morning. 

• A 464 sf 1 bedroom condo in an 11 year old building in False Creek was listed for $529,000. After a week on the market, the seller was presented with 20 different offers (including 9 subject free). After some back and forth, the top two offers ended up being virtually identical and the seller accepted a subject free that saw the home sell for $608,000 (rescission period ended yesterday).

• A 947sf 2 bedroom, 2 bath condo in a 35 year old building in Fairview was listed for $849,000. After a week on the market, the seller was presented with 14 different offers (including 8 subject free). They chose to accept a subject free offer but the rescission period is not yet over (ends tonight).

• A 1424sf 3 bedroom front 1/2 duplex under construction in Renfrew was listed for $1,499,800. After a week on the market, the seller was presented with 3 offers (2 subject free) for the front side and 3 offers (2 subject free) for the (off-market) back side. After some negotiation, the seller ultimately accepted a subject free offer for both sides of the duplex - again, the rescission period on this ends tonight.

• A 1428sf 12 year old 1/2 duplex with 3 bedrooms on a 49.27’x107’ lot in the heart of Kits was listed for $2,188,000. After a week on the market, a buyer presented an offer. After an additional 15 days of negotiations, a deal acceptable to both the buyer and the seller was ultimately struck and the home is now in its rescission period.

• A 539sf one bedroom apartment in a 56 year old leasehold prepaid non-strata building in the West End was listed for $325,000. After 9 days on the market, the seller was presented with an offer which, after an evening of negotiations, was ultimately accepted.

• A 1 bedroom 538sf condo in a 41 year old building was listed for $599,000. After a week of marketing activity, the seller received multiple offers and chose to accept an offer with a short subject period.

• The following day, a 551sf condo in the same building (but without an associated parking stall) was listed for $575,000. The next day, the seller received offers from 7 buyers and chose to accept a subject free offer.

• An 111 year old house on a 33 x 122’ lot in East Van was listed for $1,699,000 with instructions to delay offers for a week. After a week on the market, no acceptable offers were presented to the seller who raised the price to $1,799,000.

• A 1370sf 1/2 duplex in Kits in a 12 year old building was listed for $2,188,000. Within a few days of being on the market, based on the volume of enquiries, the seller provided instructions that offers would be delayed. At the offer deadline date, only 1 offer was presented and negotiations have not yet been successful

• A 751sf townhouse in Kits in a 22 year old building was listed for $839,000. After a week of delayed offers, 3 buyers presented offers and the seller ultimately accepted a subject free offer. The rescission period on that deal is not yet over.

• A 1 bed co-op on 715sf in a 75 year old building in the West End was listed for $499,000. After 3 weeks on the market, 2 buyers presented offers and the seller accepted one of them. That buyer’s due diligence period is currently ongoing.

• A 2 bed, 2 bath townhouse on 962sf in a 23 year old building in Fairview was listed exclusively (i.e. off of MLS) for $1,098,000. Within a couple of days, a buyer was found and a deal was struck. The buyer ultimately removed their subjects and the property sold for $1,085,000.

• A 1 bed condo on 480sf in a 46 year old building in the West End was listed for $449,000. After 7 days on the market, the seller received offers from 7 potential buyers and accepted one of them. The rescission period on that contract continues until tomorrow.

• A 2 bedroom, 2 bath condo on 887sf in a 26 year old building in Fairview was listed for $1,098,000. After 3 days on the market, 2 buyers presented offers. The seller choose to accept an offer that, after a due diligence period, meant that the home sold for full price.

• A 3 bedroom, 3 bath townhouse on 1710sf in a 5 year old building in Coquitlam was listed in late January for $1,098,000. After a month on the market, the sellers chose to remove it from the market. Within 24 hours of removing the home from the market, an offer was received and negotiated. After a due diligence period, the buyer removed their subjects and the home sold for $1,060,000.

• A 21 year old 3300sf house in Point Grey on a 50x112 lot was listed for $4,999,888. Within 24 hours on the market, the home had been toured by 9 potential buyers, 4 of whom presented offers. The seller ultimately accepted a subject free offer which survived the rescission period and the home sold for $5,300,000.

• A 2 bed, 2 bath condo on 851sf in a 25 year old building in Kits was listed for $799,000. After a week on the market, the seller was presented with 3 offers and chose to accept an offer with a short subject period (a subject period matching the rescission period). The sale price will be available tomorrow, but we know it sold for more than list price.

• A 1 bed condo on 743sf in a 47 year old building in Burnaby was listed for $415,000. Within a week on the market, a number of competing listings also came to market and the seller lowered the asking price to $399,000. The price adjustment resulted in an offer which, after some negotiation, was unable to come to terms. The home remains on the market.

• A small 1 bedroom condo on 413sf in a 22 year old building downtown was listed for $469,000. After a week on the market, the seller was presented with multiple offers and ultimately chose to accept an offer that ended up going firm. The home sold for $515,000.

• A 1 bed condo on 621sf in a 24-year-old building in Southeast Vancouver was listed for $575,000. Prior to the weekend open house, a few buyers scheduled private showings which resulted in an offer being presented ahead of the open house. After some negotiation, the sellers accepted the offer and the buyer entered their due diligence period. Fortunately, those buyers did remove their subjects as the reasonably well-attended open house did not yield enough interest with any of the prospective buyers for them to further consider the property at all. The home ultimately sold for $560,000.

• A 2 bed, 2bath condo on 1025sf in a 48-year-old building in New West was listed for $518,000. Following a Saturday showing, a buyer submitted an offer during the Sunday showings. Despite some strong interest from the buyers at the Sunday showing, they indicated a lack of willingness to compete in multiple offers. The offer that had been presented was ultimately negotiated but the parties could not agree to acceptable terms. The home remains available at this time.

• A 2 bed, 2 bath condo on 985sf in a 30-year-old building in Coquitlam was listed for $535,000. After 4 days on the market and a handful of showings, several buyers submitted offers and the seller chose to accept one of them. Following an appropriate due diligence period, the buyer removed their subjects and the home sold for $546,000.

• A 1 bed condo on 719sf in a 29 year old building in southeast Vancouver was listed for $569,000. After a week on the market, two buyers presented offers and the condo ultimately sold (after a week of subjects) for $550,000. The most interesting part of this example is that this home was on the market for two months in the Fall for $585,000 and failed to sell.

• A 1 bed condo on 700sf in a 29 year old building also in southeast Vancouver was listed for $510,000. After 5 days on market, the seller was presented with multiple offers and chose to accept a subject free offer for $525,000.

Two weeks into the new year and we’re starting to get a glimpse of how the spring market might shape up!

We saw a new listing that was properly priced and was fairly active:

• A 93 year-old home on an 8500sf lot in Coquitlam was listed for $1,275,000.  Over the course of its first week on the market, activity has been steady and the sellers received several offers - though, none have been accepted at this point.

We’ve also had several conversations with homeowners in the last week and noticed a few common themes:

• A desire to move
• A willingness to sell first and accept that the market will deliver the “right” home to them in the future 
• No particular timeline for the move and no huge urgency

Happy 2023! Given the holiday season, these 2 stories are actually from the last few weeks:

• A studio unit on 397sf in a 26 year old building in Marpole was listed for $359,900. Within 4 days, a handful of buyers toured the home and the seller was presented with two competing offers. The seller ultimately chose to accept an offer with a 6 day subject period. The buyer removed subjects and the home sold for $357,000.

• A 1 bed and den on 714sf in an 18 year old building in Marpole was listed for $499,000. 2 Days later, two buyers presented offers and the sellers chose to accept a subject free offer for $499,888. Interestingly, the unit directly above this (with the same floor plan) had come on the market a week and a half before and didn’t sell until the day this unit came on the market (the unit above sold for $508,888).

• We listed an 1185sf unit in a 14 year old building approximately two weeks ago for $899,000. After 5 days on the market, we were able to present our seller with offers from two different buyers and the unit ultimately sold (after a typical subject period) for $920,000. This was a particularly interesting sale because this home had been previously marketed by another agent for 3 months and had failed to sell during that time.

• Two firm deals did not complete or completed late. Put another way, deals that were structured and firm at some point in the past and at their scheduled completion time, the buyer either couldn’t or didn’t want to close. This particular point is worth elaborating on a bit (and we can’t provide details on either) because it’s extremely uncommon. Looking at the past 10 years, our team has only seen 2 other deals not close so it is noteworthy that we would have two on our desks at the same time. In many ways, this is probably the clearest/most obvious example of how much the market has shifted over the past year - a changing market always puts unusual pressures on parties in a contract.

• A 1 bedroom, 1 bathroom condo on 602sf in a 34 year old building downtown was listed for $568,000. After an extremely busy open house day on Saturday, the seller was presented with (and accepted) a subject-free offer that evening for $593,000.

• A 3 bed, 3 bath unit on 1546sf in a 27 year old triplex in Central Lonsdale was listed for $1,395,000. After 4 days on the market, 2 buyers showed up at the same time with offers. As a result of the organic “collision” of offers, the sellers were able to negotiate favourable terms (with respect to being able to remove subjects on their next home with certainty) and ultimately sold their home for $1,400,000

• A very well built 3215sf 9 year old house on a 33x127 lot in the Renfrew area was listed for $2,998,000. After 6 days on the market, the seller received 3 offers and chose to accept a full price offer and the home sold firm.

• A 1 bed condo on 638sf in a 12 year old building near the Edmonds Skytrain station was listed for $559,000. After 3 days on the market, the seller received an offer and decided not to deal with it and to hold offers for another 6 days as a result of the unexpected level of activity they were experiencing. Following the holding period, 4 buyers brought offers and the seller elected to accept the only subject-free offer and sold their home for $585,000.

• A 1 bedroom and den on 582sf in a 3 year old building in Yaletown was listed for $699,000. After a week on the market, the seller “only” received one offer which was not at an acceptable price and the home was removed from the market and did not sell. The last sale of that same floor plan was a unit 11 floors up (but otherwise similar) which sold for $905,000 in June.

• A 1 bedroom and den on 526sf in a 23 year old building in Yaletown was listed for $670,000. After one week on the market, they received 3 offers and the seller agreed to sell their home for $640,000.

• An update/conclusion to the two 1 bedroom condos in Olympic Village story from last week (click here for that). The unit that had turned down the early offer made the “correct” (for that seller anyways) decision as they ended up selling their home for $720,000 (or $20,100 over their list price).

• A 3 bedroom/4 bath townhouse on 2085sf in a 44 year old building in Quilchena was listed for $1,950,000. After 2 months on the market, the home sold for $1,880,000. The interesting part of this story is that these sellers bought the home in June of 2018 for $1,930,000 (when it had been listed for $1,880,000 incidentally!).  

• Two 1 bedroom condos in the same 7 year old building in Olympic Village came on the market for $699,000 (a 553sf and a 612sf a few stories higher). After 5 days on the market, the lower/smaller unit received and accepted an offer and sold for $695,000. The larger/higher unit received one offer which was “not to the seller’s expectations” and that home remains on the market.

• A 2 bedroom, 1 bath townhouse in a 28 year old building in Maillardville was listed for $535,000. After a week on the market, the sellers reviewed and negotiated on an offer but were unable to come to agreeable terms with the potential buyer. The home remains on the market.

• A 1,205sf 2 bed, 1.5 bath townhouse in Fairview in a 35 year old fourplex was listed for $1,050,000. After 5 days on the market, the seller accepted an offer and two days later, the seller accepted a backup offer. When the first deal failed to remove subjects, the second buyer began their due diligence. After an additional week of due diligence, the second buyer did end up removing their subjects and the property sold for $1,030,000.

• A 514sf 1 bed condo in mostly original condition in a 27 year old building in downtown Vancouver (with no parking) was listed for $540,000. Within a couple of days, the seller accepted an offer and within 24 hours of that, an accepted a backup offer. Over the passage of the next 16 days, both of the buyers ended up not removing their subjects and the property became available again. A third buyer was found and a deal entered into – and after another 7 day due diligence period, that buyer did remove subjects and the property sold for $515,000.

• A 682sf 1 bed condo with some small updates in a 39 year old building in Coquitlam was listed for $425,000. After 12 days on the market, the seller was presented with 5 offers and chose to accept one and accepted a second offer as a backup offer. After a 5 day due diligence period, the buyer removed subjects and the property sold for $450,000.

• A 2 bed, 1 bath condo on 861sf in a well maintained 34 year old building in Fairview was listed for $828,000. After 10 days on the market, a buyer wrote an offer which, after some negotiation, was ultimately accepted by the seller. Following a 7 day due diligence period, the buyer removed subjects and the home sold for $810,000

• A 1 bed, 1 bath condo on 731sf in a 40 year old building in South East Burnaby was listed for $469,000. After 36 hours on the market, two buyers wrote offers at the same time. The seller chose to negotiate with one of those two parties and, as of this writing, no contract has been entered into.

• A 4 bed, 3 bath townhouse in a 17 year old complex in Richmond was listed for $1,299,900. Early in the life of the listing, the seller chose to accept an offer with a subject to sale. The home remains on the market (and has now been so for 29 days) and while it technically has an accepted offer, it has not sold yet.

• A 3 bed, 3 bath townhouse on 1393sf in a 45 year old complex in Kerrisdale was listed for $1,288,000. After 1 week on the market, the seller received 13 offers (including 3 who had done pre-inspections) and accepted a subject-free offer for $1,460,000. Perhaps more interesting than this is that previous comparable sales would have indicated a fair market value of $1,500,000.

• A 1 bed condo on 771sf in a 30 year old building in south east Burnaby was listed for $599,000. After one week on the market, the seller received 4 offers (including one subject-free offer) and accepted an “above list" offer with a short subject period.

• A 2 bed, 2 bath townhouse on 876sf in east Vancouver in a 32 year old complex was listed for $695,000. After 1 week on the market, at the offer deadline, the seller only received one subject-free offer (though the seller’s agent claimed there was another party potentially writing). The seller ultimately accepted the subject free offer and the home sold for $682,000.

• A 48 year old, 3713sf home in West Coquitlam on a 8308sf lot was listed for $2,199,000. After one week it was clear there wasn’t enough market activity and the price was reduced to $1,999,000. Within 4 days of the price adjustment, the seller was presented with an offer they chose to accept with a 7 day subject period. Subjects were removed and the home ultimately sold for $1,996,500.

• A 778sf 1 bedroom condo near Burnaby Hospital in a 38 year old complex was listed for $425,000. After one week on the market, the seller was faced with 18 offers and chose to accept the subject free offer for $520,000. Some interesting context: this condo had the carpeting removed (i.e. the bare concrete subfloor was exposed), but the last sale had been for a unit in otherwise similar condition (with carpets!) for $530,000.

• A 1464sf, 3 bedroom townhouse in South Vancouver in a 19 year old complex was listed for $1,188,000. After one week on the market, the seller was faced with 6 offers and the seller chose to accept a subject free offer for $1,272,000.  

• A 1 bedroom and den on 649sf in Fairview with a nice north-facing view in a 28 year-old concrete building was listed for $849,000. After 4 days on the market, the seller received an offer that was low enough that the seller rejected the offer and took their listing off the market.

• A 3 bedroom, 3 bathroom townhouse on 2401sf in a 41 year-old complex in Burnaby was listed for $899,000. After one week of holding offers, the seller received 6 offers (which, given that the recent sales indicated a fair market value of $1,150,000, should not have been unexpected). The seller ultimately accepted a subject free offer for $1,144,000.

• A studio unit on 480sf on the east side of Vancouver in a 49 year-old building was listed for $448,000. After 3 days on the market, the seller received an offer that they countered, but were unable to come to terms. 4 days later, there have only been a handful of additional showings and there appear to be no offers at this time.

• A 2307sf fully renovated 57 year old house on a 34x132 lot was listed in early April for $2,199,800. After holding offers for just over a week, no acceptable offers were presented to the seller. The home was re-listed in mid-April for $1,998,000. Offers were again held (for 5 days) and the seller accepted a subject free offer of $2,070,000 (one of 3 offers that was presented at that time). This sale is particularly notable because a same sized house on the same sized lot with very few renovations sold on April 6 for $2,100,000 (while this house was holding off on offers at their $2,199,800 list price).

• A brand new 1/2 duplex in East Vancouver with 3 bedrooms up and a legal 1 bedroom suite down was listed for $1,998,000. After holding offers for 7 days, the seller was presented with 3 offers and chose to accept the subject free offer of $2,105,000. This sale was notable because this home had been on the market from mid-March to mid-April for $2,188,000 for 2 weeks and then at $2,088,000 for 2 weeks.

• A 1 bedroom and den condo on 779sf in a 10 year old building near Olympic Village had been listed since early February for prices starting at $799,000. After a month at that price, the home was re-listed for $699,000. After 45 days on the market, the seller benefited from an open house whereby two parties became interested in the home. The seller ultimately accepted an offer with a 5 day subject period - the subjects removed and the property sold for $705,000.

• A 2612sf house on a 34x132 lot in South East Vancouver was listed for $2,150,000. After a week on the market, the seller received one subject free offer. After some negotiation, a deal was agreed upon and the home sold for $2,100,000.

• A 1179sf townhouse in a 16 year-old building in Steveston was listed for $850,000. After a week on the market, the seller received 4 offers and chose to accept a subject free offer for $985,000.

• A 717sf 1 bed, 1 bath unit in a 36 year-old building in North Burnaby was listed for $469,900. The last sale in the building of a similar unit was for $530,000. After one week on the market, the seller received 3 offers and chose to accept a subject free offer for $510,000. It is particularly interesting to note that one of the other offers was at a higher price but with subjects.

• A 735sf 1 bed, 1 bath condo in a 48 year old building in New Westminster was listed for $350,000. After 1 week on the market, the seller received 7 offers and the seller chose to accept a subject free offer for $426,000.

• A 4262sf 7 bed, 4 bath, 31 year old house on an almost 7000sf lot in Coquitlam was listed for $1,998,800. After one week on the market, the seller received 3 offers and accepted a subject free offer for $2,150,000.

• A 785sf 2 bed, 1 bath condo in a 30 year old building in Burnaby (with a 55+ age restriction) was listed in late February for $488,000.  After 36 days on the market, a buyer submitted an offer. Prior to being considered, a second buyer also submitted an offer. The seller chose to accept an offer with a 5 day subject period. That buyer removed subjects and the home ultimately sold for $488,000 (full price).

• A one bedroom condo on 661sf in an age-restricted (55+) 30 year old building in Burnaby was listed for $425,000. After 4 days on the market the seller accepted an offer with subjects for 4 days. Following the subject period, the buyer removed subjects and the unit sold for $425,000. The last sale of a similar unit was in January for $443,000.

• A 2604sf, 110 year old house on a 33x132 lot in Mount Pleasant was listed for $2,198,000. After 9 days on the market, the seller received offers from two buyers and ultimately chose to accept the subject free offer of $2,268,000.

• A 1 bedroom condo on 814sf in a 38 year old building in Burnaby was listed for $495,000. After 3 days on the market, the seller received 2 offers and chose to accept a subject-free offer for $522,000 rather than wait through a weekend.

• A 704sf 1 bedroom condo (the bedroom of which did not have a window to the outside) in a 55 year old building in Mount Pleasant was listed for $450,000. After a week on the market, the seller was presented with 14 offers and ultimately chose to accept a subject-free offer for $577,000. An interesting note here: the last sale in that building had been for a true 1 bedroom (i.e. with a window) on 581sf in mid-December for $470,000.

• A 1521sf 3 bedroom, 3 bath townhouse in a 6 year old complex in Steveston was listed for $1,198,000. After a week on the market, the seller was presented with 8 offers and chose to accept a subject free offer for $1,530,000.

• A 2593sf house on a 7144sf lot in Port Moody was listed for $1,778,000 with a plan to delay looking at offers for a week. The sellers received a subject-free bully offer they chose to accept on Friday night for $2,080,000 and the weekend showings were all cancelled.  

• A 50x122 lot with an 110 year old 1500 sf house in Vancouver Heights (marketed as a tear-down) was listed for $1,950,000 with a plan to hold offers for 9 days. After 2 days on the market, a buyer presented a “bully offer.” In communicating the change in plan to buyers who had already expressed interest (as required by Real Estate Board rules), two other buyers chose to write an offer and the seller accepted a subject-free offer that evening for $2,250,000.

• A 49x122 lot with a 38 year old, well-renovated 1903sf house in North Vancouver was listed for $1,995,000 and holding offers for 7 days. After 7 days, the seller received 5 offers and chose to accept a subject-free offer for $2,304,000.

• A 2 bed, 1 bath 825sf condo in a 55 year old building in Mount Pleasant was listed for $599,000. After 9 days on the market, the seller was faced with multiple offers and chose to accept a subject free offer for $700,000.

• A 1055sf 63 year old house on a 3597sf lot in Marpole was listed two weeks ago for $1,799,000. After a week on the market, the seller received multiple offers and selected a “very strong” offer with a 2 day subject period. That deal collapsed causing the seller to increase the listing price to $1,899,000 and they almost immediately received and accepted another “very strong” offer with a long subject period. The home is currently still under contract. As a note on this listing, this home was on the market for a month in September/October asking $1,860,000.

• A 2 bed, 2 bath 35 year old townhouse in Steveston on 1370sf was listed for $998,000. After one week on the market, the seller received 9 offers and ultimately accepted a subject-free offer for $1,320,000. As a note on this listing, a similar unit in a slightly less desirable place in the complex but in similar condition sold in July for $799,000.

• A 2963sf 61 year old house on a 6000sf lot in Point Grey was listed for $3,988,000. After 72 hours on the market, the seller was faced with two offers and chose to accept an offer with a short subject period. This listing was a re-list after having been on the market for 2 months in the Fall for $4,100,000, followed by a few weeks at $3,798,000 and failing to sell.

• A 1495sf 112 year old house on a 2388sf lot in East Vancouver was listed for $1,249,800. Even the listing realtor acknowledged that was too low a price! After 10 days on the market, 19 prospective buyers had conducted pre-inspections and the seller received 26 offers. The seller accepted a subject-free offer for $1,830,000.

• A 3167sf 93 year old house on a 6513sf lot on the West Side was listed for $3,298,800. After 5 days on the market, the seller received several offers and accepted an offer with a week long subject period. Subjects are scheduled to be removed today. 

• A 1 bed, 634sf condo in a 45 year old building on the West Side of Vancouver was listed for $539,000. After 7 days on the market, the seller received multiple offers and accepted a subject free offer for $600,000.

• A 2 bed, 2 bath condo on 1134sf in a 33 year old building near the New West Quay was listed for $600,000. After a week on the market, the seller received 4 offers and accepted a subject free offer for $645,000.

• A 1 bed, 1 bath condo on 744sf in a 37 year old building in Kits was listed for $798,000. After 24 hours on the market, the seller was presented with 3 offers and the seller accepted a subject free offer for $850,000.

• A 3365sf 17 year old house in Westwood Plateau on a 4,036sf lot was listed for $1,599,000. After 8 days on the market, the seller was presented with multiple offers (amount was never specified to us) and the seller accepted a subject free offer for $1,800,000.

• A 5412sf 10 year old house on a 6998sf lot in Burke Mountain was listed for $2,499,000. After 8 days on the market, the seller was presented with 2 offers and decided that neither of them met their expectations. The home remains on the market.

• A 3962sf 94 year old house on a 7720sf lot in Quilchena was listed 3 months ago for $3,880,000. The seller has been presented with offers on at least two different occasions and has been unwilling to work with either of those buyers. The home remains on the market.

• A 749sf 1 bedroom townhouse in a 36 year old building in Fairview was listed in early December for $699,000. After 8 days on the market, the sellers were presented with an offer that was accepted. After a lengthy subject period (due partially to Christmas), the buyers removed their subjects and the home sold for $715,000.

• A 53 year old, 2403 sf house on a 33’X111’ lot on the East Side was listed for $1,399,000. After 9 days on the market, the seller received 14 offers and choose to accept a subject free offer for $1,805,000.

• A 1 bed, 1 bath condo with 749sf in a 36 year old building in Fairview was listed for $699,000. After 8 days on the market, the seller received and accepted one offer with a subject period extending through Christmas.

• A 1 bed and den, 1 bath condo with 636sf in a 25 year old building in Fairview was listed for $649,000. After 8 days on the market, the seller received 15 offers and accepted a subject free offer for $747,250.

• A 98 year old, 2164sf house on a 33x122 lot in Kits was re-listed 1.5 weeks ago for $2,388,000. The home had been listed from March through October for $2,688,000. In this latest listing, the seller delayed offers for 8 days, was presented with 5 offers, rejected them all and has now raised the list price to $2,538,000. They remain the owners of that home much to the frustration of 5 potential buyers and their agents.

• A 555sf 1 bed condo in a 9 year old building near Commercial Drive was listed for $549,000. After 9 days on the market, the seller was presented with 14 offers and chose to accept a subject-free offer for $637,000.

• We were able to secure a 1215sf townhouse with a large patio at UBC for one of our buyers – off of MLS. Our client is excited to be able to move into their new home in a few months without having had to deal with multiple offers and/or touring many homes.

• A 75-year old, 1678sf house on a 3085sf lot on the East Side was listed for $1,498,000. After the first set of showings (3 days into the listing), the seller was presented with 4 offers and chose to accept a subject free offer for $1,550,000.

• A 2bed, 2 bath condo with 1272sf in a 35-year old building in False Creek was listed for $998,900. After one week on the market and lots of activity, the seller was presented with 4 offers and chose to accept a subject free offer for $1,100,000.

• A 3583sf 97 year old house on a 7450sf lot in Shaughnessy was listed for $3,698,000. After just over a week on the market, the seller was presented with 6 offers and chose to sell their home that evening for $4,250,000 (to a subject free offer).

• A 717sf, 1 bedroom condo in a 30 year old building in Burnaby was listed for $399,000. After a week on the market, the seller was presented with 6 offers including one subject free offer. The seller selected the subject free offer and sold their home for $435,000.

• A 819sf 2 bedroom, 1 bathroom condo in an 18 year old building in Kits was listed for $849,000. After a week on the market, the seller was presented with 3 offers and chose to sell their home for $880,000 subject free that evening.

• A 1 bedroom, 751sf unit in a 28 year old building in Coquitlam was listed for $419,000 and offers were delayed for 7 days. After that week, the seller received 5 offers and the home sold subject free for $452,000. Interestingly, the last 1 bedroom sale in that building was approximately a month ago when a similar 1 bedroom unit (723sf) had been listed for $399,000 and sold for $430,000.

• A 1 bedroom, 734sf unit in a 49 year old building in Fairview (with no pets or rentals allowed) was listed for $649,000 after a complete renovation. After 9 days on market, the unit has not yet received an offer. It is interesting to note that this unit was purchased by the current seller in April of this year for $525,000 prior to the renovation (not quite original condition, but mostly original condition),

• A 7 bedroom, 4 bath, 2964sf home on a 33x122 lot in East Van was originally listed in June of this year for $1,628,000. After a week on the market, the seller raised the price to $1,698,000. Over the course of the last few months, the seller accepted one offer which ultimately fell apart, but the seller recently accepted another offer and after just over a week of subjects, that buyer removed subjects and the house sold for $1,659,000.

• A 2 bed, 2 bath condo on 931sf in a 36 year old concrete mid-rise in the West End (in particularly rough condition) was listed for $760,000. After a week on the market, the seller received 4 offers and selected a subject free offer with a quick close for $772,000.

• A 2748sf 40 year old house on a 7418sf lot in Richmond was listed in mid-April for $1,788,000. After a month, the price was reduced to $1,688,000. After another month, the home was re-listed for $1,498,000 and offers were delayed. After the week delay, the seller was faced with several offers and selected a subject free offer for under their new list price.

• An 18th floor 1 bed and den on 655sf in a 21 year old building was listed 2 weeks ago for $599,000 with instructions to delay offers. After a week, the seller received 2 offers and rejected both of them and increased their list price to $699,000. An 8th floor unit in the same building with the same floor plan was listed a week ago for $575,000. The seller received two offers after 4 days on market and there is now an accepted offer with subject removal scheduled for 2 days from now.

• A 2 bed, 2 bath townhouse on 791sf in a 13 year old building near Trout Lake was listed for $799,000 a month ago. After two weeks on the market, the home was re-listed for $769,000 and after a further two weeks on the market, the home sold firm for $769,000

• A 55 year old 2387sf house near Cambie and King Edward on a 4125sf lot was listed for $2,898,000. After holding offers for 13 days, the sellers received two offers and selected an offer with a week of subjects. Subjects are due to be removed June 14

• An old-timer (age unknown) 2105sf home near Douglas Park was listed for $2,498,000. After holding offers for 8 days, the sellers received and accepted a subject free offer for $2,380,000.

• A 667sf, 1 bedroom condo west of Denman in the West End in a 27 year old building was listed for $649,000. After 4 days on the market, the seller received 4 offers and chose to accept a subject free offer for $688,000.

• A 2124sf, 74 year old house in liveable condition (but mostly needing substantial updates) on a 33x122 lot near Nanaimo and Broadway was listed for $1,488,800. After 7 days on the market, the sellers received multiple offers and chose to accept a subject free offer for $1,660,000

• A 2253sf, 58 year old house on a 7318sf lot in Richmond was listed for a week for $1,599,000. Without enough interest to meet the sellers’ expectations, the MLS price was lowered to $1,549,000 and offers were held. After a week at the new price, the sellers entertained 3 offers and countered the best offer for substantially more than what that buyer had offered. The buyer walked away and the sellers chose to raise the list price to $1,849,900 and then relented hours later and lowered it to $1,829,900. Not surprisingly, that house remains on the market.

• A 1bedroom, 558sf condo in Olympic Village in a 5 year old building was listed for $599,000. After 4 days on market, an acceptable offer was presented to the seller with a 6 day subject period. Subjects are due to be removed on May 14.

• A 6 bedroom, 2700sf house on a 53x102 lot in Port Coquitlam was listed for $1,298,000. The sellers received 11 offers and accepted a subject free offer for $1,530,000.

• A 1 bedroom, 808sf condo in the West End in a 34 year old building was listed for $740,000. The home is currently still available.

• A one bedroom condo on 796sf in a 40 year old building in Richmond listed for $415,000. After 4 days on the market, 2 buyers presented offers and the seller chose to accept an offer with a short subject removal period (subjects are due to be removed today).

• A three bed, three bath townhouse on 2353sf in a 46 year old complex in Burnaby was listed for $875,000. After 4 days on the market, 2 buyers presented offers and the seller chose to accept an offer with a subject removal scheduled for a about a week from now.

• A 2 bed, 2 bath condo on 1150sf in a 29 year old building in New Westminster was listed for $579,000. After 9 days on the market, 7 buyers presented offers and the seller chose to accept a subject free offer for $650,000.  

This week in the market we saw the following negotiations play out:

• A 470sf studio unit in a 17 year old building on the west side of Vancouver was listed for $524,888. After 2 days on the market, an offer with subjects was accepted by the seller. The buyer ultimately removed subjects 5 days later and the unit sold for full price.

• An 850sf 2 bed, 1 bath unit in a 44 year old building in Kits was listed for $849,900. After 7 days on the market, the seller was presented with 5 offers and accepted a subject free offer of $900,000.

Overall, there were many more stories of homes that were listed where the listing realtors were expecting multiple offers and the market failed to deliver that.  Generally speaking, it seems there is some consensus amongst realtors that there are now more options for buyers to choose from and that the irrationality and/or exuberance are mostly out of the market.

• A 97 year old, 2736sf house on a 33x122 lot in Point Grey was listed for $2,750,000 (the last sale of a house on this block was a few doors down which sold for $2,750,000 in mid-January after almost 5 months on the market). After a week of marketing the home, the seller was faced with 12 offers and accepted a subject-free offer for $3,125,000.

• A 121 year old 2798sf house on a 30x88 lot in Kits was listed for $2,198,000. The last closest comparable sale was a house that had sold in late October for $2,811,000. After a week of marketing the home, the seller was faced with 9 offers and accepted a subject-free offer for $2,850,000.

• A Downtown Vancouver 2 bed, 2 bath condo with 815sf in a 26 year old building had been listed for most of the last 6 months at $699,000. Two weeks ago, a buyer presented an offer that was not acceptable to the seller. Approximately a week later, that same buyer came back with a better offer which was negotiated and ultimately accepted. That deal is subject for another 6 days.  

We’re way overdue for this! In the hustle and bustle of our busy market, we failed to set aside a few minutes to share what we’re seeing in the market, but we’re committing to doing better! Here is what we saw last week:

• A 2 bed, 1 bath 38 year old condo on 1024sf in Richmond was listed for $459,000. After a week of marketing the home, only one buyer presented a full price offer with the seller’s preferred dates. The seller responded indicating they wanted a higher price. This home remains on the market.

• An unusual offering: a 33x122 lot in East Vancouver with a 3 bedroom suite up, a 2 bedroom suite in the basement and a store front on the “front of the lot” was listed for $1,348,000. After a week of marketing, the seller received 5 offers. They selected a subject-free, well-over asking offer with an image of a bank draft, but the buyer retained possession of the bank draft and failed to deliver it to their agent (by the way, there are some legal complexities to this outside the scope of this update). The seller has now re-listed the home at $1,399,000 and has indicated that the previously accepted price is no longer satisfactory either.=

• A 1 year old house in South Vancouver on a 33x130 lot was listed for a month at $2,868,000. After failing to achieve the desired results, the seller has now relisted the home for $2,748,000.

• A 3 year old house on a 33x122 lot with laneway (total liveable square footage of 3456) near 41st and Main was listed for $2,899,000. After approximately a month, a buyer presented an acceptable offer with subjects. Those subjects were ultimately removed and the home sold yesterday for $2,800,000.

• A 7 year old, 4 bed, 3 bath 1/2 duplex on 1,671sf near Fraser and Broadway was listed for $1,449,000. After a week on the market, the seller received multiple offers and sold the home subject free for $1,750,000.

• A 31 year old, 2 bed, 2 bath condo with 851sf in Marpole was listed at $499,000 for 41 days at which point a buyer (who had previously written offers and had done due diligence ahead of time) wrote a subject free offer for $470,000. The seller accepted this offer and the home has now sold.

• A 655sf 2 bedroom, 1 bath 11 year old condo within a block of Commercial and Broadway was listed for $599,000. After 11 days on the market, the seller received 6 offers (5 of which were subject free) and the home sold for $693,000.

• A 781sf 1 bed and den, 15 year old condo in Kits was listed for $599,000. After 5 days on the market, the seller received and accepted an offer with a weeklong subject period. Subjects are due to be removed on Friday.

• A 109 year old, 2124sf house on a 2792sf lot near Fraser and Kingsway was listed for $1,398,000. After a week on the market, the seller reviewed three offers and accepted an offer with a short subject period. Subjects are due to be removed today.

• An 8 year old, 2 bed, 2 bath townhouse with 1068sf near Canada Way and Boundary was listed for $698,000. After a week on the market, the seller received 3 offers and accepted an offer with a short subject period. Subjects were removed 2 days later and the home sold for $705,000.  

This week saw less inventory coming to the market than we’ve seen for the last couple of months.  The result of this, unsurprisingly, is a strong market for sellers and a tough market for buyers. This is particularly acute in the detached segment of the market.  

• A 108 year old 2669sf house in Kitsilano on a 2640sf lot was listed for $2,198,000. After 8 days on the market, the seller received 14 offers and the home sold subject free for $2,811,000

• A 31 year old 2310sf house in Port Coquitlam on a 4800sf lot was listed for $979,888. After 7 days on the market, the seller received 11 offers and the home sold subject free for $1,089,000

• An 11 year old 484sf townhouse-style studio in Olympic Village was listed for $568,000. After 6 days on market, the seller received 1 offer and accepted it with 8 days of subjects

October 24, 2020

We’re long overdue to be publishing our “weekly” update. Indeed, we all got a bit snowed over the last couple of months and this email fell between the cracks - our apologies! Without further ado...

• An 8 year old 1 bedroom and den, 693sf Downtown condo had been listed for 3 weeks at $669,000. A buyer had attempted a negotiation after 1 week on market and no deal was accepted. The same buyer came back to the negotiating table this week and a deal has now been entered into with an 8 day subject period.
• A 22 year old 2 bed, 2 bath, 1,197sf Kits townhouse was listed for $998,000. After one week on market, the seller received 3 offers and accepted an above asking price offer with a short and simple subject period (subjects are due to remove tomorrow)
• A 25 year old 2 bed, 1 bath Fraser area condo was listed off of MLS for $699,000 with a plan to put it on MLS. Prior to putting the home on MLS, the seller received and accepted an offer with a 6 day subject period

July 24, 2020

• A 9 year old, 728sf 1 bed, den and solarium unit near Main and 16th had been listed 2 months ago for $725,000. A price adjustment two weeks ago to $699,000 brought renewed interest and the sellers ultimately accepted an offer with subjects for a final sale price of $683,000.

• The recommendation to stop open houses has been withdrawn and we are starting to see a few more open houses on the weekends. In condo buildings, many neighbours have been less than thrilled about open houses. In houses, it seems to be working well. For the most part, we are still using pre-scheduled bookings as a way to bring buyers into homes and it remains the safest way to do business.

• An 8 year old 1 bed and den 688sf East Vancouver condo was listed for $625,000. After a week of showings, the sellers received 6 offers and sold their home for $670,000 subject free.

• A 29 year old 3 bed, 3 bath 1653sf Downtown condo was listed for $1,850,000. After 8 days of showing activity, the sellers received and accepted an offer with a week of subjects. The buyers ultimately removed subjects and the home sold for $1,760,000.

• A 3000sf house on a 32 x 121 lot in East Vancouver that has been nicely updated was listed for $1,599,000. It sold with 3 offers for $1,676,000. In the previous week, similar houses were getting over 10 offers. This is probably an indication that more homes are for sale, not an indication that there are fewer buyers.

• Many downtown condos have been seeing slow activity lately. After modest price reductions, showings have picked up and some sales are happening.

• We listed a 1 bedroom 680sf condo in Kitsilano. We were able to find the 2nd place buyers from the last round of multiple offers in the building and get our clients more money than the previous sale, selling it at $545,000.

• A 1416sf, 30 year old ½ duplex in Kitsilano was listed on Monday for $1,638,000. First showings were Tuesday morning at which point, 10 groups saw the home. Those showings led to 5 offers being presented to the seller that evening, with the sellers choosing to accept a subject-free offer for $1,703,000 that night.

• A 665sf, 9 year old 1 bed and den condo near Fraser was listed two weeks ago for $628,000. After 4 days of showings, they received 5 offers and sold subject free for $655,000

• A 2688sf nicely updated heritage home on a 33x124 lot in Hastings Sunrise was listed for $1,749,000. After a week of showings, they received multiple offers and sold for $1,952,000.

• The fully renovated 2 bed, 1 bath condo we told you about last week (listed for $389K) received 6 offers on Tuesday and the seller accepted an offer with a short subject removal period. Subjects were removed on Saturday and the sale price was $401,000.

• A 1 bed and den, 13 year old condo with 765sf in Coquitlam was listed for $468,000. After 8 days on market, an acceptable offer was received and the potential buyer is currently working through their due diligence during the subject period

• The house in Southlands we told you about last week has finally met the right match and the buyer ended up buying the house for $2,685,000
• A fully renovated 2 bedroom, 1 bath 44 year old condo in North Burnaby was listed on Monday for $389,000. The seller has opted not to review offers until Tuesday and the suite has had a steady stream of buyers coming to view it (it’s vacant - so, COVID precautions are a bit easier to manage!)

• A brand new 2 bedroom 1157sf townhouse in Kits was listed for $1,448,000. After approximately 1.5 months on the market, the sellers accepted an offer just over $1,400,000.

• A 3,490sf 65 year old house in Southlands on an almost 16,000sf lot is currently listed for $2,775,000. The sellers have had 3 sets of buyers present acceptable offers but none have yet to remove subjects.

• A 3,638sf 64 year old house in North Vancouver on a 14,639sf lot was listed for $1,699,000. After 5 days on the market and a busy weekend of showings, the sellers entertained 2 offers and accepted a subject free offer for $1,710,000.

• The buyer who walked away from an offer two weeks ago (in our April 17th update), came back to the seller of the property and struck a deal at a reduced price from their previously accepted offer. However, this deal had an extremely short subject period and the home did sell this time.

• The property in Kits from our April 27th update (where the buyer walked away from that deal) received multiple offers over the weekend and the seller accepted an offer with subjects due to be removed tomorrow.

• We saw buyers write an offer on an older house on a large lot in Burnaby. They were able to negotiate an accepted offer at 94% of the list price and have a subject removal scheduled for tomorrow.

• We saw a buyer walk away from an accepted offer on the 1 bedroom condo in Kits we talked about last week

• We saw a handful of clients return to a more active role in the market by either listing their home or resuming their search (including a few physical showings of homes)

• We saw a buyer walk away from an accepted offer after being unable (or unwilling) to sort out their financing after 2 full weeks of subject removal time
• We saw a buyer enter into an accepted offer on a 1 bedroom, 565sf, 31 year old condo in Kits listed for $539,000 after the home had been on the market for 11 days (subjects are still pending on that).
• We saw a 109 year old house on a 33x122 lot on the East Side of Vancouver list for $1,249,000. They received and accepted an offer for $1,224,000. The buyers ultimately removed their few subjects within 5 days of accepting the offer.
  

A few things that we saw in the market this week:

• A 5 year old, 3090sf house in North Van was listed for $1.8M at the beginning of March. It had been on the market a few times previously over the last 2 years for prices as high as $2,190,000 in August of 2018.  After a strong initial weekend, the seller considered two offers and accepted one.  After about a week, the potential buyer did not remove subjects.  After waiting a couple more weeks, the seller was presented with a different offer and chose to not even respond to the offer as they are now “expecting above list price”…. the home remains on the market.

• A 2 bed, 2 bath 947sf condo at UBC had been on the market starting in April of 2019 (originally listed for $788K and then lowering their list price to $728K).  A buyer made an offer last weekend which the seller refused to provide a counter offer on and the home has now been taken off of MLS.

Some quick stats to help people understand the general impact on the current activity in the market:

• There are currently 2,526 homes (both detached and attached) listed in the City of Vancouver
• The month of March saw 547 sales recorded for the same period of time, with 179 of those listing after March 15.
  

While the impact of COVID-19 continues to reverberate through everything in all of our lives, we wanted to keep you up-to-date on what we’ve been seeing.

• We have a buyer client who now has an accepted offer subject to the sale of their home (it’s unusual for us to be able to do something like that in the Vancouver market!) on a 2 bedroom condo on the west side of Vancouver
• We saw a 523sf, 40 year old 1 bedroom in Kits come on the market on Friday.  Prior to any showings happening, the tenant informed the listing agent that they weren’t feeling very well and so there have been no showings and the property will likely come off the market.
• On the West side of Vancouver, we saw 106 new attached listings come to the market in the last week (vs. 180 the week before and 163 the week before that). Other product types/areas saw similar decreases in new listings.

It’s abundantly clear that the volume of both listings and sales is going to be slower than seasonally typical and what our expectations were as of 3 to 4 weeks ago.  Indeed, COVID-19 is proving to be a game-changer for just about everything.  

• A 686sf, 1 bedroom condo in a 26 year old building near Boundary and Canada Way was listed for $399,800. Our client was able to see the home prior to any public open houses (on day 4 of the listing) and we have an accepted offer with subjects due to be removed tomorrow.
• A 986sf, 2 bedroom condo in a 13 year old building at UBC was listed for $898,000.  After a weekend of open houses, the sellers received 4 offers and ultimately accepted an offer with subjects due to be removed on Monday.
• A 72 year old, 2016sf home on a 33x129 lot in Dunbar was re-listed (last on the market in January for $2,488,000) for $1,899,000 on Friday. Our client wrote an offer above asking price, and was informed that the seller had decided not to deal with their offer until some (as of yet undetermined) time in the future.

 Each of these stories demonstrate to us a settling into a much faster pace by both buyers and sellers than we have seen in a couple of years.  As always, we would urge some caution to sellers who may be inclined to get a little too comfortable when market conditions swing towards their benefit.  We would also continue to urge caution with buyers to do the necessary due diligence on anything they might be writing an offer on (regardless of market conditions).

• We listed a 1,936sf 67 year old house on a 66x122 lot in South Burnaby for $1,299,000.  After waiting 7 days, we ended up receiving 37 offers on the property and the home sold subject free for $1,703,000.
• The 1,033sf West Side townhouse we profiled last week had the buyer remove subjects and has now sold for $867,000 after 38 days on the market.
• A 1,003sf 12 year old condo in the centre of Port Moody was listed for $649,800.  After 6 days, the sellers looked at 5 offers and sold subject free for $681,000.

• A 37 year old 3 bedroom, 3 bath townhouse in Fairview on 1,412sf with tasteful renovations throughout was listed for $1,489,000. The sellers received two offers on their 5th day on market and accepted an offer with a short (3 day) subject removal period. The property ultimately sold firm for $1,515,000.
• A 27 year old house with a suite on a 33x127 lot in East Van was listed for $1,559,000.  The sellers received two offers on their 5th day on market and the deal is currently still subject (subject for 5 days).
• A 37 year old townhouse on 1,033sf had been listed for 28 days for $899,000.  After having seen and rejecting a couple of offers, the sellers found an acceptable offer (at a higher price than they had previously seen) and the property now has an accepted offer, subject until March 5.

• A 786sf, 2 bed, 2 bath condo in Marpole in a 16 year old concrete building was listed for $599,000.  It had been listed last Spring for $625,000 and failed to sell then.  After 6 days on the market, they received 2 offers and sold subject free for $605,000.  

• A 2816sf, 4 bedroom up, 1 year old house between Cambie and Main near 16th on a 33x122 lot was listed for $3,489,000.  After a week on the market, they received two offers and sold subject free for full price

• A 1061sf, 3 Bedroom townhouse in a 44 year old complex in North East Burnaby was listed for $435,000.  After 4 days on market, 2 above list price offers were received.  One offer was accepted and during the subject removal period, a renegotiation occurred whereby the buyer ultimately removed subjects and purchase the home for $432,500. 

• A 2 bed, 2 bath 894sf, 45 year old condo in Kitsilano came on the market on Wednesday (last week) listed at $828,000 and by Friday, the seller had received a subject free, above list price offer of $840,000 which the seller accepted.  Depending on which version you’d like to believe, the seller may have missed out on further uptick (by missing out on a bunch of buyers who might have come over the weekend) or accepted the best offer that was likely to come even though it was the only offer that could write in that timeframe
• A 2 bedroom and den condo with 918sf in a 13 year old building on campus at UBC had been listed for approximately 6 months for $898,000 during which time, the seller received several offers under $800,000 that were unacceptable based on the price being offered. After doing a price adjustment to $875,000, 3 new buyers came forward with much higher offers and better prices, and there is now an accepted offer in place.
• A 4,300sf brand new house in Coquitlam (on a 5100sf lot) had been listed since August with list price decreasing (from $1,990,000 to just above $1,700,000 as of 2 weeks ago).  Our clients wrote an offer on the home and the seller was unwilling to budge enough in negotiations to make it make sense for our clients. The home remains available (and our clients will find something else). dddd

• A new 2,493sf house (with a 2 bedroom basement suite) on a 32 x 112 lot in East Vancouver has been on the market since mid-October.  Originally listed for $2,488,000, the price was reduced to 2,398,000 a week ago and they now have an accepted offer with subjects for a week.
• A 2 bedroom, 1 bath with 736sf in a 30 year old complex in East Vancouver was listed for $460,000.  After 6 days of showings, 4 offers were received and the property sold subject free for $490,000

•  A 26 year old 1 bed, 1 bath condo with 668sf in Downtown Vancouver was listed for $499,000.  A total of 5 offers were received and the condo ultimately sold for $550,000 subject free.  A caution on this sale, however, is that it is our belief that this particular strata has a substantial amount of work coming which will likely translate into special assessments.
• A 13 year old house on a 33x122 lot in North Burnaby had been listed for 2.5 months.  They received an offer on Tuesday, accepted it that evening, and have subject removal scheduled for today (Friday). 

This week we saw...

• A 1  bedroom, 490sf condo in a 21 year old building in downtown Vancouver listed for $499,000.  They received 14 offers and accepted one offer with one subject and a backup offer.   The buyer with the first place offer ended up not getting approved for the purchase and thus was unable to remove subjects.  The backup offer was ultimately able to remove subjects and the property sold for $550,000.
• An updated 70 year old house in North Burnaby on a 33x122 lot was listed for $1,199,000 and saw 20 offers.  They accepted an offer with a 4 day subject period and subjects removed yesterday.  The sale price was $1,322,000.