Realty agency Engel & Volkers Vancouver described the property as the “most charming” home in Kitsilano.
“Those who know, know,” the listing teased for 1842 Collingwood Street.
Well, what do you know?
The five-bedroom, three-bath home sold after only six days on the market.
Not only that, it also sold for $613,000 over the asking price.
A buyer took the property for a total of $2,811,000.
The home was listed on October 21, 2020 for $2,198,000.
The purchase happened on October 27, based on tracking by real-estate information site fisherly.com.
B.C. Assessment placed the home’s 2020 value as of July 1, 2019 at $1,898,300.
The assessment is broken down into $1,842,000 for the land, and $56,300 for the structure.
The 2,669-square-foot home dates back to 1912. It was renovated with modern features.
The property sits on a 40 feet by 66 feet lot.
Its features include a private front yard and back patio.
The Engel & Volkers Vancouver listing also described the home’s location as “one of the best streets”, which is north of West 4th Avenue.
Source: – The Georgia Straight
No rest in November for real estate market – Times Colonist
It might not feel like spring, but the Greater Victoria real estate market is sure acting like it, according to numbers released Tuesday by the Victoria Real Estate Board.
The region recorded 795 property sales last month, and while that is 195 fewer than October of this year, it is close to the record for the month of November, which was 892 sales recorded in 1989.
“Once again, we’ve tracked an unexpectedly busy month for the Victoria area real estate market,” said board president Sandi-Jo Ayers.
The market has been busy for a while now, as the region flirted with 1,000 sales each month from July through October, suggesting the usually busy spring market – March through June – was delayed until July this year.
“Obviously, we lost a couple of months in the spring,” said Ayers, noting the COVID-19 pandemic shut down the market in April and parts of May and might be the cause of the pent-up demand that has fuelled recent sales figures.
Ayers also noted the market has benefited from historically low interest rates.
“The pandemic may have pushed people’s plans ahead a little faster,” she said, noting those who had been considering retiring or moving up or down in the market might have decided to take advantage of the low-interest environment.
Last month, 361 single-family homes changed hands, down from the 474 that were sold in October, while 262 condos sold, down from 304 in October.
While sales numbers dropped, prices didn’t.
Last month the benchmark price of a single-family home in the region increased to $813,700 from $752,300 in November last year and $795,200 in October this year. Condo prices also increased to $508,400 last month, from $505,500 last year and $504,500 in October 2019.
“We have low inventory and have for a number of years and that puts pressure on pricing,” said Ayers.
There were 1,813 active listings for sale at the end of November, 24.4 per cent fewer than were available at the same time last year.
Ayers said inventory below 2,000 at this time of year is a significant marker, as the region tends to see numbers that low only by the end of the year.
The result of the drop in inventory has led to a significant increase in the number of homes receiving multiple offers and a significant number of properties selling for more than their asking price.
“We have seen that in the last nine months – properties coming to market and within five days they often get multiple offers,” said Ayers. “That tells us inventory is low and properties in desirable areas and priced well get attention from buyers.”
As for what’s to come for real estate in this region, Ayers said it could be more of the same.
“The fact is, the market has outperformed anyone’s expectations in the midst of this pandemic. There is a chance we will see a slow levelling of activity over the winter – which is what we would expect seasonally. However, because of our consistently low inventory, pressure on pricing and multiple-offer situations will likely continue as we remain in a demand-heavy environment,” she said.
Vancouver real estate: Owners begin filing info for B.C.'s new 'hidden ownership' registry – Vancouver Sun
Article content continued
“We’re all going to require transparency reports and fairly elaborate, written documentation between adult child and mom and dad. These are going to require more time and more money.”
Usher supports the registry and was part of the panel that recommended the registry and other changes to B.C. real estate regulations.
“All of this information is going to be available to taxation authorities, police and government agencies, the public to some degree, a portion will be publicly searchable starting next year,” he said. “These are all trade-offs.”
“It’s being done with good intention, with the best of ideas, but unless we, for example, properly fund and coordinate investigative agencies, all we’ve done is created a very expensive, massive database.”
With a file from The Canadian Press
Okanagan-Shuswap real estate boards merging to form 13th largest association in Canada – Kelowna Capital News
Two real estate boards in the Okanagan-Shuswap region will soon become one and together represent 1,600 Realtors from Revelstoke to the U.S. border.
Currently known as the Okanagan Mainline Real Estate Board (OMREB), and the South Okanagan Real Estate Board (SOREB), come Jan. 1 they will be known as the Association of Interior Realtors.
Following the amalgamation in the new year, the Association of Interior Realtors will become the 13th largest Realtor association in Canada.
The new assocation will represent Realtors from Revelstoke to the U.S. border, east to Rock Creek and west to Eastgate Manning Park. It will also encompass the communities of Chetwynd, Tumbler Ridge and Dawson Creek.
Under OMREB there are 88 real estate offices within the southern interior, from Peachland to Revelstoke.
SOREB encompasses 34 real estate offices in the southern interior and six officers in northern B.C.
According to both organizations, this amalgamation will allow them to combine resources, and work together to, “form a more perfect union” to ultimately serve and promote, “the value Realtors bring to the real estate transaction.”
OMREB’s current President Kim Heizmann will remain as President of the new organization, and SOREB’s President Lyndi Cruickshank will take the position of Vice-President.
According to the board, the new Association of Interior Realtors will provide leadership and support to its members in their pursuit of professional excellence within the interior region of British Columbia.
“The Board of Directors and the dedicated staff team will continue to improve the services available to the organization’s Realtor members and further promote the value of using a Realtor, both provincially and nationally,” the board stated in an email.
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