Real eState

Real estate: Most expensive and least expensive homes sold in Vancouver over the past month – Vancouver Sun

Published

3 years ago

April 27, 2022

The price range for home purchases in Vancouver over the past 30 days was between $295,000 and $17 million.

The most expensive detached home sold in the past 30 days was at 2958 West 45th Avenue in Kerrisdale for $17 million. Photo by Submitted /zealty.ca

Metro Vancouver’s real estate market has changed.

Interest rates are going up as the federal government seeks to control inflation, brought on by the COVID-19 pandemic and the government’s own policy of keeping rates low to encourage pandemic spending.

As a result, real estate prices have stalled as buyers take stock.

Here’s a look at the cheapest and most expensive Vancouver detached homes, townhomes and condos sold over the past month:

Most Expensive Detached Home

This home at 2958 West 45th Avenue in Kerrisdale sold on April 2, 2022 for 20 per cent less than first asking price at $17 million. Photo by Zealty.ca

The most expensive detached home sold in the past 30 days was at 2958 West 45th Avenue in Kerrisdale for $17 million.

This 8,520 square foot house was on the market for 59 days. It was initially listed for $20.98 million, then dropped to $18.988 million.

This means the seller got 20 per cent less than what they were expecting when it first listed. The property sold on April 2, and was reported as sold on April 14.

It’s a relatively new build over an acre of land and designed by architect Howard Airey. The house has six bedrooms and almost 2,000 square feet of patio space. The home was assessed as of July 1, 2021 at $17.92 million.

Most Expensive Townhome

This townhome at 485 Beach Crescent, Vancouver, sold on April 12 for $3.499 million. Photo by Zealty.ca

The most expensive townhome sold in Vancouver in the past month sits across the road from George Wainborn Park in Yaletown in downtown Vancouver.

The townhome, at 485 Beach Crescent, is 2,600 square feet spread over three levels

It sold on April 16 for $3.499 million — which was also the asking price.

The three-bedroom listing (with 600 square feet of decks) only sat on the market for four days. The monthly maintenance fee is hefty at $1,685 a month.

It is assessed at $2.94 million.

Most Expensive Condo

A condo in the 26-storey Pacific Rim Hotel building in Coal Harbour has sold for $7.2 million. Photo by Zealty.ca

There were more than 300 condos sold in Vancouver over the past month, including 21 worth more than $2.5 million. Of the 300, 22 were at UBC and 121 in the downtown core.

Perhaps surprisingly, the most expensive condo sold was worth more than twice the value of the most expensive townhome — at $7.2 million.

This 2,667 square foot, one-level condo sits within a 26-storey tower at 1011 Cordova Street (Fairmont Pacific Rim) in Coal Harbour.

It was listed for 55 days at $7.68 million before selling on March 31.

The condo has 360 degree views of Vancouver and access to all sorts of amenities with a monthly strata fee of $2,427.

Cheapest detached home

This home at 526 East Cordova Street sold for $1.149 million.

There were 14 detached homes sold for less than $1.5 million in Vancouver over the past month.

The cheapest was at 526 East Cordova Street for $1.149 million.

This rundown 2,600 square foot home sits on a 122 foot deep and 25 foot wide lot with rezoning potential in the Downtown Eastside.

The home was built in 1910 so there might be heritage density possibilities. It looks like it was a beautiful home at one point but now appears unlivable and is alongside a chicken rendering plant.

It was assessed at $1.177 million.

Cheapest townhome

This townhome at 2605 East 43rd Avenue in Vancouver sold for $620,000. Photo by Zealty.ca

The cheapest townhome sold in Vancouver over the past month was in the Killarney neighbourhood for $620,000.

This listing at 2605 East 43rd Avenue was on the market for six days. It is 579 square feet with one bedroom and a monthly strata fee of $150.

Cheapest condo

There were 42 condos sold in Vancouver over the past thirty days for less than $500,000.

The least expensive of the lot went for $295,000 in a development called Gardenia Villa on the 2400-block of East 10th Avenue.

Originally listed for $574,000, it sold on April 4 for almost 50 per cent less. Two other condos in the same development sold for around the same in the past month.

The reason is because this is a leaky condo that banks will not finance. The listing states a special levy of $226,000 will be paid in full by the seller upon completion.

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Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

1 week ago

November 6, 2024

Anne Joseph

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

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Homelessness: Tiny home village to open next week in Halifax suburb

Published

3 weeks ago

October 24, 2024

Anne Joseph

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

Published

4 weeks ago

October 17, 2024

Anne Joseph

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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